The meme token Shiba Inu has become one of the fastest-growing satirical cryptocurrency projects in recent months. Despite getting bashed by a noteworthy figure like Edward Snowden, the meme crypto has been able to gain 100,000,000% in value and has become the 11th strongest cryptocurrency by market cap in the world.
The major flow of investors for the Shiba Inu token is coming from India. One of the most popular crypto exchanges in the region is called CoinSwitch Kuber, the biggest chunk of trade volume from digital investors in India, making up 13.76%. It seems that Indian traders are taking an increasing interest in the Doge-related meme tokens this year. A local media outlet recently shared a report that meme token trading has left behind Bitcoin, Ethereum, and MATIC as the top choices in India.
CoinSwitch Kuber is not the only Indian crypto exchange that has been shouldering the burden of increasing interest in the Doge-related meme coins. Another Indian crypto exchange, WazirX, also reported some technical issues due to the unexpected rise in the trader traffic, who rushed to acquire as many Shiba Inu tokens as possible.
A new report from WazirX shows that the trading volumes for the Shiba Inu token alone reached as high as $320 million during the last few days. Nischal Shetty, CEO of WazirX, recently told the media that the massive price rally for the meme crypto token is the result of strong community interaction. Other major cryptocurrencies stayed behind the meme crypto craze, with MATIC at 4.5%, Bitcoin and Ethereum making up for only 6% at CoinSwitch Kuber.
People Became Millionaires After Investing in Meme Tokens
The highly sought-after investment journal Morning Brew recently reported about a digital investor hailing from LA. The noteworthy aspect about this particular investor is that he was able to become a ‘canine meme token’ millionaire recently. The investor in question has decided to put $250,000 in the satirical crypto and was able to get a turn it into $1.2 million within a few months.
Another investor that was tracked by his digital wallet address was able to get massive gains with an initial investment of $8000 in Shiba Inu token in August this year. However, the well-known proponent of the Shiba Inu token, Elon Musk, has decided to stop investing in the token and has zero stacks now. Meanwhile, major crypto exchange projects like Binance and Coinbase have already listed the meme token. At the same time, Kraken has started the process to make the Shiba Inu listing happen this year.