Shiba Inu (SHIB) is an meme-based ERC-20 token based on the Ethereum blockchain that has seen a meteoric rise in popularity recently. It was created as an experiment by anonymous individuals and is designed to be a decentralized community-driven cryptocurrency with a total supply of one quadrillion tokens.
A recent tweet on X platform by leading Indian exchange WazirX revealed that Shiba Inu was the most traded token on its platform in May 2024. They also show that Shiba Inu’s trading activity has outpaced Bitcoin (BTC). This remarkable achievement has bolstered SHIB Coin’s position in the Indian crypto market and rejuvenated community optimism.
Shiba Inu (SHIB) Dominates the Meme Coin Market
Shiba Inu (SHIB) Coin’s dominance on WazirX extended beyond its competition with Bitcoin and Ethereum. The SHIB Token also outperformed other meme coins such as PEPE, FLOKI, Dogecoin, and BOB. Despite its prominence in the meme coin market, Dogecoin did not rank among WazirX’s top five most traded cryptocurrencies in May 2024.
Moreover, last month saw remarkable breakthroughs in the meme coin market, with many altcoins and meme tokens, including Shiba Inu Coin, returning to price levels not seen since the 2021 bull run.
Top five traded coins on WazirX in May'24:
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) June 5, 2024
🚀 $SHIB
🚀 $BOB
🚀 $PEPE
🚀 $FLOKI
🚀 $BTC
Which one did you trade the most? pic.twitter.com/fQlfhUhRrt
According to CoinMarketCap, the SHIB Coin recently regained the $0.000025 level after a period of muted performance. Currently, Shiba Inu Coin is trading at around $0.00002569, showing 1% increase in the last 24 hours.
To reach the eagerly awaited $0.0001 mark, the SHIB Token would need to increase by nearly four times. Although it may seem challenging, it is not impossible for a Shiba Inu.
Also Read: Top 5 Meme Coins for Massive Gains in June 2024
Disclaimer: The information in this article should not be considered anything as financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.
