Strong Community Interest in XRP and SHIB in India
In India, there is a strong community interest in both Ripple’s XRP and Shiba Inu’s SHIB tokens, as confirmed by the country’s leading cryptocurrency exchange. According to a recent announcement from WazirX, these coins were among the most traded on their platform in August.
Top Traded Coins in August
WazirX revealed the top five traded coins on their platform for the month of August. These coins include USDT, BTC, SHIB, XRP, and ETH. This shows the popularity and demand for both XRP and SHIB among Indian crypto traders.
Trading Volume Comparison
Looking at the trading volume data from CoinGecko, it can be observed that the trading volume of ETH in the past 24 hours is similar to that of BTC, amounting to around $5.2 billion. However, USDT dominates the volume race, as it is commonly used for trading against other cryptocurrencies.
Meanwhile, XRP has a trading volume of approximately $650 million in the past 24 hours, while SHIB is further down the line with around $77 million in trading volume.
Market Rangebound with Limited Movement
Currently, the overall market appears to be rangebound, with minimal movement in the past day. This suggests a period of stability and consolidation in the crypto market.
Hot Take
Indian crypto traders demonstrate a keen interest in both XRP and SHIB, as indicated by their high trading volumes. This showcases the growing popularity and adoption of these tokens in the country. As the crypto market remains rangebound, it’s essential for traders to carefully analyze and monitor market conditions to make informed trading decisions.
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