Shiba Inu Beats Out Ethereum, Cardano, And XRP To Become Second Most Traded Coin

Shiba Inu (SHIB) gained a lot of attention in 2023 as the crypto token went from just being a meme coin to one providing more utility to its users. That explains why SHIB retained 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

Indian-based crypto exchange WazirX noted in its year-end report that SHIB was the second-most traded token on its exchange. SHIB outranked other major tokens, like the second-largest cryptocurrency, Ethereum, in the process. The only crypto token that outperformed the meme coin on the exchange was Bitcoin. 

WazirX also highlighted the “affinity” that its users have become known to have for the meme coin. Notably, SHIB ranked third in the most traded tokens on the crypto exchange in 2022. That year, it came only behind Bitcoin and USDT, with the latter being the go-to 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 throughout 2023. Both tokens were a constant in the crypto exchange’s monthly ranking of the top four most popular tokens on the platform. 

Meanwhile, XRP, ETH, TRX, and MATIC closed out the list of the top six most traded tokens on the crypto exchange. XRP was the only unfamiliar face, considering that the other tokens made the list in 2022. XRP’s popularity on the platform began to grow in May, as that was the first time in the year that it made the cut for the top four most popular on WazirX.

XRP’s popularity rapidly increased on the back of Ripple’s landmark victory against the Securities and Exchange Commission (SEC) in July. WazirX noted that this event led to a huge spike in trading activities for the XRP token on its platform. 

Great Things Still To Come For Shiba Inu

Despite the remarkable achievements they recorded in 2023, the Shiba Inu team has no plans of slowing down in 2024. Shiba Inu’s Marketing Lead, Lucie, recently revealed plans that the team has for the ecosystem. These plans are no doubt bullish for the ecosystem and could potentially boost SHIB’s price in a year that could kickstart the bull run. 

Crypto analyst Crypto Kaleo also recently hinted that a significant rally could be on the horizon for SHIB, something similar to the one it enjoyed in 2021. This is hinged on ETH breaking out from its current price range. That could, however, happen soon enough, considering that ETH is expected to enjoy massive gains as attention turns to its ecosystem following the potential approval of the Spot Bitcoin ETFs.

At the time of writing, SHIB is trading at around $0.00001034, down over 1% in the last 24 hours, according to data from CoinMarketCap. 

Featured image from Bitcoin News, chart from Tradingview.com

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