Dogecoin (DOGE) and Shiba Inu (SHIB) have gained huge traction among the top five cryptocurrencies traded on Indian exchanges.
According to a report by BusinessLine, Dogecoin contributed 13.76% to the total trading volume of CoinSwitch Kuber, which claims to be the largest Indian crypto exchange with over 10 million customers in the last six months. In fact, Dogecoin’s trading volume has surpassed Bitcoin and Ethereum combined in the same period, which is 6% respectively to the total trading volume. 04 and 6%. 06 contributed.
Last week, WazirX saw Shiba Inu bring in almost 50% of its trading volume, surpassing Bitcoin as the highest traded token. Shivam Thakral, CEO of BuyUcoin, Forkast. He told News that between April and October, Dogecoin trading volume on crypto exchange BuyUcoin reached $300 million, while Shiba Inu transactions reached $180 million. During the same period, Bitcoin and Ethereum continued to dominate as the most traded tokens, with Dogecoin in third place and Shiba Inu in fifth place in terms of trading volumes.
Dogecoin has been gaining momentum over the past few weeks, while the Shiba Inu is breaking records. “At OKEx, we have seen a 5-fold increase in Shiba Inu trading since the beginning of the price increase,” said OKEx CEO Jay Hao. Hao said:
“We think that meme coins and altcoins may attract investors if they continue to offer good returns, and at the same time, users should be very careful when investing in such cryptos and always diversify their portfolios among multiple crypto assets. ”
Thakral said while Dogecoin and Shiba Inu performed well globally, rumors of a positive crypto regulatory framework in India have boosted investor confidence.
Dogecoin and Shiba Inu are currently the ninth and 10th largest cryptocurrencies by market cap, although both started as a joke, according to CoinMarketCap data.
