Meme coin’s trade volume beats BTC, ETH & Polygon in India
Research suggests that the Indian crypto community showed its inclination toward meme coins over Bitcoin & Ethereum like precious crypto assets.
If we talk about the crypto market then the first coin that enters our mind is Bitcoin and after that Ethereum & other flagship assets. Bitcoin and Ethereum are those crypto assets, which remain always at the top by market cap at every crypto exchange. But in the last 6 months, meme coins replaced Bitcoin & Ethereum like flagship assets at almost every crypto exchange in India.
According to a research-based report, Ethereum & polygon were behind meme coins (Doge, Shiba etc) between April to October. In the same time interval, CoinDCX exchange revealed that 13.76% trade volume at the exchange was part of the DogeCoin trade volume. While Ethereum & Bitcoin contributed around 6% in trade volume. And Polygon contributed 4.5%.
Wazirx crypto exchange, Binance owned Indian crypto exchange, stated that 50% of the trade volume was because of the Shiba Inu coin in the past week. While only Shiba inu is responsible for $320 million worth of transactions in the last few days only.
Wazirx CEO & Founder, Nischal Shetty, talked about Shiba inu potential and said
*The growth of Shiba Inu shows the power of being a community-driven project.”
Crypto trend with meme tokens & native tokens in India
meme coins grabbed a high-level position almost in the whole world’ crypto community because of the rapid surge in price & better return for the investors.
But records showed that the Indian crypto community is supportive of local Cryptocurrencies. Here we are talking about Polygon’ native token Matic. This coin grabbed a position in the crypto industry of India with Ethereum and sometimes more than Ethereum. This showed that Indians have faith in the crypto assets of their own country. And now another coin is ready to enter the Indian video social media with a $GARI token.
Read also: Miami’s Mayor the US will Take His Salary in Bitcoin
