A quirky shift has taken hold in the Indian cryptocurrency market, with memecoins surging in popularity to the point meme-inspired cryptocurrency Shiba Inu ($SHIB), $PEPE, and $FLOKI dominated trading on the country’s leading cryptocurrency exchanges WazirX last month.
Data first reported on by Benzinga reveals that, on WazirX, all of the top five most traded tokens in March belonged to the meme category, with Shiba Inu leading the pack.
Shiba Inu has emerged as the star attraction, not only surpassing its meme coin rivals but even eclipsing Bitcoin in trading volume on WazirX amid a wider memecoin trend that has capture the attention of cryptocurrency investors, some of which made outstanding gains – and losses – trading these highly volatile tokens.
The SHIB team, recognizing the need to move beyond the meme label, is actively pursuing initiatives to establish long-term value. This includes the development of ShibaSwap, a decentralized exchange platform, and Shibarium, its ecossytem’s Layer-2 scaling solution.
As CryptoGlobe reported, Shibarium, meant to improve the Shiba Inu ecosystem by providing faster transactions at a lower cost, among other improvements, has recently surpassed a major milestone, having processed over 400 million transactions since launch.
Shibarium hit the 300 million transaction mark back in January of this year, and the number of daily transactions being processed on Shibarium has been fluctuating between 1.3 million and over 4 million over the last few weeks.
Notably, a popular cryptocurrency analyst has recently revealed he believes SHIB could be poised for renewed growth based on technical analysis of its 6-hour chart. On the microblogging platform X (formerly known as Twitter), Captain Faibik suggested the chart show a symmetrical triangle pattern, often interpreted by traders as a bullish signal.
A symmetrical triangle pattern is formed by drawing trendlines, one falling and another one rising, along a converging price range. To confirm a valid break and not a false one, traders should look for a surge in volume and at least two consecutive closes beyond the trendline, according to Investopedia.
Symmetrical triangles usually indicate that the price will continue in the same direction as before the triangle formed. Therefore, traders would expect the price to break upward if a symmetrical triangle follows an uptrend.
Featured image via Unsplash.
