India has the largest number of cryptocurrency investors in the world, with over 100 million people investing in crypto. A population of 1.4 billion is looking for ways to get rich, and cryptocurrencies seem to be the only means of doing so. Besides, among all the cryptos in the markets, Indian investors are mostly popular meme coin. shiba inuIt prefers .
Data from Nomics revealed that Shiba Inu accounts for 9% of all crypto transactions initiated in India. Indian investors traded around $120 million worth of SHIB in 2022 alone.
Koinfinans.com As we reported, over 10% of the transactions of WazirX, India’s largest crypto trading platform, are Shiba Inu. The crypto exchange has more than 15 million daily active users. SHIB accounts for 9% of all transactions on the Zebpay exchange.
The Shiba Inu remains the most traded crypto on any crypto exchange in the country. Also, when WazirX listed SHIB in May 2021, the platform crashed as millions of transactions were initiated within minutes.
Why Are Indian Investors Buying Shiba Inu (SHIB)?
Ethereum founder Vitalik Buterin donated $1.2 billion worth of crypto in May 2021 as India battles the second wave of the Covid-19 pandemic. Along with Ethereum and Bitcoin, Buterin donated 50 trillion SHIB tokens to India and the news made headlines in the country.
That same week, WazirX listed SHIB on its platform, enabling SHIB trading for millions of traders. In contrast, meme coin is among the lowest value cryptos and investors have no trouble accumulating it. They believe it is better to buy the Shiba Inu because it has great earning potential. Therefore, Indians buy SHIB tokens more than any other country.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.