Shiba Inu Conquers India's Crypto Market, Reviving Hopes for a Rise to $0.0001

Shiba Inu's dominance on WazirX, India's leading exchange, has sparked hopes for a surge towards the $0.0001 target. In March, Shiba Inu emerged as the most traded token on WazirX, surpassing even Bitcoin. This surge in volume has attracted attention from the Shiba Inu ecosystem, with the community expressing optimism for future price increases.

Shiba Inu Dominates Indian Crypto Market, Reviving Hopes for $0.0001

In a remarkable turn of events, Shiba Inu (SHIB) has emerged as the most traded cryptocurrency on India's leading exchange, WazirX, for the month of March. This unprecedented feat has reignited optimism within the Shiba Inu ecosystem, fueling speculation that the token could potentially reach the long-anticipated price target of $0.0001.

WazirX's recent announcement on Twitter revealed that SHIB had outpaced even the dominant cryptocurrency, Bitcoin (BTC), in terms of trading volume on its platform. This development is a testament to the growing popularity of SHIB in India, a country with a burgeoning cryptocurrency market.

Shiba Inu Surges to the Top

According to WazirX's disclosure, SHIB surpassed not only Bitcoin but also other prominent meme coins such as Pepe, Floki, and Dogecoin (DOGE). Notably, DOGE, considered the originator of the meme coin craze, ranked at the bottom of the top five traded coins on WazirX.

The news of SHIB's dominance on WazirX has been met with enthusiasm by the Shiba Inu team. In a tweet, the official Shiba Inu handle celebrated the token's achievement, highlighting the strength of the "Shib Army" in India.

Significant Trading Volume

Over the past day, SHIB recorded a trading volume of $427,317 on WazirX, trailing Bitcoin by a mere $40,000. Globally, SHIB ranked as the 17th most traded cryptocurrency, with a total volume reaching $910,062,491.

Binance emerged as the primary exchange for SHIB trading, generating a volume of $203,664,581 on the USDT pair alone. Other notable exchanges where SHIB saw significant trading activity include Coinbase, OKX, and Bybit.

Optimism for $0.0001

The recent surge in Shiba Inu's trading volume in India has revived optimism for a substantial price rally. Last month witnessed remarkable gains for meme coins, with SHIB and others re-entering price ranges not seen since 2021.

In particular, SHIB regained the $0.00004534 mark on March 5, a level it had not reached since the previous bull run. Notably, the token soared by 72.92% to an intraday peak of $0.00004534, with a recorded volume of $16.01 billion.

Furthermore, eight days prior to this rally, SHIB traded at a low of $0.000009483, representing an astonishing 378% gain in less than a week.

At the time of writing, SHIB is trading at $0.00002727. To reach the $0.0001 mark, the token must rally by 266.7%. While this may seem ambitious, it is not beyond the realm of possibility considering SHIB's previous performance, which included a 378% rally in just eight days.

Conclusion

The dominance of Shiba Inu on WazirX is a significant development for the cryptocurrency market. It underscores the growing popularity of meme coins and the potential for SHIB to reclaim its former glory. With the market showing signs of renewed bullish sentiment, the possibility of SHIB reaching its target price of $0.0001 remains a tantalizing prospect for investors.