Meme token Shiba Inu has cemented its position in the Indian crypto market. The altcoin defied expectations to outshine established crypto projects such as Ripple (XRP) and Ethereum (ETH) as it emerged as the 2nd most-traded crypto on the WazirX exchange.
WazirXs 2023 report highlights Shiba Inus outstanding performance. It showed that the loyal followers, the Shiba Army, have been vital in the projects success. SHIB has even outpaced Dogecoin (DOGE), the original canine-themed cryptocurrency.
Shiba Inu could have emerged as the best digital coin for Indian crypto traders due to various reasons. The altcoins affordability and accessibility make it a lucrative option for early investors, perfect for cost-oriented economies like India.
Also, the Shiba Inu meme appeal attracts young tech-savvies in India. Further, the projects dedication to ecosystem developments (as it looks for heightened utility) triggered expectations of astronomical gains a focal point for many investors in any emerging economy.
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India has one of the most dynamic markets for virtual coins. It rose to be the second-largest crypto market globally despite high taxes.
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Moreover, it has recently increased scrutiny of the market. The country labeled cryptocurrencies as gambling tools before blocking access to leading exchanges, including Binance.
Nevertheless, the Indian cryptocurrency market continues to evolve, and Shiba Inus current popularity showcases the increasing faith in digital coins as legitimate assets.
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Shiba Inu (SHIB) closes 2023 as the top altcoin in India - Invezz
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