The meme coin market has dropped significantly over the past month. Amidst this, Shiba Inu (SHIB) witnessed a massive correction. The asset dipped by 30% throughout the past 30 days. SHIB traded at $0.00001345 at press time following a 4.40% weekly crash. Despite this, the community continues to remain optimistic about the meme coin.
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Factors Influencing Shiba Inu’s Potential Rise to 1INR
Current SHIB Price and Market Sentiment
Just as the United States SHIB community expects the asset to reach the one-cent mark, Indian cryptocurrency enthusiasts have been eyeing the one-in-Indian rupee milestone.
Currently, SHIB is trading at around 0.0011 INR. To hit the one-in-Indian rupee level, SHIB will have to surge to $0.012. According to data from Telegaon, the meme coin will likely reach this level sometime after 2035 or around 2040.
Rising Interest Among Indian Investors
This prediction is based on the rising interest in SHIB among Indian investors. Market dynamics and network developments will also play a role.
Also Read: Shiba Inu: $1,000 Investment for $100,000 Future!
SHIB’s Popularity in India
The biggest cryptocurrency exchange in India previously reported that Shiba Inu was thriving. Bitcoin (BTC) was the second-most traded cryptocurrency on WazirX. Rivals of Shiba Inu, Dogecoin (DOGE), and Pepe (PEPE), which were the third and fourth most traded tokens during the same period, respectively, trailed Bitcoin in close succession. Ethereum (ETH) was ranked lowest.
WazirX has openly disclosed Shiba Inu’s trading supremacy in its monthly and annual reports. More tokens, including DOGE, Floki (FLOKI), PEPE, BTC, and SHIB, traded on WazirX in March than any other.
Security Concerns
Amidst this, hackers stole 5,433,750,000,000 SHIB from the cryptocurrency exchange, worth over $100 million at the time of the hack.
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The meme coin was the largest of the other assets stolen from WazirX.