Volatility rules the cryptoverse. The market has seen trends evolve rapidly, and the spotlight is often on new tokens that are catching the attention of traders. Shiba Inu [SHIB] has been making news since its founding. It has even eclipsed big names like Bitcoin [BTC] and Dogecoin [DOGE] in terms of popularity. More recently, it even claimed the title of the most traded coin on WazirX, a prominent Indian cryptocurrency exchange.
WazirX announced the unprecedented dominance of Shiba Inu as the most traded token on its platform in April. This further sheds light on the escalating popularity of the meme coin among Indian crypto enthusiasts. In addition, it also underlines the rapid rise of SHIB within the country's crypto trading environment.
Despite Bitcoin's formidable presence, SHIB has managed to surpass the king coin in trading volume. Dogecoin, the OG meme cryptocurrency, paved the way for other meme coins to enter the market. However, the asset took a backseat and lagged behind SHIB, further strengthening its position in the Indian crypto market.
Factors driving the rise of SHIB in India
The surge in SHIB in India can be attributed to several factors. The network's playful branding has resonated with a younger target group. They might be drawn to the meme-worthy appeal of Shiba Inu. Moreover, its relatively lower price has made it accessible to a wider audience. This is especially true for newcomers seeking access to the space without major investments.
Also read: Shiba Inu: team member analyzes the latest burn
Shiba Inu weekly price forecast
Amid this, SHIB was trading at $0.0000249, up 1% daily, at the time of writing. Changelly's forecasts indicate a bullish week ahead. Shiba Inu may rise to a high of $0.00003426 later this week.
Also Read: Shiba Inu Expected to Reach 3 Cents: Here's When
With its rising popularity and optimistic market forecasts, SHIB continues to carve a niche for itself in the Indian crypto landscape. It promises exciting prospects for investors.