Meme crypto coin turning people into crorepatis overnight

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Vinod Kumar, 36, a Bengaluru-based investment banker at a private value firm, has seen his “risk portfolio” interest in Shiba Inu coin bounce multiple times in the previous two days. 

Kumar had put twice in the meme crypto coin – when it had estimated at ₹0.001215 afterwards when it was at ₹0.002039 half a month prior. After the spurt in the two days, Shiba Inu traded at around ₹0.005848 Saturday on some crypto trades. 

Numerous investors, all around the world and in India, have seen their risk portfolios rise, riding on the meme coin. It is a cryptocurrency that hopped 70% on Wednesday and 40% on Thursday, said trades.

“We have seen around 35,000 users buying Shiba Inu, which accounts for a 385% increase in Shiba Inu investors. Also, the Shiba Inu INR markets saw a 5x increase in exchange volume. Said Shivam Thakral, chief executive at cryptocurrency exchange BuyUcoin.

BuyUcoin customers have put $58 million in Shiba Inu since the start of the current rally. 

Altogether, exchanging volumes had fixed at about $600 million across platforms in India, said industry trackers.

Top trades let ET know that unlike earlier when Indians would possibly begin purchasing when worldwide rallies were concluding. And many kept buying the cryptocurrency all through September and October. Jokes usually inspire meme coins via social media, similar to the case with Dogecoin. Presently Shiba Inu has become one of the most well-known crypto assets worldwide. 

“Meme coins and altcoins could acquire investors’ interest if they keep on conveying attractive returns.” Said Jay Hao, CEO, OKEx.c.

There are nearly 15 million crypto investors backers in India, holding digital assets worth ₹15,000 crores, as per the figures ordered by Indian cryptocurrency trades. In the past couple of months, quite a few cryptocurrencies have seen at least a doubling in exchanging and investment.

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