While the Indian government is taking strict measures by formulating regulations around cryptocurrencies, interest in cryptocurrency is growing among Indians. Investors in India are not only investing in major coins like Bitcoin and Ethereum but also showing interest in meme coins. Meme coins, including Shiba Inu, have found their place among Indian investors. Shiba Inu's popularity may be inferred from the fact that it has surpassed the largest meme coin, Dogecoin, and secured its position among the top 5 cryptocurrencies held in India. This reflects the increasing diversification of the Indian cryptocurrency market and the rising enthusiasm for digital assets.
The estimation of its popularity in India can be inferred from the fact that 25% of crypto holders in India have invested in Shiba Inu. Moreover, it is the second most traded currency on India's largest exchange, WazirX. Additionally, according to Google Analytics data, there has been a significant surge in searches related to Shiba in the past 90 days in India. There has been a substantial increase in query volume for "Shiba Inu crypto" in India, indicating a keen interest and active tracking of Shiba Inu within the Indian crypto community.
The increasing popularity of Shiba Inu in India indicates that it has become a significant investment option in the country, possibly for several reasons. The affordability and accessibility of meme coins like Shiba Inu make it an attractive choice for early investors in emerging economies like India.
Shiba Inu, being a cryptocurrency with a smaller ticket size, is preferred by early investors entering the crypto space, allowing them to start their crypto journey with a smaller investment. Moreover, Indians are investing in Shiba Inu for the long term, as it is an emerging meme currency with hopeful prospects for better performance in the future.
One reason for the popularity of Shiba Inu is the significant donation of Shiba Inu tokens worth approximately 1 billion dollars by Vitalik Buterin, the co-founder of Ethereum, to the COVID-19 relief fund in India during the height of the pandemic in May 2021. At that time, Shiba Inu garnered attention in India, and since then, its popularity has continued to grow in the country.
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