Shiba Inu Made a significant milestone in India, becoming one of the most traded coins in the country this year, even surpassing Bitcoin.

In a recent post on X, Kashif Raza, founder of Bitinning, called for attention to understand India's cryptocurrency landscape in 2024;

Although Raza initially claimed that the data reflect the broader cryptocurrency landscape in India in 2024, further analysis suggests that the statistics are limited to the activities of the popular Indian exchange CoinSwitch;

CoinSwitch User activity

Notably, the exchange now has 20 million users, with 11% are women. Most of these investors are active every day between 9 pm and 11 pm p. m. In addition, most of them are young people, with about 72% being under the age of 35;

This data shows interesting facts about user activity, including the most traded assets and the most held tokens;

Shiba Inu Become the most traded token

The leading canine themed token Shiba Inu (SHIB) was rated as the most traded token on CoinSwitch. Data show that 9% of CoinSwitch users (1.8 million) have traded in SHIB this year;

Notably, Shiba Inu ranks ahead of People, Bitcoin (BTC) and Dogecoin (DOGE), which have 8% (1.6 million), 6% (1.2 million) and 6% (more than 1.2 million) transactions among CoinSwitch users;

Other crypto assets, such as Tether (USDT), Bonk, Ethereum (ETH), Solana (SOL), XRP, and Gala, account for 6%, 4%, 3%, 3%, and 2%, respectively, in this category;

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Dogecoin became the most heavily held token

Meanwhile, CoinSwitch customers prefer to hold Dogecoin more than any other crypto asset. According to the data, 8% of CoinSwitch customers (representing 1.6 million users) hold Dogecoin, making it the most heavily held token on the exchange;

Bitcoin follows suit in this category, with 7% (1.4 million) of CoinSwitch customers holding top cryptocurrencies. Ethereum, Shiba Inu and Cardano (ADA) follow Bitcoin, with 6%, 5% and 4% of users holding these tokens, respectively;

It is not surprising that Shiba Inu and Dogecoin are among the top token categories with the highest transactions and holdings. These assets have performed impressive this year, attracting the attention of many cryptocurrency users. In addition, Indians naturally like meme coins, and 14% of CoinSwitch users are attracted by the top two meme coins by market value: Dogecoin and Chicago coins;