Shiba Inu Displaces Bitcoin, Becomes Most Traded Crypto Asset In India
Shiba Inu has become the most traded digital asset on the largest crypto exchange in India, CoinSwitch, surpassing Bitcoin. The recent development shows Shiba Inu (SHIB) ‘s growth among investors in India, which offers an active market for the meme crypto asset.
SHIB Becomes India’s Most Traded Asset
The largest crypto exchange in India, CoinSwitch, recently released a report showing how Shiba Inu (SHIB) outperformed Bitcoin (BTC) in active transactions between April 15 and 20. On its official Twitter account, the exchange noted that data showing the trading volume of crypto tokens over the past week indicate SHIB as the most traded crypto asset ahead of BTC.
According to CoinSwitch, the top traded assets within the time frame were SHIB at the top, BTC in the second place, DOGE in third, LRC at fourth, and ETH the fifth. Moreover, the revelation indicates the increasing interest in the meme token in India over the last two years after Vitalik Buterin, Ethereum’s co-founder, donated 50 trillion SHIB to the country’s COVID-19 relief fund.
At the time of the donation, the funds were valued at approximately $1 billion. Following the news of Buterin’s donation, the popularity of Shiba Inu soars with investments involving the asset doubling, commanding a large chunk of the crypto trade volumes in India.
Meanwhile, for three consecutive weeks, SHIB has been the most traded crypto token on CoinSwitch from February 25 to March 11, 2023. Since February 5, the meme token has retained the leading position among the top 5 crypto assets on the CoinSwitch trading platform.
SHIB’s Rising Interest In India
The CoinSwitch report comes after a previous assessment by WazirX, another top crypto exchange in India. In December 2022, WazirX disclosed that Shiba Inu had been the most sought-after crypto asset among first-time traders in the country for most of 2022.
The asset was also the fifth most traded digital token on WazirX in the same year. Last October, reports indicated that Shia Inu had become the most traded asset in India, ahead of Bitcoin and other cryptocurrencies.
According to the crypto market data platform, Nomics, SHIB was the most traded token on three of India’s top crypto exchanges; CoinDCX, ZebPay, and WazirX.
OKX Becomes 13th Largest BONE Holder
As revealed by Etherscan data, OKX crypto exchange has become the 13th largest holder of BONE, with 1.71 million, valued at $1.61 million based on the token’s current price. BONE is one of the three recognized tokens in the Shiba Inu network, in addition to SHIB and LEASH.
The surge in the exchange’s BONE holdings was due to the numerous transactions on the platform recently, pushing it as the 13th largest holder of the BONE token. OKX’s BONE holdings mean it has similar huge volumes of BONE tokens like Singapore-based MEXC Global and Crypto.com exchanges.
The accumulation reportedly began after OKX introduced a voting program seeking users to vote for their favorite meme project yet to be listed on the exchange. Moreover, the voting featured five famous meme tokens, notably AI DOGE, BONE, BONK, OPTI, and PEPE.
The exchange stated it would soon release the top three assets with the highest vote counts to enhance the transparency of its operations. However, users looking to participate in the voting exercise must deposit over 10 USDT worth of the token they wish to list in their OKX wallets.
Furthermore, the exchange added that it would prioritize a token’s listing if voters of such tokens reached 5,000 or above. Hence, users can influence the vote outcome to enable the exchange to list any of the five meme tokens mentioned above.
Meanwhile, the voting event is expected to end on April 24, with results scheduled to be announced immediately after the final counting.
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