Mime cryptocurrencies Dogecoin (DOGE) and Shiba Inu (SHIB) have emerged as India’s most traded digital assets on crypto exchanges in the country. According to online media reports, on the CoinSwitch Kuber exchange, between April and October 2021, Dogecoin accounted for 13.76% of the platform’s total trading volume, followed by Ethereum with 6.06%, while Bitcoin was third with 6.04%. But it was.
Sharan Nair, Chief Business Officer, CoinSwitch Kuber said, “Interestingly, Dogecoin, a popular cryptocurrency that started with a meme, has been on an uptrend over the past six months, even as it The most widely used crypto has even surpassed Bitcoin and Ethereum.”
Speaking of other platforms, on WazirX, over the past week, almost half of the trading volume has come from Shiba Inu, also known as the Dogecoin killer.
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According to Naschal Shetty, CEO of WazirX, the interest in Shiba Inu stems from the popular supporting community of the token. He further added that in recent months, SHIB has been in the news for being listed on more exchanges, leading to increased liquidity and access to the token.
The rise in popularity of both the Shiba Inu and Dogecoin has come mostly from social media activity and endorsement from celebrities. For example, the rise of Dogecoin in 2021 was fueled by a flurry of tweets from Tesla CEO Elon Musk. Musk has emerged as a key figure in the development of DOGE.
Criticism of Shiba Inu and Dogecoin
However, both meme cryptocurrencies have received backlash for the lack of a real-world use case. For example, Michael Bury, a former hedge fund manager at Scion Capital, previously called the coin “worthless” and a “poor investment option.”
Despite the criticism, the Shiba Inu continues to receive increasing acceptance from many of the businessmen who have become popular. For example, this coin is accepted as a payment option by the Paris-based Le Bistrot d’Eleonore et Maxence restaurant, as well as by the Argentine real estate firm Candoli Propriedes.
As of press time, the Shiba Inu was trading at $0.0000676, up 37% over the past seven days.
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