Shiba Inu to become most traded cryptocurrency in India by 2024

• Shiba Inu is the most traded cryptocurrency in India in 2024.
• Shibarium has processed over 700 million transactions.
• SHIB burning mechanism reduced supply by 410 trillion.

Shiba Inu (SHIB), known for its appeal among thematic cryptocurrency enthusiasts, has achieved an impressive milestone in India by becoming the most traded crypto asset in the country in 2024. Recent data from exchange CoinSwitch indicates that 9% of its users, around 1,8 million investors, traded SHIB over the year, outperforming renowned cryptos such as Bitcoin (BTC), Dogecoin (DOGE) and Tether (USDT).

These are astonishing facts about India's crypto scenario in 2024.

2 crore INVESTORS in crypto India🇮🇳.
11% are women.
Indian crypto traders are most active between 9-11 PM

Thread on some more SHOCKING facts.

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— Kashif Raza (@simplykashif) December 26, 2024

Kashif Raza, founder of educational platform Bitinning, highlighted Shiba Inu’s growth in a recent blog post, highlighting how themed cryptocurrencies continue to gain a significant user base in India. CoinSwitch, which currently boasts 20 million users, revealed that a significant portion of these investors are young, with 72% of them under the age of 35.

In addition to being the most traded coin, Shiba Inu is also among the most held crypto assets by Indian investors, with 5% of CoinSwitch users including SHIB in their wallets. Meanwhile, Dogecoin leads the way as the most held token, held by 8% of users.

Another relevant fact is the preference of Indians for meme coins. According to statistics, 14% of CoinSwitch investors showed interest in Dogecoin and Shiba Inu, highlighting a notable affinity of the local market for assets in this niche.

In terms of activity, CoinSwitch data also revealed an interesting pattern: the times of greatest movement among investors occurred between 21 pm and 23 pm, reflecting a consolidated behavior of night trading in the country.

While the SHIB price is currently in decline, recording a 10% monthly decline, developments such as the development of the Shibarium scaling solution and the implementation of token burning mechanisms continue to drive the asset’s long-term appreciation narrative.

Shibarium, the second-layer platform of the Shiba Inu ecosystem, has surpassed the milestone of 700 million transactions processed, while the burning mechanism has already destroyed over 410 trillion tokens, reducing the circulating supply and potentially increasing the value of the coin in the future.