In the last six months, meme coins were seemingly the most sought-after cryptocurrencies in India, as per a local report. According to which, Dogecoin and rival Shiba Inu had a lion’s share in the country’s trading volume.
Since the market’s favorite puppers have registered a massive surge in the past few weeks, their trading volume in India surpassed even that of the king coin, Bitcoin. And so, Ethereum and MATIC were also behind the meme coins between April and October, as per exchange data from two domestic players.
Indian exchange CoinSwitch Kuber estimated that Dogecoin contributed 13.76% to the overall trading volume on its platform.
Meanwhile, Ethereum and Bitcoin remained close to 6% with Polygon’s MATIC at around 4.5% of the exchange’s trading volume. WazirX, another trading platform based in India, saw nearly 50% of its trading volume coming in from SHIB in the past week. It has reportedly overtaken Bitcoin as the top-traded token.
Additionally, Shiba Inu clocked transactions worth over $320 million in the last few days on the platform. It is noteworthy that Shiba Inu started gaining momentum only in the past three to four months. Nischal Shetty, founder, and CEO, WazirX, said,
“The growth of Shiba Inu shows the power of being a community-driven project.”
Since both the meme coins registered triple-digit gains, they have managed to create some millionaires in the ecosystem.
As per a recent report, an LA-based investor accepted that he turned into a DOGE millionaire after turning a $250,000 investment into $1.2 million. Another mystery person is a ‘pawsible’ billionaire from SHIB in around one year.
So the question is, can the SHIB market absorb $5.7b if this wallet sells?
— ᴜɴʀᴇᴀᴛᴄᴀʙʟᴇ (@DontTraceMeBruh) October 27, 2021
And in the last few days, there has been a lot of movement in these wallets. In the long run, several analysts have warned that tokens without utility and specific use cases will not make it. Meanwhile, DOGEfather Elon Musk has designated dogecoin as the “people’s money.” But, SHIB doesn’t have any unique appeal to its name as of now, with Musk holding zero tokens.
Update. $SHIB multi-billionaire just moved all their SHIB out this wallet 3 hours ago.
Omega dump incoming? https://t.co/y44Ihx78iO
— Ryan Watkins (@RyanWatkins_) November 3, 2021
Having said that, SHIB remains strong and Indian exchanges are not alone to benefit from the trend. Crypto exchange Kraken is reviewing its new SHIB listing. Meanwhile, Binance has already gone down the listing road on 2 November, by adding the SHIB/DOGE trading pair. Another large exchange Coinbase had recently listed SHIB, causing a positive price effect on the token soon after.