Shiba Inu Trounces ETH, XRP, MATIC; Hailed As Second Most Traded, Top Performing Crypto Asset Of 2023

Shiba Inu (SHIB), the dog-themed altcoin introduced in August 2020, achieved another milestone as it was hailed as the second-most traded crypto asset of 2023, outperforming major cryptocurrencies like Ether (ETH), Cardano (ADA) and Ripple (XRP).

The Shiba ecosystem launched a plethora of projects in 2023, including the layer-2 scalability solution Shibarium, which has processed over 230 million transactions since its official rollout in August.

With the development team continuously finding ways to come up with initiatives to meet the needs of its users, it is no wonder why the token is the most popular and the second-most traded crypto asset on India-based crypto exchange WazirX.

According to the exchange's latest annual report, Shiba Inu, along with Bitcoin, remained the top-performing crypto asset by volume on the platform.

"WazirX users are known for their affinity toward Shiba Inu as indicated by trends and patterns of the last few years," the report said.

SHIB is also hailed as the second-most traded token, outranking Ethereum, the world's second-largest crypto asset by market capitalization and the native cryptocurrency of the Ethereum blockchain.

Only Shiba and Bitcoin have maintained their status as the most popular tokens on the exchange, consistently making it to the exchange's monthly ranking of the top four tokens.

Ripple (XRP), Ethereum (ETH), Tron (TRX) and Polygon (MATIC) completed the list of the top six most traded tokens on the crypto exchange platform.

SHIB climbed up a notch higher in 2023 in the most traded token category – it ranked third in 2022, after Tether (USDT) and Bitcoin.

In 2022, SHIB emerged as the most sought-after cryptocurrency, capturing the attention of 27% of the crypto market buyers, leading ahead of TRX, which had an 11% market share, and BTC, with an 8% market share.

The exchange's 2022 annual report highlighted the growing popularity of Shiba Inu among investors, particularly those looking for new investment opportunities in the crypto market.

"Just wait until the world fully wraps their heads around what we are building. That's when the fun truly begins," Shiba ecosystem's pseudonymous lead developer, Shytoshi Kusama, told International Business Times when asked about SHIB's latest achievement. "Thanks to all our supporters, exchange frens [sic], and even the shadowcats. Let's make 2024 Shib's best year EVER."

"SHIB's remarkable position as the second-most traded crypto asset in 2023 showcases the community's dedication and the coin's growing significance in the market," said a Shiba ecosystem and Shibarium Tech marketing specialist, who uses the handle @LucieSHIB. "It's a testament to the Shiba ecosystem's strength and the collective enthusiasm of its supporters."