Meme coins had been having a glorious run in the last couple of years. Now, they have caught the fancy of Indians, too. True, in 2021, India announced regulations regarding dealings in cryptocurrencies. The Government also outlined the taxation that would accrue on profits incurred from these trades.
Nonetheless, the fervor of Indian crypto enthusiasts has not waned. They are still keen to experiment with digital currencies, especially meme coins. Currently, it is Shiba Inu, the globally popular meme coin, which is holding their attention.
The Bonding Between Indians and Shiba Inu
CoinMarketCap came up with some statistics, during the earlier half of October 2022. Shiba Inu was priced at $0.00001014. In other words, it had plunged by 2.99%. The 24-hour volume amounted to $124,928,066.83.
However, as mentioned earlier, the pricing fluctuations have failed to deter Indian investors from favoring the SHIB coin. It also helps that SHIB’s lead developer, Shytoshi Kusuma, has a soft corner for India.
The bonding with the country began in February 2022. Back then, Kusama entered a partnership with Welly, an Italian restaurant. Respecting Indian sentiments, the restaurant’s visual communications shifted from being beef-centric, to chicken-centric.
The Shiba Inu team is happy to be associated with the huge Indian market. It feels that here is a brand, which cares, and shares. Then again, not only Indians, but others too, are happy to have access to Shiba Eternity. It is a card game that is available for download from the Apple App store.
Current Scenario in India
The altcoin gained marvelous prominence, despite an ongoing pandemic. Additionally, it finds a spot amongst the 20 most popular digital currencies in the world. These rankings are in alignment with each crypto’s market capitalization. As a result, Indian investors rapidly gravitated towards the SHIB coin.
True, the democratic nation did give equal importance to many other cryptocurrencies, too. Regardless, at least 9% of business dealings focused on Shiba Inu, alone. This year (2022) has proved to be even better for the meme coin. Indian crypto enthusiasts have gone in for trading of SHIB coins, worth $120 million!
Then again, over 10% of digital transfers have occurred on a greatly well-known cryptocurrency exchange. This exchange is in India, and renowned as WazirX. The platform has a close bonding with Binance. Currently, there are millions of users, who are active on the WazirX blockchain. Amongst the lot, 15 million are tremendous fans of Shiba Inu.
WazirX’s competitors, are CoinDCX, and Zebpay. Like WazirX, they deal in several digital currencies. However, even they noticed that a portion of their users, generally went in for transactions involving SHIB coins. CoinDCX had 5% of such users, while Zebpay had 9% of them.
Thus, Shiba Inu continues to display excellent trading volumes everywhere, as evinced on the Stock HAX website.
WazirX, a Trusted Platform
Linked to the Binance Group of Companies, WazirX came into being in 2018. Binance is the biggest digital currency exchange across the globe. It reaches out to crypto enthusiasts in 180 nations. Binance was keen to make digital assets available to Indians. Therefore, it has partnered with WazirX, to set up a Blockchain India Fund. This Fund is worth $50 million.
Since its launch, WazirX has rapidly gained the trust of the Indian cryptocurrency marketplace. It displays a trading volume of $5.4 billion, every month, suggesting speedy exponential growth. In other words, the database of users is expanding well, and so is the trading activity. To date, WazirX has six million registered users on its platform.
Another unique feature of WazirX is its pioneering of a novel movement – #IndiaWantsCrypto. The movement has become highly popular on social media, attracting over five million fans.
The Movement was initiated by WazirX’s founder, Nischal Shetty. He had begun a campaign on Twitter, against the order issued by the RBI (Central Bank of India). The RBI refused to let banks have any connected with start-ups dealing with digital assets. Nischal Shetty took it upon himself to educate the RBI, politicians, regulators, etc., about cryptocurrencies, via tweets on Twitter.
Day 489 of the campaign was victorious for crypto enthusiasts and WazirX. The Supreme Court of India favored the Indian community. Today, there are regulations and tax laws in place, for cryptocurrencies.
