- Shiba Inu’s trading volume on WazirX surpasses that of Dogecoin and Bitcoin, indicating a move towards meme coins.
- With over 21 million tokens destroyed in the last day, significant SHIB token burning have contributed to its rising value.
According to WazirX’s March 2024 report, Shiba Inu (SHIB) outperformed major cryptocurrencies on the exchange. The rise of SHIB to the top traded token, overtaking major rivals like Dogecoin and Bitcoin, indicates a dramatic change in investor interest in meme coins.
Top five traded coins on WazirX in March'24:
🚀 $SHIB
🚀 $BTC
🚀 $PEPE
🚀 $FLOKI
🚀 $DOGEWhich one did you trade the most? pic.twitter.com/ENCCWQ4RNV
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) April 2, 2024
The Rise of Meme Coins
The WazirX data highlights a more general trend: meme coins are a growing asset class with a vibrant trading community, rather than merely a passing fad. Following SHIB’s lead, Pepe (PEPE) and Floki (FLOKI) secured their positions among the most traded, indicating an increasing interest among investors in high-risk, high-reward assets.
One notable omission from the top rankings was Ethereum, which is typically included in studies on trade volume. This change in the market shows that meme coins are becoming more and more valuable, maybe as a result of their strong social media presence and active communities.
The Strategic Expansion of SHIB
SHIB’s global reach has grown amid this trading frenzy thanks to listings on important exchanges, including as the Australian division of Bitcoin.com, as previously reported by ETHNews. This step strengthens SHIB’s standing in the cutthroat cryptocurrency market while also broadening the company’s pool of investors.
A Burning Development
The notable increase in token burns—21,414,884 SHIB tokens were removed from circulation in the last day alone, a 42.47% increase—contributes to SHIB’s momentum. A remarkable 233,994,056 tokens were burned in the last week, an increase of 17.05%.
HOURLY SHIB UPDATE$SHIB Price: $0.00002855 (1hr -0.16% â–¼ | 24hr 5.25% â–² )
Market Cap: $16,836,691,397 (5.57% â–²)
Total Supply: 589,275,342,044,631TOKENS BURNT
Past 24Hrs: 21,414,884 (42.47% â–²)
Past 7 Days: 233,994,056 (17.05% â–²)— Shibburn (@shibburn) April 7, 2024
Exchanges benefit from the spike in SHIB trading. Increased fee income from high volume trading makes SHIB a highly sought-after listing for platforms globally, from emerging economies to industry titans like Binance and Coinbase.
The price of SHIB increased by 3.85% over the past 24 hours in response to these developments, bringing its market capitalization to $16.68 billion. At present, this token holds the 12th greatest position among cryptocurrencies, situated precisely between Avalanche and Bitcoin Cash in the 11th and 13th positions, respectively.