Benzinga - This article was originally published on the Benzinga India portal.
Meme tokens like Shiba Inu (CRYPTO: SHIB), Pepe (PEPE), and Floki (FLOKI) have captured the attention of Indian investors, dominating the trading scene on WazirX, one of India’s premier crypto exchanges.
What Happened: In an interesting shift in the cryptocurrency market, aside from Bitcoin (CRYPTO: BTC), all of the top five traded tokens on WazirX for March were meme coins, with SHIB leading the pack. The statistic underscores a growing fascination with meme-based cryptocurrencies among Indian traders, particularly as tighter regulations on foreign exchanges have bolstered local platforms.
https://twitter.com/Shibtoken/status/1775240712675635502
Shiba Inu, in particular, has emerged as a standout, not just outpacing its meme coin rivals but also surpassing Bitcoin in trading volume on the platform.
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What to know: The Dogecoin (CRYPTO: DOGE) rival’s rise reflects a broader trend of meme coins gaining traction for their potential long-term value beyond speculative interest.
The SHIB team is working on plans to expand beyond its meme coin origins with innovations such as the DEX platform ShibaSwap and the layer-2 blockchain Shibarium, aiming to sustain the token’s growth amidst a generally positive sentiment in the meme coin ecosystem.
Despite a recent dip in its price, SHIB remains a highly watched token. Over the last 24 hours, its trade volume fell 34% to $200.7 million, and its market position slipped to 12th, according to Coinmarketcap data. However, SHIB still boasts a 14% profit over the last 30 days, following an initial rally of over 200% in March.
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