In the last couple of weeks, Dogecoin and Shiba Inu have been getting massive traction and are currently situated among the top five cryptocurrencies traded on the Indian crypto exchanges.
The data from the CoinSwitch Kuber exchange
According to a Dogecoin contributed 13.76% to the total trading volume of CoinSwitch Kuber, which is claimed to be India’s largest cryptocurrency exchange, with over 10 million customers in the last six months BusinessLine report. Dogecoin’s trading volume surpassed that of Bitcoin and Ethereum together in the same period, contributing only 6.04% and 6.06%, respectively, to the total trading volume. CoinSwitch Kuber hasn’t listed Shiba Inu yet, but the chances are that it will be listed pretty soon.
Dogecoin and Shiba – Data from other exchanges
In the last week alone, WazirX has seen Shiba Inu bring in almost 50% of its trading volume, surpassing Bitcoin as the largest token traded. Between April and October, the volume of transactions with Dogecoin on the BuyUcoin cryptocurrency exchange reached an astonishing $300 million, while the Shiba Inu transactions amounted to $180 million, said Shivam Thakral, CEO of BuyUcoin. While Bitcoin and Ethereum maintained their dominance as the most traded cryptocurrencies during the same period, Dogecoin ranked third, while Shiba Inu was fifth in terms of trading volumes. That’s a lot, considering that these are actually “meme coins”, and are not supposed to have a lot of real-life use cases.
Shiba Inu managed to break the records, while Dogecoin has also gained momentum in recent weeks. “Shiba Inu, due to the recent rally, has become the eighth largest crypto in the world in terms of market capitalization. At OKEx, we have seen a 5-fold increase in Shiba Inu trading since the price spike began,” said Jay Hao, CEO of OKEx. “Meme coins and altcoins could gain investors’ interest if they continue to deliver handsome returns”. However, he also noted that “At the same time, users should be cautious while investing in such cryptos and not put all their eggs in one basket and always diversify their portfolio across multiple crypto assets,”
The current state of cryptocurrencies in India
While Dogecoin and Shiba Inu have performed unexpectedly well on a global scale, rumors of a crypto-positive regulatory framework in India have boosted investor confidence and led to growth in the sub-continent, said BuyUcoin CEO.
However, last week, US National Security Agency whistleblower Edward Snowden issued a warning to Shiba Inu owners in a tweet saying: “if you got talked into exchanging your hard-earned savings for some new dog money because a meme said you’d get rich, please carefully consider your odds of outsmarting a market that sold to you its stake in *not even dog money but a CLONE of dog money*”
Although they both started as a joke, Dogecoin and Shiba Inu are currently the ninth and 10th most important cryptocurrencies by market capitalization, according to data from CoinMarketCap.