Shiba Inu Price Today: Meme Crypto Coin That Turns Many Indians Into Crorepatis Overnight
Kumar had invested in the same crypto coin twice – once when it was priced at 0.001215, then when it was at 0.002039 a few weeks ago. After the surge of the past two days, Shiba Inu was trading at around 0.005848 on Saturday on some crypto exchanges.
Many investors, around the world and in India, saw their risk portfolios rise, taking advantage of the same coin – a type of cryptocurrency – which jumped 70% on Wednesday and 40% on Thursday, the exchanges said.
“We recently saw around 35,000 users buy Shiba Inu, which represents a 385% increase in the number of Shiba Inu investors. In addition, the Shiba Inu INR markets have seen their trading volume increase by 5 times,” said Shivam Thakral, managing director of the BuyUcoin cryptocurrency exchange. BuyUcoin users have invested $ 58 million in Shiba Inu since the start of the current rally.
In total, transaction volumes have been valued at around $ 600 million across all platforms in India, industry trackers said.
Major exchanges told ET that unlike before, when Indians didn’t start buying until after the global gatherings were over, many continued to buy the cryptocurrency throughout September and October. The meme coins are usually inspired by jokes on social media, as was the case with Dogecoin. Now, Shiba Inu has become one of the most popular crypto assets in the world.
“Coins and altcoins alike could spark investor interest if they continue to generate good returns,” said Jay Hao, CEO of OKEx.com, a cryptocurrency exchange.
8th largest cryptocurrency
“At the same time, users should be very careful when investing in such cryptos and not put all of their eggs in one basket and always diversify their portfolio across multiple crypto assets,” he said. “Shiba Inu, due to the recent rally, has become the eighth largest crypto in the world in terms of market capitalization. At OKEx, we have seen a 5-fold increase in Shiba Inu trading since the price spike began.”
Major exchanges said Indians continued to buy Shiba Inu on Friday.
Stock exchange data indicates that most of the investors who have made money, like Kumar, have not liquidated their investments but are investing more money, hoping for new highs.
“I’m going to hold the long positions,” said Kumar, who did not tell ET the full value of his “portfolio at risk” after the coin’s jump.
With Bitcoin, Etherum, Solana and Cardano showing increased volatility and demand for Shiba Inu on Wednesday, WazirX’s services were halted for a while on Thursday amid a flood of orders. The exchange said the trading volume reached a record high of $ 566 million.
There are nearly 15 million crypto investors in India, holding digital assets worth 15,000 crore, according to figures compiled by Indian cryptocurrency exchanges. All of the major cryptocurrency exchanges have seen at least a doubling of trade and investment in the past few months.