The digital currency marketplace boasts of many cryptocurrencies. Many of them are highly popular across the globe. However, five coins have captured the ‘Indian' imagination, like no other. World-famous Cryptocurrency exchanges, like Bitcoin Buyer, have noted this aspect, too. Here is what they say about India's favorites!
Shibu Inu (SHIB)
The name is odd, with nothing to link it to crypto! True, for it refers to a type of Japanese hunting dog. Regardless, the creators of this crypto token struck gold!
People were terribly fascinated by the name. They came up with entertaining memes. They even designed a whitepaper after it. The whitepaper goes by the name of WoofPaper. Above all, the interest never waned!
The evidence is there from the survey of 2021. The demand for it went up to almost 150%! The credit for this popularity goes to the founder of ethereum. Vitalik Buterin donated SHIB worth $1 billion dollars to India's COVID-Crypto Relief Fund.
He takes an interest in SHIB because it operates on the Ethereum blockchain.
It is akin to an ancient when one considers the history of cryptocurrencies! Over time, it has become the ‘gold' of digital currencies. Like gold, it is infinite supply, and tremendously valuable. In fact, Bitcoin's value is ‘first rank'.
Experts even consider it to be the gold standard or benchmark for measuring the value of other cryptocurrencies. After all, extremely advanced technology spurs its development. It is an inspiration to other organizations. Even investors keep Bitcoin's pros in their mind when seeking to deal with similar altcoins.
Bitcoin occupies almost 50% of the global crypto marketplace. Therefore, Bitcoin's fans look upon it as a reserve digital currency. It should serve well in the decentralized financial system that governs cryptocurrency operations.
Best of all, usage of Bitcoin can reduce the heavy dependency upon fiat currencies. In short, Bitcoin can prove cost-effective.
Its value is only second to Bitcoin. Therefore, you may consider it as for silver, next to Bitcoin gold! The coin functions upon the Ethereum blockchain.
It is the cornerstone of the digital currency arena. Other organizations learned about the importance of privacy and security from it. The Ethereum blockchain is top-class in security measures, and ease of use.
Ethereum was responsible for launching the concept of smart contracts. Smart contracts suffice as apt platforms for different applications.
It is possible to carry off top-value business deals only with Ether, or equally high value-tokens on hand. Trading deals generally involve DApps (decentralized apps), NFTs (non-fungible tokens), or Defi (decentralized finance).
The cryptocurrency company is now working on making Ethereum environment friendly. It is also keen to reduce fees for online transactions.
It is popular as USDT. The US stands for U.S. Dollar. It is because the token/coin is linked to its value. Therefore, Tether is a stable coin. The volatility in its value is very minimal. A business deal may go through instantly, and comfortably.
An investor may even cling to the generated profits for some time. Tether's value will not decrease. This suffices for the investor to decide upon the next arena of investment.
It is possible to use any cryptocurrency to purchase Tether tokens. Similarly, Tether tokens may assist in buying a different cryptocurrency.
Its common name is WRX. They call it the ‘utility' token at the WazirX cryptocurrency exchange. It is the intermediary coin coming into play during digital currency trading. Sometimes, it is not possible to exchange two cryptocurrencies directly. Then, the exchange may take place via WRX. Use cryptocurrency A to purchase WRX tokens. Next, use the WRX tokens to purchase cryptocurrency B.
WRX is limited in its supply. Thus far, only a billion tokens are in circulation. Regardless, it serves splendidly for several types of transactions. It is possible to make deposits and withdrawals with the Indian Rupee. WRX offers incentives and rewards. It serves as the platform for diverse kinds of financial services. These services stretch beyond the cryptocurrency trade.
Apart from the above-mentioned, Indians also favour DOGE (dogecoin). Its first mascot was the Shibu Inu dog. Today, there are other mascots too. They include Shiba Coin, FatDoge, Prince Eloki, etc. It occupies a tenth place on the cryptocurrency popularity charts. There is no limit to its supply.