March has proven to be a lucrative time for the entire cryptocurrency industry. While Bitcoin is hitting a new all-time high and Ethereum is close to setting an all-time high of its own, several altcoins have also seen significant gains on their respective trajectories. Indian cryptocurrency exchange WazirX published a list of the five most traded cryptocurrencies on its app on April 2. According to the Indian exchange, memecoin Shiba Inu ranks first on this list, indicating that most investors participating in cryptocurrencies through its app choose to purchase Shiba Inu.

In March 2024, Shiba Inu successfully replaced Bitcoin and became the most traded cryptocurrency list on WazirX. The development has received high praise from the team behind SHIB Coin.

“$SHIB is one of the hottest tokens on @WazirXIndia in March! India’s Shib Army is growing!” @Shibtoken’s official handle posted on X, re-sharing WazirX’s listing.

SHIB was originally created as a joke competitor to Dogecoin, launching in August 2020. memecoin is currently trading at $0.000027 (approximately Rs. 0.002257). Shiba Inu has a market capitalization of $16,131,474,196 (approximately Rs. 1,34,583 crore) and ranks 12th among 9,406 active cryptocurrencies coin market cap.

In addition to memecoin, the Shiba ecosystem has expanded its product portfolio over the years to include the Metaverse ecosystem, the Shibarium blockchain, and the .SHIB domain name for its community members.

Along with these developments, the SHIB community expanded around 2023. For example, according to late January last year, the Shiba Inu has become a top choice for new entrants looking to explore crypto investments. Chain analytics firm Nansen claims.

At the time, SHIB was trading at $0.000012 (approximately Rs. 0.000984), with a circulating supply of over 5.49 trillion. Currently, over 589 trillion Shiba Inu tokens are in circulation, indicating significant growth in adoption.

Despite slow price growth, meme coins have maintained their popularity among Indian investors. Back in December 2022, SHIB became the most traded token on WazirX, with 27% of first-time cryptocurrency buyers betting on the memecoin.

According to the exchange’s list of the most traded cryptocurrencies, Shiba Inu ranks first, followed by Bitcoin, PepeCoin, Floki and Dogecoin. This suggests that crypto investors’ craze for meme coins is heating up.