Shiba Inu (SHIB), the meme-inspired cryptocurrency that gained popularity after Tesla CEO Elon Musk tweeted about it, has emerged as the most traded asset on India’s leading crypto exchange, CoinSwitch.
According to a screenshot posted by Shiba Inu enthusiast LucieShib, SHIB topped the list of coins traded on the Indian crypto exchange for the week spanning April 15 to April 20, beating Bitcoin (BTC) to the second spot.
CoinSwitch listed the top five traded coins on its platform for the week, with Dogecoin, Loopring and Ethereum taking the third, fourth and fifth spots, respectively.
However, the dominance of SHIB trading on Indian crypto exchanges is evident as Indian crypto exchange WazirX reported SHIB as the most traded asset on its platform in the past year.
WazirX’s end-of-year report stated that 27% of first-time cryptocurrency buyers on the platform bought Shiba Inu, and 50% of all SHIB tokens that were “moved” on the platform were traded by men between the ages of 26 and 40. WazirX also holds Shiba Inu as the biggest holding in its reserve, per its proof of reserve disclosure at the year’s start.
At the time of writing, SHIB was down 3.26% in the last 24 hours at $0.0000102. All eyes are on the $0.000010 support to hold, as a trip below this key level might risk SHIB adding an extra zero to its price. In this scenario, SHIB might retest lows near the $0.0000096 level.