The cryptocurrency market is currently booming as investors hoard to trade popular cryptos like Bitcoin, Ethereum, and MATIC. However, amongst these, a recent report suggests that the meme-based Dogecoin cryptocurrency and its rival Shiba Inu (SHIB) coin were the highest traded cryptocurrencies in the Indian sub-continent during the period of April and October.
The report comes from Business Line that cites one of the most popular crypto exchange platforms in India, CoinSwitch Kuber. So, as per the report, CoinSwitch Kuber saw huge investments in Dogecoin during the past few months and it contributed 13.76% to its overall trading volume. The meme-based cryptocurrency was followed by Ethereum at 6.06%, Bitcoin at 6.04%, MATIC at 4.52%, and Internet Computer at 5.08%. The Dogecoin rival, Shiba Inu, has not yet been listed on CoinSwitch Kuber.
“Interestingly, Dogecoin, a popular cryptocurrency born out of a meme, has been on an uptrend, rallying in the last six months, even surpassing widely used cryptos, Bitcoin and Ethereum,” said Sharan Nair, the Chief Business Officer of CoinSwitch Kuber.
Nair also said that the popularity of the Dogecoin cryptocurrency was boosted by many folds after popular influencers like Elon Musk started to promote it on social media. As a result, Nair states that investors are now starting to understand the “real-world utility of Dogecoin”, which has made it one of the most popular cryptos in the last few months.
Shiba Inu, on the other hand, has also seen a massive increase in its value on another crypto exchange platform called WazirX. The exchange reports that the “Dogecoin Killer” contributed 50% to its overall trading volume over the past weeks. Other popular cryptocurrencies that thrived on WazirX are Bitcoin, Dogecoin, WRX (WazirX’s own crypto coin), Polygon’s MATIC, and Ethereum.
“The growth of Shiba Inu shows the power of being a community-driven project. In recent months, SHIB has been in the news for being listed on more exchanges, thereby increasing liquidity and access to the token,” Nischal Shetty, the founder and CEO of WazirX said in a statement.