Shiba Inu (SHIB) Ranks Among the Most Traded Coins in India This Year, Outpacing Even Bitcoin (BTC)

Kashif Raza, the founder of the Bitcoin education platform Bitinning, called attention to this development in a recent post on LinkedIn, providing an insight into India's crypto landscape in 2024.

Shiba Inu (SHIB) has emerged as the most traded token in India this year, surpassing even Bitcoin (BTC), according to data shared by Kashif Raza, the founder of the Bitcoin education platform Bitinning.

In a recent post on Medium, Raza provides an interesting glimpse into India’s crypto landscape in 2024, based on data from the popular India-based cryptocurrency exchange CoinSwitch.

While Raza initially states that the data reflects India’s broader crypto landscape in 2024, further insight shows that the activity and user stats are limited to CoinSwitch.

CoinSwitch User Activity

The exchange now boasts 20 million users, of which women represent 11%. These investors were mostly active between 9 PM and 11 PM daily. Also, most of them are quite young, with about 72% aged below 35.

The data showcases interesting facts about users’ activity, including the most traded asset and most held token.

Shiba Inu Emerges as Most Traded Token

Shiba Inu (SHIB), the leading canine-themed token, ranked as the most traded token on CoinSwitch. The data indicate that 9% of CoinSwitch users, representing 1.8 million, traded SHIB this year.

Notably, Shiba Inu ranked ahead of Pepe, Bitcoin (BTC), and Dogecoin (DOGE), which were traded by 8% (1.6 million), 6% (1.2 million), and 6% (1.2 million) of CoinSwitch users.

Other crypto assets, such as Tether (USDT), Bonk, Ethereum (ETH), Solana (SOL), XRP, and Gala, recorded 6%, 4%, 3%, 3%, 3%, and 2%, respectively, in this category.

Dogecoin Leads as Most Held Token

Meanwhile, CoinSwitch customers were more inclined to hold Dogecoin than any other crypto asset this year. Per the data, 8% of CoinSwitch customers, representing 1.6 million users, held Dogecoin, making it the most-held token within the exchange.

Bitcoin followed suit in this category, with 7% (1.4 million) of CoinSwitch customers holding the premier cryptocurrency. Ethereum, Shiba Inu, and Cardano (ADA) closely followed Bitcoin, with 6%, 5%, and 4% users holding these tokens, respectively.

It is unsurprising that Shiba Inu and Dogecoin top the most traded and held token categories. These assets have had an impressive performance this year, attracting the attention of many crypto users. Moreover, Indians naturally like meme coins, with 14% of CoinSwitch users drawn to the top two biggest meme coins by market cap: Dogecoin and Shiba Inu.

At press time, Shiba Inu is trading at $0.00002188, boasting a trading volume of $489.48 million. Shiba Inu’s trading volume is down 7.94% over the past day. On the other hand, Dogecoin is trading at $0.316, with its daily volume plunging by 8.56% to $2.32 billion.