The Price of Meme Crypto Shiba Inu Continues to Rise
Shiba Inu : The price of Meme Crypto Shiba Inu continues to rise. According to crypto exchange WazirX, at 11.30 am on Monday, it was trading 4.69 percent higher at Rs 0.005575. Before this, its price has jumped 4 times in the first two days. Due to this many investors in the country and the world have become millionaires overnight.
Among them is Vinod Kumar of Bangalore. 36-year-old Kumar has invested in this crypto twice recently. Once when its price was Rs.0.001215 and then when its price reached Rs.0.002039. On Saturday, it was trading at a price of around Rs 0.005848 on many crypto exchanges. It had gained 70 per cent on Wednesday and 40 per cent on Thursday.
Shiba Inu Steep Price Hike
Shivam Thakral, chief executive of cryptocurrency exchange BuyUcoin, said about 35,000 investors have bought Shiba Inu recently. The number of its investors has increased by 385 percent. The market exchange of Shiba Inu in Indian Rupee has increased by 5 times in volume. BuyUcoin users have invested $58 million in this cryptocurrency since the recent price rally. Experts say that the trading volume on all the platforms in the country has reached around 600 million dollars.
Top exchanges told ET that earlier Indians used to start buying when their rally around the world started to stop. But now it is not so. Many investors made purchases in September-October. Mime coins like Dogecoin started out as a joke inspired by social media. Now Shiba Inu has become the biggest and most popular meme crypto in the world.
Indians are Buying Shiba Inu Fiercely
Jay Hao, CEO of cryptocurrency exchange OKEx.com, says investors will be interested in these if mime coins and altcoins continue to deliver great returns. Users need to be cautious while investing in such cryptocurrencies. They should diversify their portfolio instead of investing all the money in a single crypto. Shiba Inu has become the eighth largest cryptocurrency in the world after the recent rally.
Top exchanges say that Indians continued to buy Shiba Inu on Friday as well. According to the data, most of the investors did not sell their investment but invested more in it. He expects this crypto to go higher. Kumar said he wants to hold his investment for a long time. However, he did not disclose the extent to which the value of his risk portfolio has reached.
Shiba Inu Trading and investing doubled
The demand for Shiba Inu has been fueled by volatility in major cryptocurrencies such as Bitcoin, Ethereum, Solana and Cardano. The services of WazirX were affected due to sudden increase in demand on Thursday. The exchange said trading volumes had reached a record $566 million. According to data from Indian cryptocurrency exchanges, there are about 15 crore crypto investors in the country with digital assets worth Rs 15,000 crore. Trading and investments have at least doubled across all major cryptocurrency exchanges in the country over the past few months.