Shiba Inu, the world’s second-biggest meme coin, has become the most traded cryptocurrency in India despite the uncertainty in regulations and the high crypto tax imposed on profits on individual token holdings.
According to a local report, the world’s biggest democracy has put its faith in Shiba Inu (SHIB), an altcoin that rose to prominent heights in 2021s bullish run and still ranks among the top 20 cryptocurrencies by market capitalization.
Of all the crypto transactions initiated in India, close to 9% belong to SHIB. It is also worth noting that Indian investors traded approximately $120 million worth of SHIB in 2022 alone.
Additionally, more than 10% of transactions on WazirX, a prominent crypto exchange in the Asian country which is also associated with Binance and boasts 15 million active users on any given day, belonged to Shiba Inu.
On the other hand, rival crypto exchanges Zebpay and CoinDCX noted that over 9% and 5% of their respective transactions were related to SHIB.
Interestingly, SHIB remains one of the most heavily-traded assets in the world’s second-biggest internet market with high trading volumes. When WazirX listed the meme coin in 2021, the buy orders crashed the platform, the report stated.
India is of great interest to Shytoshi Kusama, the lead developer of the Shiba Inu project. Back in February when Kusama announced a partnership with Italian restaurant Welly’s, he stated that the visual communication was shifted from beef centric to chicken so as to not hurt the sentiments of Indians.
“Because we love our India market so much, we shifted some of our visual communications from being beef centric, to chicken centric (cluck in video!) to compensate for the religious practices of one of our largest market. Shib is now part of a brand that listens, cares, and is agile enough to truly cater to the Shib holders,” Kusama said at the time.
As of 9:51 p.m. ET Wednesday, SHIB, the native token of the Shiba Inu community, was trading down 2.99% at $0.00001014 with a 24-hour volume of $124,928,066.83, according to the latest data from CoinMarketCap.