In recent times, the crypto landscape in India has seen a significant surge in trading activity, with Shiba Inu emerging as one of the most traded tokens in the country. According to data from CoinSwitch, a popular India-based exchange, Shiba Inu has surpassed even Bitcoin in terms of trading volume. This development was highlighted by Kashif Raza, the founder of Bitinning, a Bitcoin education platform, in a recent post on X, shedding light on India’s crypto landscape in 2024.
CoinSwitch, with a user base of 20 million users, has seen a notable increase in trading activity, with women accounting for 11% of the users. Most of these investors are young, with 72% of them aged below 35. The data revealed interesting insights into users’ activity patterns, including the most traded asset and the most held token. Shiba Inu, the leading canine-themed token, emerged as the most traded token on CoinSwitch, with 9% of users trading SHIB this year, totaling 1.8 million users.
On the other hand, Dogecoin has taken the lead as the most held token on CoinSwitch, with 8% of users, representing 1.6 million individuals, holding the meme coin. Following Dogecoin, Bitcoin, Ethereum, Shiba Inu, and Cardano were among the most held tokens on the exchange. The popularity of Shiba Inu and Dogecoin can be attributed to their impressive performance this year, attracting a significant number of users. Indians have shown a preference for meme coins, with 14% of CoinSwitch users being drawn to the top two biggest meme coins by market cap.
At present, Shiba Inu is trading at $0.00002188, with a trading volume of $489.48 million. The token’s trading volume has decreased by 7.94% over the past day. Meanwhile, Dogecoin is trading at $0.316, with a daily trading volume of $2.32 billion, marking an 8.56% decline. These price fluctuations reflect the volatility of the cryptocurrency market and the dynamic nature of trading activities on platforms like CoinSwitch.
Overall, the rise of Shiba Inu and Dogecoin in India’s crypto landscape signifies a growing interest in meme coins and alternative cryptocurrencies among investors. The data from CoinSwitch provides valuable insights into the preferences and behaviors of Indian crypto users, highlighting the popularity of certain tokens within the market. As the crypto industry continues to evolve, it will be interesting to see how these trends shape the future of digital asset trading in India and beyond.
