Shiba Inu (SHIB) has continued to attract the attention of crypto traders in India as it became the most traded coin on WazirX in April.
The leading crypto exchange announced this in a post yesterday, emphasizing that SHIB was the most traded token on its platform throughout last month.
The latest data published by prominent Indian cryptocurrency exchange shows that WazirX traders are actively engaged with the SHIB token more than any other crypto asset on the platform.
According to the data, Bitcoin (BTC) ranked as the second-most traded crypto asset on WazirX in April. Bitcoin was closely followed by Shiba Inu’s rivals, Dogecoin (DOGE) and Pepe (PEPE), which were the third and fourth most traded tokens in the same timeframe, respectively.
Notably, Ethereum (ETH), the second-largest cryptocurrency by market cap, sat at the bottom of the ranking. However, like in previous months, WazirX did not disclose the trading volumes of all crypto assets in the list.
Shiba Inu has grown to become one of the favorite tokens among Indian crypto traders. The canine-themed token accounts for a significant share of India-based exchange volumes.
WazirX has actively reported Shiba Inu’s trading dominance in its monthly and yearly reports. In March, Shiba Inu ranked as the most traded token on WazirX, outpacing BTC, PEPE, Floki (FLOKI), and DOGE.
SHIB also stood out as the second-most traded token on the exchange throughout 2023, with the asset coming behind only Bitcoin. Commenting on the milestone, WazirX explained that its users have a strong preference for SHIB, as evidenced by their past behavior.
For context, WazirX listed SHIB in May 2021, nine months after the canine-themed token launched in the crypto market. Since its listing, Shiba Inu has continuously ranked among the most traded assets on WazirX.
The exchange, which supports 294 crypto assets, currently boasts a 24-hour trading volume of $2.23 million. Notably, SHIB accounts for $168,923 of WazirX’s 24-hour volume, making SHIB/INR the third most traded pair on the exchange.
Ibrahim Ajibade Ademolawa is a seasoned research analyst with a background in Commercial Banking and Web3 startups, specializing in DeFi and TradFi analysis. He holds a B.A. in Economics and is pursuing an MSc in Blockchain.
