Shiba Inu (SHIB) closes 2023 as the top altcoin in India

December 31, 2023 10:27 PM AEDT | By Invezz

Shiba Inu (SHIB) closes 2023 as the top altcoin in India — Image source: Invezz

Shiba’s rising prominence in India

Shiba Inu could have emerged as the best digital coin for Indian crypto traders due to various reasons. The altcoin’s affordability and accessibility make it a lucrative option for early investors, perfect for cost-oriented economies like India.

Also, the Shiba Inu meme appeal attracts young tech-savvies in India. Further, the project’s dedication to ecosystem developments (as it looks for heightened utility) triggered expectations of astronomical gains – a focal point for many investors in any emerging economy.

India’s crypto market

India has one of the most dynamic markets for virtual coins. It rose to be the second-largest crypto market globally despite high taxes.

Moreover, it has recently increased scrutiny of the market. The country labeled cryptocurrencies as gambling tools before blocking access to leading exchanges, including Binance.

India Blocks Binance and Other Major Offshore Exchanges Over Non Compliance
— Bradicoin (@Bradicoin10) December 31, 2023

Nevertheless, the Indian cryptocurrency market continues to evolve, and Shiba Inu’s current popularity showcases the increasing faith in digital coins as legitimate assets.

The post Shiba Inu (SHIB) closes 2023 as the top altcoin in India appeared first on Invezz

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