The cryptocurrency industry is currently booming as investors stockpile prominent cryptos such as Bitcoin, Ethereum and MATIC for trading. However, according to a recent survey, the meme-based Dogecoin cryptocurrency and its rival Shiba Inu (SHIB) cryptocurrency were the most widely traded cryptocurrencies in India between April and October.
The Chief Business Officer of CoinSwitch Kuber, Sharan Nair told Business Line that Dogecoin generated 13.76 per cent of worldwide trading volume in the last six months followed by Ethereum at 6.06 per cent, Bitcoin at 6.04 per cent, Internet Computer at 5.08 per cent, and Polygon’s MATIC at 4.52 per cent.
Nair also stated that Dogecoin, a cryptocurrency born of a meme is also on an uptrend and has rallied in the last six months, even surpassing Bitcoin and Ethereum.
Shiba Inu, on the other hand, has witnessed a tremendous spike in value on WazirX, another cryptocurrency exchange platform. The “Dogecoin Killer” is said to have contributed 50% of the exchange’s entire trading activity in recent weeks. Bitcoin, Dogecoin, WRX (WazirX’s crypto token), Polygon’s MATIC, and Ethereum are some of the other notable cryptocurrencies that have thrived on WazirX.