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Shiba Inu Surges as Most Traded Cryptocurrency on WazirX in India
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Shiba Inu (SHIB), the beloved meme coin and Dogecoin competitor, has solidified its position in India amidst crypto regulation challenges. SHIB stands out as the top crypto traded on WazirX, an Indian cryptocurrency exchange. The SHIB team is optimistic about the milestone.
Grateful SHIB Team
In a recent announcement on X, the Shiba Inu team applauded the unwavering support of the SHIB Army that propelled them to the top spot in India. The team highlighted a post by WazirX indicating SHIB’s surpassing of Bitcoin (BTC) in March trading volume. The Shiba Inu team stated, “SHIB was one of the hottest coins on @WazirXIndia in March!”
Recognizing the strong support from the SHIBArmy, the team remarked, “The Shib Army is thriving in India. Namaste!” Meanwhile, Bitcoin ranked second in WazirX’s most-traded crypto list, with other meme coins making appearances. Additionally, Pepe Coin (PEPE) claimed the third spot, followed by Floki Inu (FLOKI) and Dogecoin (DOGE).
This development signifies a significant achievement for SHIB and the meme coin community, especially in the face of regulatory scrutiny in India. Furthermore, Shiba Inu’s popularity on WazirX can also be attributed to the crackdown on foreign crypto exchanges, which paved the way for local platforms to thrive.
SHIB Price Movement
The Shiba Inu price is grappling to maintain its upward momentum. Currently, the SHIB price increased by 1.04% to $0.00002725 on April 3, Wednesday. Notably, the renowned meme coin boasts a market capitalization of $16.05 billion.
Despite the price rebound, SHIB’s trading volume went up by 0.32% to $932.30 million. Nevertheless, a bearish trend has pushed Shiba Inu out of the top 10 cryptocurrencies by market cap, dropping it to the 12th position. Despite the setback, SHIB has accumulated a 33% profit in the last month, primarily fueled by an initial 240% rally.
A surge in long liquidations has been observed during the rebound. Coinglass data revealed $1.17 million in long liquidations for SHIB out of $1.50 million total liquidations. The significant long liquidations may exert downward pressure on the price and hinder recovery efforts.
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