Shiba Inu (SHIB) has emerged as the most popular cryptocurrency among crypto enthusiasts in India and worldwide. Shib token; the crypto that outnumbers Bitcoin trade in India. The game coin price has dropped slightly to $0.00007328 after reaching an all-time high of $0.00008845 on Thursday. It has gained more than 130 per cent in the last seven days and is titled ‘Dogecoin Killer.’ SHIB has recently made headlines for being listed on more exchanges, which has increased liquidity and access to the token.
Shiba Inu : The Crypto That Outnumbers Bitcoin Trade in India
“The growth of Shiba Inu shows the power of being a community-driven project,” says Nischal Shetty, Founder, WazirX. In addition, Vitalik Buterin burned over $6 billion in SHIB tokens. This week, SHIB surpassed Bitcoin as the most traded token in the Indian rupee market on WazirX, the country’s largest cryptocurrency exchange. Over $320 million in SHIB has been traded on WazirX in the last 24 hours. This market movement has also resulted in an all-time high 24-hour trading volume of more than $560 million for WazirX. Should you buy a Shiba Inu? Is it a valuable crypto coin?
Shibu Inu is an Ethereum-based coin that aims to be an Ethereum-based replacement for Dogecoin, the widely used meme coin. Bitcoin is intended to be scarce, whereas SHIB is designed to be abundant in nature. It has a total circulating supply of one quadrillion. It has some real-world applications.
As per Nirmal Ranga, Chief Revenue Officer; ZebPay: “The Shiba Inu token system supports innovative and artistic projects like NFT art incubators. The development of its decentralized exchange called the Shiba Swap; is also in the pipeline — all factors which have been driving the tokens value and interest among traders.”
Experts believe that after the recent phenomenal increase in SHIB prices, it will increase its investor base. With Bitcoin and Ethereum prices on the rise; SHIB still provides a low-cost entry into the lucrative crypto market; according to Shivam Thakral, CEO of BuyUcoin; a home-grown cryptocurrency exchange, and the best part is that it is widely available in domestic markets.
“SHIB is already listed on some of the most prominent exchanges across the globe; and it’s just a matter of time when every exchange in the world will offer SHIB to its users. As the investor base for SHIB grows; we will see a further increase in its value in the days to come.”
However; Ranga of ZebPay adds that the token’s surge in volumes can also be attributed to the fear of missing out (FOMO) that typically arises — as interest peaks and; traders rush to participate in the rally to book profits. Without a doubt, SHIB is establishing itself as one of the top cryptocurrencies. Meme coin is currently ranked eighth in terms of market capitalization. It has a market capitalization of $42.28 billion.
Source: Foretune India