Meme coin giants Dogecoin (DOGE) and Shiba Inu (SHIB) have emerged as the most traded cryptocurrencies on India’s crypto exchanges. According to Hindu Business Line reports, Dogecoin accounts for 13.76% of the platform’s total trading volume on the CoinSwitch Kuber exchange between April and October 2021, while Ethereum occupies 6.06% and Bitcoin 6.04%.
The interest of individual investors is great!
Among other cryptocurrencies that make up the significant transaction volume, Internet Computer (with 5.08%)ICP) and Polygon (MATIC) with 4.52%. Sharan Nair, Chief Operating Officer of CoinSwitch Kuber, says that meme coin projects are on an uptrend, surpassing BTC and ETH:
Interestingly, Dogecoin, a popular cryptocurrency born from a meme, has rallied in the last six months, surpassing even mainstream cryptos, Bitcoin and Ethereum.
India’s crypto exchange giant attributes attention to meme coin communities
Elsewhere, on India’s largest crypto exchange WazirX, nearly half of the trading volume last week came from the Shiba Inu, also called the Dogecoin killer. According to WazirX CEO Naschal Shetty, interest in the Shiba Inu stems from the token’s popular support community. Shetty says:
The growth of Shiba Inu demonstrates the strength of being a community-driven project. In recent months, SHIB has been in the news that it is listed on more exchanges, thereby increasing liquidity and access to the token.
The rise in popularity of both Shiba Inu and Dogecoin is mostly due to their social media activity and support from celebrities. cryptocoin.com A series of tweets from Tesla CEO Elon Musk sparked the rise of Dogecoin in 2021. Musk is emerging as a key figure in DOGE’s growth.
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