Shiba Inu (SHIB) gained a lot of attention in 2023 when the crypto token went from simply being a meme coin to a providing more utility to its users. That explains why SHIB maintained its position and outperformed other major tokens like eth and XRP in this crypto exchange's year-end report.
Shiba Inu was the second most traded coin on WazirX
WazirX, the India-based cryptocurrency exchange, noted in its end of year report that SHIB was the second most traded token on its exchange. SHIB outperformed other major tokens such as ethereum/ethereum–crypto-analyst-1900/#:~:text=If%20that%20happens%2C%20Ethereum%20could,its%20current%20price%20of%20%241%2C600.” rel=”nofollow noopener” target=”_blank”>the second largest cryptocurrency, ethereum, in the process. The only crypto token to outperform the meme coin on the exchange was bitcoin.
WazirX also highlighted the “affinity” its users are known to have for the same corner. In particular, S.H.I.B. crypto-highlights-observations-2022/#:~:text=WazirX%20saw%20a%20user%20volume,%2C%20TRX%2C%20DOGE%2C%20MATIC.” rel=”nofollow noopener” target=”_blank”>third place in the most traded tokens on the crypto exchange in 2022. That year, it was only behind bitcoin and USDT, the latter being the reference stablecoin to facilitate peer-to-peer (P2P) transactions on the network.
Interestingly, Shiba Inu and bitcoin were the only two tokens that were popular on WazirX during 2023. Both tokens were a constant in the crypto exchange's monthly ranking of the platform's four most popular tokens.
Meanwhile, XRP, eth, TRX, and MATIC closed the list of the top six most traded tokens on the crypto exchange. XRP was the only unknown face, considering the other tokens were listed in 2022. XRP's popularity on the platform began to grow in May, as it was the first time in the year that it broke into the top four on WazirX.
XRP's popularity increased rapidly thanks to Ripple's historic victory against crypto/sec-announcement-crypto/#:~:text=What%20The%20SEC’s%20Latest%20Announcement%20Means%20For%20The%20Crypto%20Industry,-by%20Scott%20Matherson&text=A%20recent%20announcement%20by%20the,actions%20have%20had%20on%20it.” rel=”nofollow noopener” target=”_blank”>National stock market Commission (SEC) in July. WazirX noted that this event caused a huge spike in trading activities for the XRP token on its platform.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/01/Shiba-Inu-surpasses-Ethereum-Cardano-and-XRP-to-become-the" alt="Tradingview.com Shiba Inu Price Chart (ethereum XRP)” width=”3266″ height=”1530″/>
Big things are still to come for Shiba Inu
Despite the notable achievements they recorded in 2023, the shiba inu team has no plans to slow down in 2024. Shiba Inu marketing leader Lucie, recently revealed plans the team has for the ecosystem. These plans are certainly optimistic for the ecosystem and could boost the price of SHIB in a year that could fuel the bull run.
crypto analyst crypto Kaleo also recently hinted that there could be a significant rally on the horizon for SHIB, something similar to the one it enjoyed in 2021. This depends on eth breaking out of its current price range. However, that could happen soon, considering that bitcoin/bitcoin-to-crash-to-36000/” rel=”nofollow noopener” target=”_blank”>eth expected Enjoy massive gains as attention focuses on your ecosystem after the bitcoin/bloomberg-spot-bitcoin-etf/#:~:text=Bloomberg%20Analyst%20Predicts%20Likelihood%20Of%20A%20Spot%20Bitcoin%20ETF%20By%20January%202024,-by%20Scott%20Matherson&text=Following%20notable%20changes%20to%20the,as%20early%20as%20next%20year” rel=”nofollow noopener” target=”_blank”>potential approval of bitcoin spot ETFs.
At the time of writing, SHIB is trading around $0.00001034, down more than 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image from bitcoin News, chart from Tradingview.com
