India's Crypto Portfolio 2024: How India Invests

Homegrown crypto exchange CoinSwitch, in its India's Crypto Portfolio 2024: How India Invests' report, reveals that meme-coin Dogecoin topped the list of the 'most invested coins', while SHIB led the way for the 'most traded coins'.

Indians' crypto investments soared in 2024, despite regulatory challenges and hefty tax implications, with over 36% of the country's crypto investments concentrated in three cities: Delhi (20.1%), Bengaluru (9.6%), and Mumbai (6.5%). Delhi-NCR has led the way in crypto adoption for the third year running.

CoinSwitch's 'India's Crypto Portfolio 2024: How India Invests' report also revealed that meme-coin Dogecoin topped the list of the 'most invested coins', while SHIB led the way for the 'most traded coins'. PEPE emerged as the top-performing asset in 2024.

Delhi-NCR recorded nearly twice the investment of Bengaluru, which secured the second spot, followed closely by Mumbai. "With 80% of its investors seeing positive returns, Delhi's portfolio stays largely green."

Bitcoin (BTC) and Ethereum (ETH) secured the 2nd and 3rd spots in investor preferences with 7% and 6%, respectively. Meme coins represented 13% of all crypto investments, with Dogecoin leading at 55%, followed by PEPE and BONK. "PEPE delivered a staggering 1,373% return, emerging as the best-performing asset in 2024, far surpassing Solana's 633% return in 2023."

In 2024, as Bitcoin's historic rise to $100,000 gripped the nation, new entrant cities like Kolkata and Botad (Gujarat) joined the top 10 cities for crypto adoption for the first time, securing 9th and 10th places, respectively. Among the top 10 cities, Pune boasts the highest percentage of green portfolios, with 86% of its investors seeing positive returns. The report also highlighted strong adoption in Tier 2 and Tier 3 cities like Jaipur, Lucknow, and Botad.

“2024 has been a big year for the global crypto ecosystem, driven by major political and regulatory shifts that have accelerated mainstream adoption. What was once concentrated in major metros is now quickly expanding to Tier-2 and Tier-3 cities. Indian investors are diversifying their portfolios, exploring everything from meme coins to Layer-1 and DeFi tokens, signalling an evolving appetite for crypto assets. As Bitcoin crossed the $100,000 mark to close out the year, it sets the stage for an exciting journey of growth in 2025,” said Balaji Srihari, Vice President, CoinSwitch.

The under-35 age group dominated crypto adoption, comprising close to 75% of investors, while the 36–45 age group is steadily growing. Women accounted for 11% of the investor base, presenting an opportunity to enhance inclusivity in the sector.