Shiba Inu, the dog-themed cryptocurrency, continues to defy expectations with its burgeoning community and soaring trading volume. According to the latest report from Indian cryptocurrency exchange WazirX, Shiba Inu has emerged as the most traded coin on the platform for the month of March 2024, outperforming even Bitcoin and Dogecoin.
In a surprising turn of events, Shiba Inu's trading volume surpassed that of Bitcoin, landing it in the top spot on WazirX. Despite its longstanding presence in the crypto market, Bitcoin found itself relegated to second place in the exchange's trading rankings. Notably absent from the top 5 was Ethereum, a departure from the norm in cryptocurrency trading reports.
WazirX Report: Meme Coins Take Center Stage with Surging Values
Meme coins took centre stage in WazirX's report, with Pepe (PEPE) claiming third place after experiencing a remarkable 500% surge in value over the month. Following closely behind was Floki (FLOKI), another meme coin that enjoyed substantial gains in March. Dogecoin rounded out the top five, reaffirming its status as the largest meme coin despite stiff competition from newer entrants.
The prevalence of meme coins in trading volumes highlights a shift in investor sentiment, particularly in India, where investors appear to be seeking greater returns from meme coins over established projects like Ethereum.
Shiba Inu Continues Expansion with Listing on Bitcoin.com Australia Platform
Shiba Inu's growing adoption is evidenced by its increasing presence on exchanges, even amidst market fluctuations. The cryptocurrency recently secured a listing on Bitcoin.com's Australian platform, expanding its reach to investors in one of the world's fastest-growing cryptocurrency markets.
With listings on major exchanges such as Binance, Coinbase, and Bitstamp, Shiba Inu's accessibility continues to grow. Smaller exchanges also stand to benefit from listing SHIB, as the high trading volume associated with the meme coin translates into increased revenue through trading fees.
In conclusion, Shiba Inu's ascent to the top of trading charts underscores the growing influence of meme coins in the cryptocurrency market, signaling a shift in investor preferences towards assets with meme appeal and potential for significant gains.