Shiba Inu (SHIB) becomes most traded asset on Indian crypto exchanges
Indian traders are shunning Bitcoin and Ethereum in favor of Shiba Inu, according to market data. SHIB sees a relatively high volume, despite the harsh tax regime in the country.
Indian traders are not clamoring for the market’s biggest coins like Bitcoin or Ethereum, but are instead going for the popular meme token Shiba Inu (SHIB). The latter is the most traded token on India’s top crypto exchanges, including Zebpay, WazirX and CoinDCX.
Data from Nomics shows that 9% of all crypto trading in the country includes the SHIB token. SHIB merchants on Zebpay – who want to move out of India because of the harsh tax rules – have transacted nearly $120 million since the beginning of the year.
Meanwhile, data for WazirX shows that more than 10% of trading is in the meme token. Traders have moved more than $970 million over the ten months. India’s other major exchange, CoinDCX, sees SHIB accounting for more than 5% of its total trading volume.
These relatively high volumes for a country that saw its crypto trade hit hard by harsh tax regimes introduced earlier this year. Trading volumes fell after the ruling, forcing many crypto companies out of the nation. As for more general regulation, India is not expected to introduce such legislation until there is global consensus on the matter.
Why do Indians buy SHIB?
One reason why SHIB can experience unusually high activity is that there is a strong SHIB community in the country. Investors have profited from the token even during the COVID pandemic. They hope that this continues as they move into the future.
Despite the heavy taxation of crypto, India is seeing an increase in crypto activity in recent weeks. There has been a 45% increase in user registrations. Analysts say the weakening rupee and poor stock markets have pushed investors against Bitcoin.
The Shiba Inu ecosystem is growing
The Shiba Inu token has experienced several developments in recent weeks, including listing on well-known exchanges. BitMEX revealed that six new cryptocurrencies would be listed on October 10, and SHIB was included.
The team is also working on the Shibarium layer-2 solution, although no specific date has been given for its deployment. The public beta is expected soon, but this too has no date outlined.
The other major development in the Shiba Inu ecosystem is the release of the Shiba Eternity game. It was released on October 6, and reached the top spot in the Card Games category on the App Store.
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