Residents of India, one of the most populous countries in the world, are abandoning Bitcoin and Ethereum in favor of the popular memcoin Shiba Inu (SHIB).
Despite the fact that the jurisdiction has high taxes on transactions with cryptocurrencies, local crypto exchanges are seeing a surge in trading activity. Indian investors have switched from a falling stock market and a falling rupee to assets more resilient to external factors.
According to the latest data provided by Nomics, 9% of the total activity on crypto exchanges in India is accounted for by SHIB, most traders buy the coin.
The WazirX crypto exchange reports that about 10% of trading activity on the platform is associated with Shiba Inu. On the Coin DCX exchange, 5% of the total trading volume is accounted for by SHIB. In addition, it was noted that the Shiba Inu community in India began to grow rapidly after the registration process on crypto platforms became 45% faster.
According to experts, the success stories of previous Shiba Inu (SHIB) investors could inspire Indian crypto enthusiasts to buy memtoken. The Shiba Inu (SHIB) development team is working on a number of important technical updates, Shibarium, SHIB: The Metaverse, as well as on the $SHI stablecoin and many others that seem promising.
The Shiba Inu (SHIB) memvalute is liked not only by Indian crypto traders. Shiba Inu also ranks first in terms of volume in the wallets of the TOP 100 Ethereum (ETH) whales. Hashtags #Shiba, #SHIB are constantly trending on Twitter