- Shiba Inu has surpassed Pepe, Bitcoin, and Dogecoin in trading volume on CoinSwitch, with 9% of users actively trading the token.
- Meme coins like Shiba Inu and Dogecoin are gaining attention, driven by a youthful investor base and strong community support in India.
India’s crypto investment has taken an interesting turn in 2024. Shiba Inu is now the most traded token on CoinSwitch, one of the country’s leading exchanges. About 9% of CoinSwitch users, or 1.8 million people, are actively trading Shiba Inu. That’s more than Pepe, Bitcoin, and Dogecoin, which see trading by 8% (1.6 million), 6% (1.2 million), and 6% (1.2 million) of users, respectively.
The trend shows that younger investors have a rising interest in meme tokens. CoinSwitch, with 20 million users, shows how invested India is in digital currencies. Women make up 11% of its users, with most trading happening between 9 PM and 11 PM. Plus, about 72% of its users are under 35, highlighting the youth’s role in driving digital asset adoption.
Meme coins like Dogecoin and Shiba Inu keep attracting Indian traders. Around 14% of CoinSwitch users are into these top meme tokens, fitting with a global trend. Shiba Inu’s performance remains strong despite price swings, thanks to high burn rates and a passionate community.
DOGE Flip Shiba Inu With 8% Token Holdings on Exchange
Shiba Inu is making waves in trading volume, but Dogecoin has stolen the show as the top cryptocurrency among CoinSwitch users. Around 8% on that platform and about 1.6 million exchange customers have Dogecoin in their wallets. Bitcoin is not far behind, with 7% (1.4 million) of users holding the king of cryptocurrencies. Aside from these, Ethereum (6%), Shiba Inu (5%), and Cardano (4%) also have a good number of investors, showing a mix of interests.
Meme coins are gaining significant attention from even serious investors, spaculated by media buzz and community backing. Even with the recent market slump, Dogecoin and Shiba Inu gained 10% and 11%, respectively. Investors are highly bullish on long-term gains for the year ahead. Experts say market volatility is casual, especially with cryptocurrencies that tend to be all over the place.
From the technical prospects, there are signs that Shiba Inu might bounce back. Its Relative Strength Index (RSI) is at 41, just above the oversold mark, which usually hints at a possible price uptick. While technical analysis is not a crystal ball, many traders see it as a chance to buy smart.
SHIB Burn Rate Spikes 2,200%: What’s Next?
The Shiba Inu ecosystem is growing steadily and is backed by a remarkable token burn rate. Over the past day, 20.9 million SHIB tokens were burned, pushing the burn rate up by more than 2,200%. Significant burns, including a single transaction that removed 13.1 million SHIB, highlight strong efforts to cut token supply and enhance long-term value.
Shibarium, the network’s layer-2 solution, has also seen an increase in daily transactions, jumping from 4.51 million to 4.74 million. This uptick points to rising user activity and engagement within the system, showing a network that’s gaining momentum.
At the same time, major transactions involving Shiba Inu tokens have risen sharply. Data from IntoTheBlock indicates a 169.9% surge in large transaction volumes within just 24 hours. Adding to this activity, Whale Alert reported the movement of 2.88 trillion SHIB from a Turkish exchange to an unknown wallet. BtcTurk later clarified that the transfer was part of routine wallet optimization.
— Whale Alert (@whale_alert) December 25, 2024
