Shiba Inu (SHIB), a popular meme coin and Dogecoin rival, has set its foothold firmly in India despite crypto regulatory woes. SHIB emerged as the top traded crypto on WazirX, an Indian crypto exchange. Moreover, the SHIB team expressed optimism toward the same.
Shiba Inu Team Expresses Gratitude
In a recent post on X, the Shiba Inu team underscored the SHIBArmy’s unwavering support that led them achieve this feat in India. The team quoted a post by WazirX wherein they noted that SHIB surpassed Bitcoin (BTC) as the top traded crypto in March. The Shiba Inu team wrote, “SHIB was one of the hottest coins on @WazirXIndia in March!”
Highlighting the SHIBArmy’s support, the team wrote, “The Shib Army is growing strong in India. Namaste!” Meanwhile, Bitcoin took the second spot on WazirX top traded crypto list while other popular meme coins also entered the scene. Furthermore, Pepe Coin (PEPE) grabbed the third spot, followed by Floki Inu (FLOKI) and Dogecoin (DOGE).
The development is a major milestone for SHIB and the entire meme coin community owing to the regulatory scrutiny in India. Moreover, Shiba Inu gaining popularity on WazirX is also a consequence of the crackdown on foreign crypto exchanges, which paved the way for local players’ success.
Also Read: Shiba Inu Coin: SHIB Burn Shoots 4000%, Signals Price Recovery Ahead?
SHIB Price Struggles
The Shiba Inu price is struggling to sustain the rebound efforts. At press time, the SHIB price was up by 1.04% to $0.00002725 on Wednesday, April 3. Meanwhile, the renowned meme coin boasted a market capitalization of $16.05 billion.
Whilst, the SHIB trade volume 0.32% to $932.30 million. However, the bearish trend ousted Shiba Inu from top 10 cryptocurrencies by market cap list as it now holds the 12th position. Despite the crash, SHIB holds 33% profit made in the last 30 days due to its initial 240% rally.
Amid the rebound, significant long liquidations were noted. According to Coinglass data, $1.17 million long liquidations were recorded for SHIB out of $1.50 million liquidations. The massive long liquidations could push the price lower and disrupt the recovery phase.
Also Read: Shiba Inu Burn Spikes 2300% Amid Market Corrections, SHIB Price Recovery Looms?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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