Shiba Inu (SHIB) gained quite a lot of consideration in 2023 because the crypto token went from simply being a meme coin to at least one offering extra utility to its customers. That explains why SHIB retained its place and outperformed different main tokens like ETH and XRP on this crypto alternate’s year-end report.
Shiba Inu Was The Second-Most Traded Coin On WazirX
Indian-based crypto alternate WazirX famous in its year-end report that SHIB was the second-most traded token on its alternate. SHIB outranked different main tokens, just like the second-largest cryptocurrency, Ethereum, within the course of. The one crypto token that outperformed the meme coin on the alternate was Bitcoin.
WazirX additionally highlighted the “affinity” that its customers have change into recognized to have for the meme coin. Notably, SHIB ranked third in essentially the most traded tokens on the crypto alternate in 2022. That yr, it got here solely behind Bitcoin and USDT, with the latter being the go-to stablecoin to facilitate peer-to-peer (P2P) transactions on the community.
Apparently, Shiba Inu and Bitcoin have been the one two tokens that have been in style on WazirX all through 2023. Each tokens have been a relentless within the crypto alternate’s month-to-month rating of the highest 4 hottest tokens on the platform.
In the meantime, XRP, ETH, TRX, and MATIC closed out the listing of the highest six most traded tokens on the crypto alternate. XRP was the one unfamiliar face, contemplating that the opposite tokens made the listing in 2022. XRP’s reputation on the platform started to develop in Might, as that was the primary time within the yr that it made the lower for the highest 4 hottest on WazirX.
XRP’s reputation quickly elevated on the again of Ripple’s landmark victory towards the Securities and Change Fee (SEC) in July. WazirX famous that this occasion led to an enormous spike in buying and selling actions for the XRP token on its platform.
Nice Issues Nonetheless To Come For Shiba Inu
Regardless of the outstanding achievements they recorded in 2023, the Shiba Inu staff has no plans of slowing down in 2024. Shiba Inu’s Advertising and marketing Lead, Lucie, lately revealed plans that the staff has for the ecosystem. These plans are little doubt bullish for the ecosystem and will doubtlessly increase SHIB’s value in a yr that would kickstart the bull run.
Crypto analyst Crypto Kaleo additionally lately hinted {that a} important rally could possibly be on the horizon for SHIB, one thing much like the one it loved in 2021. That is hinged on ETH breaking out from its present value vary. That might, nonetheless, occur quickly sufficient, contemplating that ETH is anticipated to take pleasure in large good points as consideration turns to its ecosystem following the potential approval of the Spot Bitcoin ETFs.
On the time of writing, SHIB is buying and selling at round $0.00001034, down over 1% within the final 24 hours, in accordance with information from CoinMarketCap.
Featured picture from Bitcoin Information, chart from Tradingview.com
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