Shiba Inu (SHIB) has taken the lead in trading volume on WazirX for the month of May 2024, surpassing popular cryptocurrencies like Bitcoin (BTC), Pepe, and Floki.
In a notable shift in trading trends within the crypto market in May 2024, Shiba Inu emerged as the most traded coin on WazirX, which is India’s top crypto exchange. This surge in trading activity propelled SHIB ahead of other well-known cryptocurrencies such as Bitcoin (BTC), Floki, and Pepe.
Top Five Traded Coins
Following closely behind Shiba Inu was Bob Token (BOB), a meme coin associated with the X bot “Explain This Bob” that was launched in August. In the third spot was PEPE, another meme coin gaining popularity among investors. The fourth and fifth positions were secured by FLOKI and BTC, respectively.
Shiba Inu’s ascent to the top of WazirX’s trading charts is part of a consistent trend. The coin has been a favorite among Indian crypto traders, maintaining its position as the most traded token on the platform in April 2024 as well. This reflects the increasing popularity of SHIB within the Indian crypto community.
Moreover, Shiba Inu was also highlighted as one of the most traded tokens on WazirX in December 2023, emphasizing its strong performance throughout the year and positioning it closely behind Bitcoin in terms of trading volume.
Shiba Inu Price Surge and Market Performance
In the past 24 hours, Shiba Inu has experienced gains exceeding 8%, reaching a new daily high of $0.00002592. This surge in price indicates a bullish sentiment in the market, following an intraday low of $0.00002365 and showcasing a strong recovery from recent lows.
Market analysts, including Bitcoin expert Jason Williams, are increasingly optimistic about SHIB’s potential in the current bullish market. Williams has even suggested that a rally could propel the price of Shiba Inu by 193,774%, potentially reaching $0.05.
Please note that the information provided in this article is for informational purposes only and should not be considered financial advice. The opinions expressed are those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic holds no responsibility for financial losses incurred.