Shiba Inu Tops a Prestigious Ranking in India: Details

TL;DR

• Shiba Inu (SHIB) became the most-traded cryptocurrency in India this year, with 9% of local traders engaging with it. 
• SHIB’s price has declined in the past month, but advancements in Shibarium and a robust token-burning mechanism could contribute for another rally soon.

SHIB Leads the Pack

Despite the most recent correction, 2024 has been highly successful for meme coins, many of which experienced substantial price gains. One example is Shiba Inu (SHIB), the valuation of which has skyrocketed by 115% year-to-date (YTD). 

The impressive resurgence could be one reason why the self-proclaimed Dogecoin-killer has increased its popularity across the globe. Most recently, Kashif Raza (founder of the crypto education platform Bitinning) revealed that SHIB had been the most-traded cryptocurrency in India this year. 

Approximately 9% of the local traders have dealt with it, while Pepe (PEPE) ranks second with 8%. Bitcoin (BTC), Dogecoin (DOGE), and Tether (USDT) follow up next.

Raza further maintained that around 5% of the Indian HODLers have included SHIB in their portfolios. DOGE is the leader in this ranking with 8%. 

According to the research, Jalandhar is the Indian city with the most meme coin traders. In 2024, roughly 18% of the traders residing in the northern town interacted with the niche. 

The strongest month for SHIB this year was March when the price jumped to a two-year high. Back then, it became the most-traded digital asset on India’s leading crypto exchange, WazirX, surpassing BTC, PEPE, FLOKI, and DOGE. 

SHIB Price Outlook

The price of the meme coin is currently trading far below its peak registered in March. As of this writing, SHIB is worth approximately $0.00002223, which represents a 10% monthly decline. 

Still, some important elements suggest that the asset could experience another bull run soon. One example is the further advancement of the layer-2 scaling solution – Shibarium. The network, whose ultimate goal is to foster the development of the Shiba Inu ecosystem, recently hit another major milestone. As CryptoPotato reported, the total transactions processed on the protocol exceeded 700 million. 

Shiba Inu’s burning mechanism should also be mentioned. The successful execution of the program will reduce the tremendous supply of SHIB, potentially making it more valuable (assuming demand doesn’t head south).

In the past 24 hours, the burn rate has increased by almost 50%, resulting in 27.4 million tokens destroyed. Since adopting the mechanism, the team and community have burned over 410.7 trillion SHIB, leaving 584.1 trillion in circulation.