Kumar had invested twice in the Meme crypto coin – once when it was priced at ₹0.001215 and again a few weeks ago at ₹0.002039. After the boom in the last two days, Shiba Inu It was trading around ₹0.005848 on some crypto exchanges on Saturday.
Many investors, globally and in India, have seen their risk portfolio increase by riding on Mem Coin – a type of cryptocurrency – jumped 70% on Wednesday and 40% on Thursday, the exchanges said.
Shivam Thakral, chief executive of cryptocurrency exchange BuyUCoin, said, “We have recently seen around 35,000 users buying Shiba Inu, which accounts for a 385% increase in Shiba Inu investors. In addition, Shiba Inu is increasing in INR markets. The exchange volume has seen a 5x increase.” BuyUcoin users have invested $58 million in Shiba Inu since the start of the current rally.
Overall, trading volume across all platforms in India was pegged at around $600 million, industry watchers said.
Top exchanges told ET that, unlike earlier, when Indians started buying only after global rallies ended, many continued to buy cryptocurrency during September and October. Meme coins are usually inspired by jokes on social media as was the case with Dogecoin. Now Shiba Inu has become one of the most popular crypto asset globally.
Jay Hao, CEO of OKEx.com, a cryptocurrency exchange, said, “Meme Coins and altcoins could gain investor interest if they continue to deliver good returns.”
8th largest cryptocurrency
“At the same time, users should be very careful when investing in this kind of crypto and not put all their eggs in one basket and should always diversify their portfolio across multiple crypto assets,” he said. “The Shiba Inu, due to the recent rally, has become the 8th largest crypto in the world by market cap. At OKEx, we have seen a 5x increase in Shiba Inu trading since the start of the price increase.”
Top exchanges said Indians continued to buy Shiba Inu on Friday.
Data from exchanges indicates that most of the money-making investors like Kumar have not liquidated their investments but are looking forward to putting in more money.
Kumar, who did not tell ET about the total value of his ‘risk portfolio’ after the mem coin boom, said, “I am going to be in a long-term position.”
Bitcoin, Ethereum, Solana and Cardano briefly disrupted WazirX’s services on Thursday amid a flood of orders, reflecting Shiba Inu volatility and demand. The exchange said trading volumes reached a record $566 million.
According to data compiled by Indian cryptocurrency exchanges, there are around 15 million crypto investors in India who hold digital assets worth ₹15,000 crore. All the major cryptocurrency exchanges have seen at least a doubling in trading and investment in the past few months.