According to market data, Indian traders choose Shiba Inu above Bitcoin and Ethereum. Despite the onerous tax structure of the nation, SHIB is seeing relatively high volume.
According to Nomics data, the SHIB token is used in 9% of all cryptocurrency transactions in the nation. Since the start of the year, SHIB dealers on Zebpay, which is trying to leave India because to the strict tax laws, have transacted approximately $120 million.
Instead of screaming for the most valuable coins on the market, like Bitcoin or Ethereum, Indian traders are choosing the Shiba Inu meme currency (SHIB). On India’s main cryptocurrency exchanges, including Zebpay, WazirX, and CoinDCX, the latter token is the most traded.
Data for WazirX reveals that the meme token accounts for more than 10% of transactions. Over the past ten months, traders have moved more than $970 million. Over 5% of all trade volume on CoinDCX, India’s other significant exchange, is made using SHIB.
Why do Indians purchase SHIB?
The fact that there is a sizable SHIB group in the nation may be one explanation for the particularly high activity in SHIB. Even during the COVID outbreak, token investors have made money. As they move forward, they hope that this will hold true.
These comparatively large volumes come from a nation where the introduction of punitive tax policies earlier this year severely hurt the country’s cryptocurrency trading. Following the decision, trading volumes plummeted, driving numerous cryptocurrency businesses out of the country. As for broader regulation, it is anticipated that India won’t pass such legislation unless there is international agreement.
India has seen a rise in cryptocurrency activity in recent weeks despite the country’s high cryptocurrency taxes. The number of new users has increased by 45%. Analysts claim that investors are turning to Bitcoin as a result of the falling rupee and underwhelming stock markets.
Over the past several weeks, the Shiba Inu cryptocurrency has seen a number of changes, including listing on well-known exchanges. SHIB was one of the six new cryptocurrencies that BitMEX said would be offered on October 10.
The Shibarium layer-2 solution is also being developed by the team, though no deployment date has been specified. Although there is no set date for the public beta, it is anticipated to launch soon. The debut of the video game Shiba Eternity is the other significant advancement in the Shiba Inu ecosystem. When it was made available on October 6, it quickly rose to the top of the App Store’s card games category.
News Summary:
- The most traded asset on Indian cryptocurrency exchanges is the Shiba Inu (SHIB)
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