Diwali is not only the festival of lights but also a time for investments. Many investors have chosen new mode of investments this year, and cryptos were a popular choice.
"The Diwali week was an exciting one for the Indian crypto ecosystem. In the previous week, Loopring (LRC), Shiba Inu, Bitcoin and Sandbox (SAND) were among the top traded tokens on WazirX. BTC has always been one of the top traded tokens due to high liquidity in our fiat market. SHIB has a lot in news and that explains its volumes. Tokens like SAND, LRC, Decentraland (MANA) saw a surge in price after Facebook rebranded to Meta and announced its vision to become a metaverse company,” says Nischal Shetty, founder and CEO at WazirX and member, Blockchain and Crypto Assets Council (BACC).
“The recent trading frenzy over Shiba Inu fuelled FOMO (fear of missing out) among Indians. As a result, the coin remained the most traded one on the exchange, followed by Bitcoin, Chromia, ETH, and Solana,” says Dahake of Bitbns.
Here are the coins that traded the most during the Diwali week on major crypto exchanges.
Bitcoin (BTC) is continually reaching new highs. On November 9, its price crossed $68,000. Even in the Diwali week, it performed decently on different trading exchanges. BTC was the No.1 trading crypto on Bitbns trading exchange. On CoinSwitch Kuber, its total volume was 6.80 per cent, giving it the No.1 position. On WazirX, BTC remains in the top traded list.
Loopring performed well during the Diwali week on CoinSwitch Kuber exchange. With a total trading volume of 6.42 per cent, it is positioned after BTC in the list. On WazirX as well it remains on the top trading coins list.
According to ZebPay crypto trade exchange, Binance (BNB) trading volume was $1.10 million between November 4 and November 7, while the volume was $0.19 million between October 30 and November 3, a growth of 474 per cent. BNB has made its position in the top trading list of Bitbns as well.
Ethereum’s total trading volume was 4.18 per cent on CoinSwitch Kuber trading exchange. Also, at present, ETH is the second-biggest cryptocurrency by market value, touching around $4,807, as per Coinmarketcap.
Enjin Coin (ENJ)
According to ZebPay cryptocurrency exchange, Enjin Coin (ENJ) was the most traded coin with a volume of $6.93 million (November 4-7). It experienced a total growth of 411 per cent during the Diwali week. Before Diwali (October 30-November 3), ENJ’s volume was $1.36 million.
On Zebpay, Polygon (MATIC) trading volume was $2.59 million (November 4-7), while it was $1.98 million between October 30 and November 3, with a growth of 31 per cent.
The trading volume for TRON (TRX) was $1.35 million (November 4-7), while it was $0.51 million between October 30 and November 3, a growth of 164 per cent on ZebPay trading exchange.
Talking about the popularity of cryptos, Gaurav Dahake, CEO and founder of Bitbns, says, “Other than the auspicious festival week, the major motivation is always the money and earning good profit in a short time. Overall, the sentiment is quite bullish among the investor community for Shibu Inu (SHIB), a meme coin, and we believe that it will remain the same in the coming time.”
“Overall, while our rupee volume at ZebPay has largely stayed consistent during Diwali, the exchange saw an impressive spike in the USDT (Tether coin) trading volumes. ENJ-USDT, our highest trading USDT pair, saw a 400 per cent increase in volumes over the period,” says Avinash Shekhar, co-CEO, ZebPay.
Other Crypto Coins
Other coins also saw increased traction. Internet Computer (ICP) saw 4.78 per cent increasing in total trading volume during the Diwali week on CoinSwitch Kuber, and New Kind of Network (NKN) saw 4.72 per cent increase in the same exchange, while File coin (FIL) found a position in top trading lists of WazirX and Bitbns. Moreover, SHIB has performed well in WazirX trading list.