Indian traders are eschewing Bitcoin and Ethereum in favor of Shiba Inu, according to market data. SHIB is seeing comparatively high volume, despite the harsh tax scheme in the country.
Indian traders are not clamoring for the market’s biggest coins like Bitcoin or Ethereum but are instead going for the popular meme token Shiba Inu (SHIB). The latter is the most traded token on India’s top crypto exchanges, including Zebpay, WazirX, and CoinDCX.
Data from Nomics shows that 9% of all crypto trading in the country includes the SHIB token. SHIB traders on Zebpay — which is looking to move away from India because of the harsh tax rules — have traded nearly $120 million since the beginning of the year.
Meanwhile, data for WazirX shows that more than 10% of trading is in the meme token. Traders have moved more than
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