Shiba Inu (SHIB Coin) has tried hard to become more than just a meme coin in 2023. In this regard, it attracted great attention as it became a coin that provides more benefits to its users. This also explains why SHIB is outperforming other major tokens like ETH, XRP, and ADA on crypto exchange WazirX.
SHIB Coin became the second most traded coin on WazirX
India-based crypto exchange WazirX announced in its year-end report that SHIB is the second most traded token on its exchange. SHIB has surpassed other major tokens such as the second-largest cryptocurrency Ethereum in this process. The only cryptocurrency that performed better than meme coin on the stock market was Bitcoin.
WazirX also highlighted the “affinity” its users are known to have for the meme coin. In particular, SHIB Coin ranked third among the most traded tokens on the crypto exchange in 2022. That year, only Bitcoin and USDT managed to surpass Shiba Inu. By the way, it is worth noting that USDT is a stablecoin used to facilitate peer-to-peer (P2P) transactions on the network. Interestingly, SHIB and BTC were the two popular tokens on WazirX throughout 2023. Both remained stable in their monthly rankings of the top four most popular tokens on the crypto exchange.
XRP’s popularity is also increasing
Meanwhile, XRP, SHIB Coin, along with ETH, TRX and MATIC closed out the list of the top six most traded tokens on the crypto exchange. Considering that other tokens will enter the list in 2022, XRP is the only foreign face. XRP’s popularity on the platform began to grow in May. For the first time during the year, it managed to rank among the top four most popular on WazirX. XRP’s popularity cryptokoin.comIt soared after Ripple’s landmark victory against the Securities and Exchange Commission (SEC) in July. WazirX stated that this incident led to a huge increase in trading activity for XRP on its platform.
Great things will still happen for SHIB Coin
Despite the remarkable successes of the Shiba Inu team in 2023, they have no plans to slow down in 2024. Lucie, Shiba Inu’s Marketing Lead, recently revealed the team’s plans for the ecosystem. These plans undoubtedly mean bullishness for the ecosystem. Additionally, SHIB is likely to potentially increase its price in a year when the bull run is likely to begin.
Crypto analyst Crypto Kaleo also talked about a significant rally for SHIB Coin similar to that in 2021. The analyst hinted that this rally could be on the horizon. However, this depends on ETH breaking out of its current price range. However, according to experts, this could happen soon enough, considering that ETH is expected to make huge gains as attention turns to its ecosystem following the potential approval of spot Bitcoin ETFs. Meanwhile, SHIB was trading at $0.00001045 at the time of writing, down 0.93% on a daily basis. The popular meme coin saw a loss of approximately 5% on its weekly chart.
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