Shiba Inu Emerges as Second-Most Traded Coin on WazirX
In its year-end report, Indian-based crypto exchange WazirX revealed that Shiba Inu (SHIB) was the second-most traded token on its platform. This meme coin surpassed major tokens like Ethereum (ETH) in terms of trading volume, with only Bitcoin ranking higher.
WazirX also highlighted the strong affinity that its users have developed for SHIB. In 2022, SHIB ranked third among the most traded tokens on the exchange, following Bitcoin and USDT. Throughout 2023, both Shiba Inu and Bitcoin consistently remained among the top four most popular tokens on the platform.
XRP, ETH, TRX, and MATIC rounded out the list of the top six most traded tokens on WazirX. XRP’s popularity saw a significant increase after Ripple’s victory against the Securities and Exchange Commission in July.
Exciting Plans for Shiba Inu in 2024
The Shiba Inu team has no intention of slowing down after their successful year in 2023. The team’s Marketing Lead, Lucie, recently shared bullish plans for the ecosystem that could potentially boost SHIB’s price in the upcoming year.
Crypto analyst Crypto Kaleo also hinted at a possible rally for SHIB similar to the one it experienced in 2021. This prediction is based on the expectation of Ethereum breaking out from its current price range. With ETH anticipated to make significant gains following potential approval of Spot Bitcoin ETFs, this rally could be imminent.
As of now, SHIB is trading at around $0.00001034 according to CoinMarketCap.
Hot Take: Shiba Inu Gains Momentum as Second-Most Traded Coin on WazirX
Shiba Inu’s rise to become the second-most traded token on WazirX demonstrates its growing popularity and utility among crypto traders. Outperforming major tokens like Ethereum, SHIB has established itself as a force to be reckoned with in the crypto space. With exciting plans for the ecosystem in 2024 and the potential for a significant rally, Shiba Inu continues to capture attention and generate interest among investors. As the crypto market evolves, it will be interesting to see how SHIB fares and whether it can maintain its position among the top traded tokens.
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