The cryptocurrency market in India is undergoing significant changes. SHIB (Shiba Inu) has become the fourth most traded cryptocurrency in India, behind Bitcoin, Ethereum and Dogecoin.
The news was reported by local news site Bharat Bharda, which states that SHIB is the most traded cryptocurrency in India, accounting for 9% of local traders' participation. Although SHIB's price has fallen 95% from its October high of $2.85, the token still holds a significant position in India's cryptocurrency market.
Why is this important for investors?
This marks a rise in SHIB's position in the global crypto market. Although its price has fallen significantly, it has still maintained a certain market share and circulation, which shows that it is still a widely accepted and used digital asset.
In addition, SHIB's burning mechanism may have a positive impact on its value. As more SHIB tokens are burned, the supply will decrease, which may lead to price increases. Therefore, holding SHIB still has the potential to be a profitable investment for investors.
How to buy SHIB in India?
To buy SHIB in India, you need to find an exchange that holds an NBFC license to trade. 8ucoin is one such exchange, which allows users to buy, sell, and hold SHIB on its platform.
Please note that when buying any type of cryptocurrency, you should do sufficient research and risk assessment. The cryptocurrency markets are highly uncertain and prices can fluctuate significantly at any time.
