Shiba Inu is experiencing great times on exchanges located in India. Investors from this huge country are investing their capital in cryptocurrencies en masse, despite unfriendly tax conditions. Surprisingly, Bitcoin and Ether are receding into the background.
Shiba Inu as the most traded asset
Indian investors have thrown their weight behind Shiba Inu en masse. Meanwhile, leading cryptocurrencies such as Bitcoin and Ethereum are being ignored by them. According to exchange reports, on platforms such as Zebpay, WazirX and CoinDCX, Shiba Inu’s turnover accounts for nearly 9%. This puts SHIB in a position of clear leadership.
It is worth noting that Zebpay is an exchange that is considering leaving the Indian market. This is happening due to the recently introduced strict regulations. Recall that the government there has approved a capital gains tax of 30%. It hits those interested in purchasing coins very hard. Nevertheless, Zebpay itself reports that Shiba Inu turnover on the platform accounts for 10% of the total volume. Since the beginning of this year, it has amounted to $120 million.
The other two exchanges also boast interesting numbers. In the case of WazirX it is also 10% of the turnover. The value represents $970 million, in ten months. CoinDCX, on the other hand, reports SHIB volume close to 5%.
Indians and their motivations for buying Shiba Inu
Following the introduction of new tax regulations, cryptocurrency trading in India collapsed significantly. Many crypto companies were thus forced to leave the country. The situation has calmed down considerably over time, and the SHIB community located in India has revived rapidly. Very often mentioned are the gigantic increases that SHIB recorded in the past two years. These are expected to happen again.
At the same time, it is worth noting that India, like the rest of the world, is struggling with high inflation. The rupee there is depreciating strongly, and cryptocurrencies offer hope that, despite their high volatility, they will retain their purchasing value in the long term. This is reflected in the number of newly registered users of exchanges, which has increased by 45% in recent weeks.
The situation on the SHIB chart
For the time being, the high interest in the Shiba Inu token within India, is not reflected in the price action. At the time of writing this text, SHIB is still maintaining consolidation, with the price close to $0.00001. No particular anomalies are appearing on the indicators in the process. However, it can be assumed that in the long term SHIB has the right to rise significantly. This is supported by the fundamentals, which are getting stronger. They are also a strong impetus pushing Indians to buy.