Shiba Inu (SHIB) has established itself as an exceptional performer on a prominent cryptocurrency exchange in India, attaining the position of the second most traded token.
This is a noteworthy accomplishment in the fiercely competitive digital asset market, since SHIB outperformed both Bitcoin and Polygon in February, demonstrating a dramatic shift in the tastes of investors.
Shiba Inu: Dominating Trades, Memorable 2023
WazirX, the foremost cryptocurrency exchange in India, disclosed that Shiba Inu (SHIB) ranked second in terms of trading volume on its platform throughout the previous year.
The 2023 WazirX Year End Report is in 📝
🚀 Top performing coins by volume:
» #BTC followed by #SHIB🚀 Most traded coins:
» $BTC, $SHIB, $XRP, $ETH, $TRX, $MATIC— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) December 28, 2023
Even though the top Indian exchange didn’t specify how much SHIB traded last year, the report nonetheless demonstrated that it was more successful than popular crypto assets such as ADA, ETH, MATIC, and XRP.
A number of factors have contributed to the increase in SHIB trading activity, including the token’s distinctive allure as a decentralized meme token that draws inspiration from Dogecoin and widespread participation from retail investors on social media platforms. This achievement underscores the dynamic nature of the cryptocurrency market as it evolves.
Shiba Inu experienced a period of exceptional productivity in 2023, during which it introduced Shibarium, its layer-2 blockchain solution.
The primary objective of the network was to enhance the scalability and efficacy of the memecoin through cost reduction and transaction speed optimization.
SHIB market cap currently at $5.69 billion. Chart: TradingView.com
Due to escalated Shibarium transactions and associated fees, the cryptocurrency development team burned 33.8 billion SHIB tokens in a series of transactions.
These burn initiatives have assisted in reducing the substantial supply of SHIB, thereby enticing the interest of cryptocurrency investors.
It recently surpassed an enormous milestone, as the total number of transactions approached 250 million.
Shiba Inu Trading Triumph: Kusama’s Response
Shiba Inu lead developer, Kusama, responded to the meme coin’s second-place finish in the trading department on WazirX with a “cool expression” emoji and the caption “Shiba Inu, you say…”
The 2023 WazirX Year End Report is in 📝
🚀 Top performing coins by volume:
» #BTC followed by #SHIB🚀 Most traded coins:
» $BTC, $SHIB, $XRP, $ETH, $TRX, $MATIC— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) December 28, 2023
Additionally, Kusama commended SHIBArmy for supporting the cryptocurrency in reaching this momentous accomplishment.
A Different Narrative
Since the end of the previous year, Shiba Inu has failed to demonstrate any significant progress. In fact, its value plummeted by more than 12 percent on Wednesday, precipitating a general downturn in the cryptocurrency market.
However, several significant indicators suggest that the prevailing negative trend might reverse in the near future. The SHIB exchange netflow, for instance, has fluctuated predominantly in the negative over the last week.
Meanwhile, numerous experts anticipate that the approval of a spot Bitcoin ETF in the US will occur within the next few weeks.
The implementation of this product will significantly diminish the obstacles that institutional investors currently face when attempting to acquire Bitcoin.
Featured image from Freepik