Shiba Inu Trends In India: What You Need To Know

Even as regulatory ban looms over the crypto industry in India, one digital currency is turning out to be a smash hit with crypto investors in the country.

What Happened: Shiba Inu SHIB/USD, the meme crypto themed after the namesake Japanese breed of hunter dog, has outgrown its more illustrious meme peer Dogecoin DOGE/USD in terms of popularity.

Shiba Inu had a trading volume of $1.64 billion on Monday and was the most trending cryptocurrency in India, according to analytics provided by Phoenix Group on its twitter handle @pnxgrp. It was followed by UFO Gaming UFO/USD, Sandbox SAND/USD, Gala GALA/USD and MicroPets PETS/USD.

Related Link: Shiba Inu Hits Another Important Milestone, As Expected

Shiba Inu was also the most discussed cryptocurrency on Twitter globally in October. Data from ICO Analytics shows the meme currency took the top spot with a 22% share of the discussions, followed by Ethereum ETH/USD at 8.1%, Bitcoin BTC/USD at 7.2% and Doge at 4.8%.

Why It's Important: In late October amid Shiba Inu's record run, frenzied trading in the crypto led to disruptions in Indian cryptocurrency exchange WazirX, as its systems could not handle the huge volumes.

Shiba Inu is an Ethereum-based alternative to Doge. It started with a supply of 1 quadrillion coins and subsequently, its creator Ryoshi, an anonymous person operating out of China, locked 50% in Uniswap and burned the other half to Ethereum co-founder Vitalin Buterin for safekeeping.

Buterin has since then utilized SHIB in crypto donation for COVID relief in India and burned 40% of its total supply to a dead wallet. Shiba Inu's NFT foray has also increased its appeal.

Shiba Inu is up 9.14% over 24 hours at $0.00004715.

Related Link: Shiba Inu Weathers Crypto Sell-off Relatively Better, Becomes The First Memecoin To List In South Korea