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Shiba Inu, the second-largest meme cryptocurrency, soared to a two-year high in March, becoming the most traded digital asset on WazirX, India's leading cryptocurrency exchange, surpassing even Bitcoin and Dogecoin.
Shiba Inu Leads as Most Traded Digital Asset on WazirX, Surpassing Bitcoin and Other Cryptocurrencies
Shiba Inu's popularity may have contributed to the token's ranking at the top of a prestigious list. WazirX, the leading Indian cryptocurrency exchange, revealed in March that the self-proclaimed Dogecoin-killer was its platform's most traded digital asset, per CryptoPotato. SHIB outperformed Bitcoin (BTC), Pepe Coin (PEPE), Floki Inu (FLOKI), and Dogecoin (DOGE), which came next.
The meme coin has previously appeared on WazirX's rankings. According to a report, Shiba Inu was the second most traded cryptocurrency in 2023.
Shiba Inu's Price Faces Setback, Yet Analysts Forecast Potential Bull Run and Price Surges
Despite progress in March, Shiba Inu did not start April on the right foot, with a weekly price decrease of approximately 10%. Several analysts, however, believe that a new bull run is on the horizon.
Last week, popular X user Rekt Capital suggested that the asset's value could reach an all-time high if it broke through the significant resistance level of $0.000033285.
Captain Faibik was also bullish. They presented a chart showing that SHIB is poised for a 2x price increase.
Last but not least, early Bitcoin adopter Davinci Jeremie, also known by the X handle, claimed Shiba Inu is an asset cryptocurrency investors should include in their portfolios. The individual is well-known in the crypto community for advising people to invest only $1 in Bitcoin more than a decade ago when the price was less than $100.
Meme Coin Surge: Dogecoin and Shiba Inu Mark Significant Gains, Analysts Predict Further Upswing
The cryptocurrency sector rebounded in the March report, with Dogecoin (DOGE) and Shiba Inu (SHIB) among the top performers. The most significant meme coins by market capitalization are up 30% and 10% on a 7-day basis, respectively.
According to some analysts, the upswing is far from over and could lead to new highs shortly. Popular X user Rekt Capital made such a bullish statement.
The trader suggested that DOGE has ended its "macro downtrend" and begun a new "macro uptrend." Rekt Capital believes closing above the $0.20 at the end of March might fuel a rally towards the $0.30 mark (a valuation unseen since October 2021).
Dogecoin's price surge coincided with an increase in critical metrics related to its ecosystem. According to CryptoPotato, aggregated daily volume (transactions valued at more than $100,000) increased by nearly 100%, while daily active addresses increased by 13%.
According to IntoTheBlock, nearly 90% of all DOGE holders are now sitting on paper profits. The trends were very different in September last year, when almost 60% of Dogecoin investors were underwater.
The analyst also mentioned SHIB in a Twitter post, predicting that the asset's price would rise to a new all-time high if it broke through the significant resistance level of $0.000033285. "The retest was successful. "SHIB history is repeating itself," Rekt Capital claimed.
The meme coin's rally coincides with the increase in its burning mechanism. Yesterday (March 28), the SHIB burn rate exploded by 1,200%, destroying over 51 million tokens.
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