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Cryptocurrency News Articles
Shiba Inu Skyrockets to Top Spot in India, Overtaking Bitcoin and Dogecoin
Apr 04, 2024 at 12:37 pm
Shiba Inu, a popular meme cryptocurrency, emerged as the most traded digital asset on WazirX, India's leading cryptocurrency exchange, surpassing Bitcoin and other prominent cryptos. This surge in popularity potentially stems from the token's impressive market performance, with analysts predicting a potential bull run and price surges on the horizon.
Shiba Inu Soars as India's Most Traded Cryptocurrency, Leaving Bitcoin and Dogecoin in Its Wake
In a remarkable feat, Shiba Inu (SHIB), the self-proclaimed "Dogecoin-killer," has emerged as the most traded digital asset on WazirX, India's leading cryptocurrency exchange. This unprecedented milestone surpassed even the dominance of Bitcoin (BTC) and Dogecoin (DOGE), demonstrating Shiba Inu's growing popularity and market traction.
The significance of Shiba Inu's ranking cannot be overstated. It is a testament to the meme coin's growing adoption and recognition within the Indian cryptocurrency ecosystem. The exchange's data reveals that SHIB outperformed other notable cryptocurrencies, including Pepe Coin (PEPE), Floki Inu (FLOKI), and Dogecoin, cementing its position as a preferred choice among Indian traders.
Shiba Inu's Path to Dominance
Shiba Inu's journey to the top of the ranking did not occur overnight. The meme coin has consistently featured among the most traded cryptocurrencies on WazirX. In a report released earlier this year, Shiba Inu was ranked as the second most traded cryptocurrency in 2023, indicating its growing popularity and recognition.
Shiba Inu's Price Trajectory: A Rollercoaster of Ups and Downs
Despite its impressive performance in March, Shiba Inu faced a setback in April, with a weekly price decrease of approximately 10%. However, several analysts remain optimistic about the asset's long-term potential, forecasting a bull run and significant price surges on the horizon.
Rekt Capital, a popular Twitter user with a keen eye for technical analysis, suggested that Shiba Inu's value could reach an all-time high if it broke through the pivotal resistance level of $0.000033285. Captain Faibik, another respected analyst, presented a chart indicating that SHIB is poised for a 2x price increase.
Adding to the bullish sentiment, Davinci Jeremie, an early Bitcoin adopter, emphasized the importance of including Shiba Inu in cryptocurrency portfolios. His advice carries significant weight within the crypto community, as he famously advised investors to buy Bitcoin at under $100 over a decade ago.
The Rise of Meme Coins: Dogecoin and Shiba Inu Mark Significant Gains
The cryptocurrency sector experienced a resurgence in March, with Dogecoin and Shiba Inu emerging as major beneficiaries. These two meme coins, which are known for their lighthearted nature and strong community support, have collectively gained over 40% in market capitalization over the past 7 days.
Rekt Capital attributed Dogecoin's gains to the end of its "macro downtrend" and the start of a new "macro uptrend." The analyst believes that a close above $0.20 at the end of March could trigger a rally towards $0.30, a level not seen since October 2021.
Dogecoin's price surge was accompanied by a surge in metrics related to its ecosystem. Aggregate daily volume, transactions valued at over $100,000, increased by almost 100%, while daily active addresses surged by 13%. According to data from IntoTheBlock, approximately 90% of DOGE holders are now sitting on paper profits, a stark contrast to September 2022, when nearly 60% of investors were underwater.
Rekt Capital also predicted a bullish outlook for Shiba Inu, stating that the asset could reach a new all-time high if it broke through the resistance level of $0.000033285. The analyst noted that a successful retest would signal a historical repetition for SHIB.
Burning Mechanisms Fuel Shiba Inu's Rally
Shiba Inu's rally has coincided with a significant increase in its burning mechanism. Recently, the SHIB burn rate exploded by 1,200%, resulting in the destruction of over 51 million tokens. This mechanism, which aims to reduce the circulating supply of SHIB, is believed to have contributed to the asset's price appreciation and enhanced community engagement.
Conclusion
Shiba Inu's dominance on WazirX, coupled with the growing optimism among analysts, paints a promising picture for the meme coin's future. While its price has faced some setbacks in the short term, the long-term prospects appear bright. As the cryptocurrency market recovers and meme coins gain traction, Shiba Inu is well-positioned to continue its upward trajectory, solidifying its status as a major player in the digital asset ecosystem.
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