When FOMO began to spread around Dogecoin in 2020, a number of meme currencies joined the market at the same time. Shiba Inu is one of these meme coins. It acquired popularity rather quickly and rose to become one of the most popular meme coins that has ever been produced. In addition to its status as a meme coin, Shiba Inu use cases are on the rise both as a transactional currency and in the burgeoning metaverse. Both of these spaces are expected to see significant growth in the coming years.
As a result of Shibarium’s layer-2 solution, transaction fees are going down, which makes it more likely to be used as a currency. A lot more people are expected to be drawn to Shiba Inu as NFT gaming develops popularity thanks to the recent debut of the Shiba Inu Metaverse, which is another factor.
WazirX, an Indian cryptocurrency exchange, stated in its end-of-year report for 2022 that the majority of first-time cryptocurrency buyers on its platform purchased Shiba Inu (SHIB) tokens, followed by Tron (TRX) at 11% and Bitcoin (BTC) at 8%. According to the exchange, over 2.1 million new users joined in 2022, and while male users invested more in “meme tokens” and “gaming tokens” like Dogecoin (DOGE), female users primarily traded blue-chip tokens like Bitcoin (BTC) and Ethereum. The company has maintained its concentration on its cryptocurrency exchange operations throughout the year 2022, in contrast to other leading Indian exchanges that have been diversifying their offerings outside order-book-based services. CoinSwitch has introduced CoinSwitch Pro, a multi-exchange trading platform, and CoinDCX is hard at work developing a decentralised exchange application known as Okto.
The year 2022 was spent by WazirX primarily concentrating on enhancing the user experience on its platform in terms of cryptocurrency trading. During a recent conversation with The Decrypting Story, Rajagopal Menon, Vice President of WazirX, shared the following statement: “Many people are just beginning to explore the world of cryptocurrency. Therefore, we have included new features such as Profit and Loss (PnL), an address book for crypto withdrawals, gift cards, action cards, and self-service for the maintenance of accounts.”
After the Proof of Reserves (PoR) report from CoinDCX in November and the audit report from CoinSwitch in the same month, WazirX is also working on releasing its own Proof of Reserves (PoR) to show that user assets are safe on its platform. This comes after CoinDCX’s PoR report. As they try to onboard more users during the subsequent bull run, Indian cryptocurrency exchanges are utilising PoR in an effort to establish themselves as safe, secure, and trustworthy institutions in the eyes of their customer base.