In the world of Indian cryptocurrency investments, Shiba Inu remains the crowd-pleaser, with its bark resonating loudest on the WazirX exchange throughout the month of August. This meme-inspired coin, shared the limelight with the Ripple-associated token XRP, drawing considerable attention from investors across the nation.
The exchange recently tweeted a list of the top five traded coins. In addition to SHIB and XRP, this prestigious lineup includes the familiar names of Bitcoin [BTC], Ethereum [ETH], and Tether’s USDT. While Bitcoin and Ethereum reign supreme in terms of market capitalization, Indian enthusiasts display a special fondness for cryptocurrencies that inject humor and memes into the mix.
Back in January, WazirX revealed its Proof of Reserves [PoR] statement, disclosing the cryptocurrency holdings of its customers and their respective storage locations. The exhibit unveiled that Shiba Inu held the throne as WazirX’s premier token, representing approximately 20% of the total, which amounted to around $63,804,084 on the given day. In stark contrast, Bitcoin holdings accounted for less than half of that sum, standing at roughly $28,366,065.
Rajagopal Menon, Vice President at WazirX, expressed, “Shibu Inu and Dogecoin are pretty close to the hearts of a lot of Indians, which is proven in our reserves,” in an interview with a local news outlet. He highlighted that, unlike Bitcoin, cryptocurrencies like Shiba Inu offer a lower “ticket size,” meaning investors receive more tokens for their money.
Shiba Inu Gained Mainstream Media Attention
As of September 6, SHIB is trading at around $0.0000076. Menon elaborated, “Shiba Inu is at a relatively small ticket size, so customers prefer to get into crypto so that they get a feel of crypto and get a sense of their first ownership of crypto, which is not a very substantial investment.”
“So we [the Shiba Inu investors] buy small units, small ticket sizes of small units, and it hopefully follows the trajectory of Bitcoin and Ethereum and does wonders in the long run,” he said.
In addition to the substantial contribution of approximately $1 billion in Shiba Inu tokens to a COVID-19 relief fund in the country during the pandemic, a move that garnered significant media coverage, it prompted individuals to delve deeper into Shiba Inu and the Indian cryptocurrency community.
Notably, SHIB also reigned as the most traded asset on CoinSwitch, another prominent Indian crypto exchange, from April 15 to 20 this year, surpassing heavyweight contenders like BTC and rival DOGE.