The meme coin market has seen a major decline over the past month. Amidst this, Shiba Inu (SHIB) has seen a massive correction. The asset has dropped by 30% over the past 30 days. SHIB was trading at $0.00001345 at the time of writing after a weekly crash of 4.40%. Despite this, the community remains optimistic about the meme coin.
Also read: Shiba Inu: $1,000 Investment for $100,000 Future!
Factors Affecting the Shiba Inu's Potential Rise to 1INR
Current SHIB Price and Market Sentiment
While the SHIB community in the United States is expecting the coin to reach the one cent mark, Indian crypto enthusiasts have their eyes set on the one Indian rupee milestone.
Currently, SHIB is trading around 0.0011 INR. To reach the level of one in Indian Rupees, SHIB will have to rise to $0.012. According to data from Telegaon, the meme coin is likely to reach this level sometime after 2035 or around 2040.
Growing interest among Indian investors
This prediction is based on the growing interest in SHIB among Indian investors. Market dynamics and network developments will also play a role.
Also read: Shiba Inu: $1,000 Investment for $100,000 Future!
The popularity of SHIB in India
The largest cryptocurrency exchange in India previously reported that Shiba Inu flourished. Bitcoin (BTC) was the second most traded cryptocurrency on WazirX. Shiba Inu’s rivals Dogecoin (DOGE) and Pepe (PEPE), which were the third and fourth most traded tokens respectively during the same period, followed closely behind Bitcoin. Ethereum (ETH) ranked lowest.
WazirX has openly proclaimed Shiba Inu’s trading superiority in its monthly and annual reports. More tokens, including DOGE, Floki (FLOKI), PEPE, BTC, and SHIB, were traded on WazirX in March than on any other token.
Safety concerns
In addition, hackers stole 5,433,750,000,000 SHIB from the crypto exchange, which was worth over $100 million at the time of the hack.
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The meme coin was the largest of WazirX's other stolen assets.