India's Shiba Inu Tops a Distinguished Ranking: Specifics
9% of local traders used Shiba Inu (SHIB), making it the most traded cryptocurrency in India this year.
Although the price of SHIB has dropped over the last month, developments in Shibarium and a strong token-burning mechanism may soon lead to another surge.
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SHIB Takes the Lead
2024 has been a very successful year for meme currencies, with many seeing significant price increases despite the most recent drop. Shiba Inu (SHIB), whose valuation has soared by 115% year-to-date (YTD), is one example.
One possible explanation for the remarkable comeback is because the self-described Dogecoin-killer has become more well-known worldwide. According to Kashif Raza, the creator of Bitinning, a platform for crypto education, SHIB was the most traded cryptocurrency in India this year.
It has been dealt with by about 9% of the local traders, while Pepe (PEPE) comes in second with 8%. Tether (USDT), Dogecoin (DOGE), and Bitcoin (BTC) come next.
According to Raza, approximately 5% of Indian HODLers have SHIB in their portfolios. With 8%, DOGE is at the top of this ranking.
The study indicates that the city in India with the highest number of meme coin merchants is Jalandhar. Approximately 18% of the northern town's traders engaged with the specialization in 2024.
March was SHIB's best month of the year, as the price surged to a two-year high. It surpassed BTC, PEPE, FLOKI, and DOGE to become the most traded digital asset on WazirX, the top cryptocurrency exchange in India at the time.
Forecast for SHIB Prices
The meme coin's price is currently far lower than when it peaked in March. As of this writing, SHIB's value has decreased by 10% every month to about $0.00002223.
However, a few key indicators point to the possibility of another bull run for the asset in the near future. The development of Shibarium, a layer-2 scaling solution, is one example. The network just achieved yet another significant milestone, with the ultimate objective being to support the growth of the Shiba Inu ecosystem. Over 700 million transactions were processed on the protocol overall, according to CryptoPotato.
It's also important to discuss Shiba Inus' burning mechanism. If the program is implemented successfully, the massive supply of SHIB will be reduced, which could increase its value (provided demand doesn't go south).
The burn rate has grown by over 50% in the last day, destroying 27.4 million tokens. The team and community have burned more than 410.7 trillion SHIB since implementing the mechanism, leaving 584.1 trillion in circulation.
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