Shiba Inu has achieved a remarkable milestone in India, ranking among the most traded coins this year in the country, outpacing even Bitcoin.
Kashif Raza, the founder of the Bitcoin education platform Bitinning, called attention to this development in a recent post on X, providing an insight into India’s crypto landscape in 2024.
Although Raza initially claimed that the data reflects India’s broader crypto landscape in 2024, further insight shows that the stats were limited to activity on the popular India-based exchange CoinSwitch.
CoinSwitch User Activity
Notably, the exchange now has 20 million users, with women representing 11% of them. These investors were mostly active between 9 PM and 11 PM daily. Also, most of them are young, with about 72% aged below 35.
The data showcased interesting facts about users’ activity, including the most traded asset and most held token.
Shiba Inu Emerges as Most Traded Token
Shiba Inu (SHIB), the leading canine-themed token, ranked as the most traded token on CoinSwitch. The data indicate that 9% of CoinSwitch users, representing 1.8 million, traded SHIB this year.
Notably, Shiba Inu ranked ahead of Pepe, Bitcoin (BTC), and Dogecoin (DOGE), which were traded by 8% (1.6 million), 6% (1.2 million), and 6% (1.2 million) of CoinSwitch users.
Other crypto assets, such as Tether (USDT), Bonk, Ethereum (ETH), Solana (SOL), XRP, and Gala, recorded 6%, 4%, 3%, 3%, 3%, and 2%, respectively, in this category.
Dogecoin Leads as Most Held Token
Meanwhile, CoinSwitch customers were more inclined to hold Dogecoin than any other crypto asset this year. Per the data, 8% of CoinSwitch customers, representing 1.6 million users, held Dogecoin, making it the most-held token within the exchange.
Bitcoin followed suit in this category, with 7% (1.4 million) of CoinSwitch customers holding the premier cryptocurrency. Ethereum, Shiba Inu, and Cardano (ADA) closely followed Bitcoin, with 6%, 5%, and 4% users holding these tokens, respectively.
It is unsurprising that Shiba Inu and Dogecoin top the most traded and held token categories. These assets have had an impressive performance this year, attracting the attention of many crypto users. Furthermore, Indians naturally like meme coins, with 14% of CoinSwitch users drawn to the top two biggest meme coins by market cap: Dogecoin and Shiba Inu.
At press time, Shiba Inu is trading at $0.00002188, boasting a trading volume of $489.48 million. Shiba Inu’s trading volume is down 7.94% over the past day. On the other hand, Dogecoin is trading at $0.316, with its daily volume plunging by 8.56% to $2.32 billion.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
