- Shiba Inu was the second-most traded coin on WazirX.
Shiba Inu (SHIB) gained lots of consideration in 2023 because the crypto token went from simply being a meme coin to 1 offering extra utility to its customers.
That explains why SHIB retained its place and outperformed different main tokens like ETH and XRP on this crypto trade’s year-end report.
Shiba Inu Was The Second-Most Traded Coin On WazirX
Indian-based crypto trade WazirX famous in its year-end report that SHIB was the second-most traded token on its trade.
SHIB outranked different main tokens, just like the second-largest cryptocurrency, Ethereum, within the course of. The solely crypto token that outperformed the meme coin on the trade was Bitcoin.
WazirX additionally highlighted the “affinity” that its customers have turn out to be recognized to have for the meme coin. Notably, SHIB ranked third in probably the most traded tokens on the crypto trade in 2022.
That 12 months, it got here solely behind Bitcoin and USDT, with the latter being the go-to stablecoin to facilitate peer-to-peer (P2P) transactions on the community.
Curiously, Shiba Inu and Bitcoin had been the one two tokens that had been in style on WazirX all through 2023. Each tokens had been a continuing within the crypto trade’s month-to-month rating of the highest 4 hottest tokens on the platform.
In the meantime, XRP, ETH, TRX, and MATIC closed out the listing of the highest six most traded tokens on the crypto trade.
XRP was the one unfamiliar face, contemplating that the opposite tokens made the listing in 2022.
XRP’s reputation on the platform started to develop in Could, as that was the primary time within the 12 months that it made the reduce for the highest 4 hottest on WazirX.
XRP’s reputation quickly elevated on the again of Ripple’s landmark victory in opposition to the Securities and Trade Fee (SEC) in July.
WazirX famous that this occasion led to an enormous spike in buying and selling actions for the XRP token on its platform.
See Additionally: 5 Cryptos to Buy During the Post-Christmas Dip
Nice Issues Nonetheless Coming For Shiba Inu
Regardless of the outstanding achievements they recorded in 2023, the Shiba Inu workforce has no plans of slowing down in 2024.
Shiba Inu’s Advertising Lead, Lucie, not too long ago revealed plans that the workforce has for the ecosystem. These plans are little question bullish for the ecosystem and will doubtlessly enhance SHIB’s value in a 12 months that would kickstart the bull run.
Crypto analyst Crypto Kaleo additionally not too long ago hinted {that a} vital rally could possibly be on the horizon for SHIB, one thing just like the one it loved in 2021.
That is hinged on ETH breaking out from its present value vary. That would, nonetheless, occur quickly sufficient, contemplating that ETH is anticipated to take pleasure in large beneficial properties as consideration turns to its ecosystem following the potential approval of the Spot Bitcoin ETFs.
On the time of writing, SHIB is buying and selling at round $0.00001044, down over 1% within the final 24 hours, in response to data from Coinstats.
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