Shiba Inu has achieved a remarkable milestone in India, ranking among the most traded coins this year in the country, even surpassing Bitcoin.
Kashif Raza, the founder of the Bitcoin educational platform Bitinning, drew attention to this development in a recent article on providing insight into India’s crypto landscape in 2024.
Although Raza initially claimed that the data reflected India’s broader crypto landscape in 2024, additional information shows that the statistics were limited to activity on the popular India-based exchange, CoinSwitch.
CoinSwitch User Activity
Notably, the exchange now has 20 million users, 11% of whom are women. These investors were mostly active daily between 9 p.m. and 11 p.m. Additionally, most of them are young, with around 72% of them under the age of 35.
THE data presented interesting facts about user activity, including the most traded asset and the most held token.
Shiba Inu becomes the most traded token
Shiba Inu (SHIB)the main dog-themed token, classified among the most traded token on CoinSwitch. Data indicates that 9% of CoinSwitch users, or 1.8 million, traded SHIB this year.
Notably, Shiba Inu ranked ahead of Pepe, Bitcoin (BTC) and Dogecoin (DOGE), which were traded by 8% (1.6 million), 6% (1.2 million) and 6% (1.2 million) of CoinSwitch users.
Other crypto assets, such as Tether (USDT), Bonk, Ethereum (ETH), Solana (SOL), XRP, and Gala recorded 6%, 4%, 3%, 3%, 3%, and 2%, respectively. in this category.
Dogecoin is the most held token
Meanwhile, CoinSwitch customers were more likely to hold Dogecoin than any other crypto asset this year. According to the data, 8% of CoinSwitch customers, representing 1.6 million users, held Dogecoin, making it the most held token within the exchange.
Bitcoin followed suit in this category, with 7% (1.4 million) of CoinSwitch customers holding the top cryptocurrency. Ethereum, Shiba Inu, and Cardano (ADA) closely followed Bitcoin, with 6%, 5%, and 4% of users holding these tokens, respectively.
It’s no surprise that Shiba Inu and Dogecoin lead the most traded and held token categories. These assets have seen impressive performance this year, attracting the attention of many crypto users. Additionally, Indians naturally love meme coins, with 14% of CoinSwitch users attracted to the two largest meme coins by market cap: Dogecoin and Shiba Inu.
At press time, Shiba Inu is trading at $0.00002188, with a trading volume of $489.48 million. Shiba Inu trading volume is down 7.94% over the past day. On the other hand, Dogecoin is trading at $0.316, with daily volume down 8.56% to $2.32 billion.
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