Meme tokens like Shiba Inu (SHIB), Pepe (PEPE), and Floki (FLOKI) have captured the attention of Indian investors, dominating the trading scene on WazirX, one of India’s premier crypto exchanges.

What Happened: In an interesting shift in the cryptocurrency market, aside from Bitcoin, all of the top five traded tokens on WazirX for March were meme coins, with SHIB leading the pack. The statistic underscores a growing fascination with meme-based cryptocurrencies among Indian traders, particularly as tighter regulations on foreign exchanges have bolstered local platforms.

Shiba Inu, in particular, has emerged as a standout, not just outpacing its meme coin rivals but also surpassing Bitcoin in trading volume on the platform.

See also: X Launches Community Notes In India, Just In Time For Elections

What to know: The Dogecoin rival’s rise reflects a broader trend of meme coins gaining traction for their potential long-term value beyond speculative interest.

The SHIB team is working on plans to expand beyond its meme coin origins with innovations such as the DEX platform ShibaSwap and the layer-2 blockchain Shibarium, aiming to sustain the token’s growth amidst a generally positive sentiment in the meme coin ecosystem.

Despite a recent dip in its price, SHIB remains a highly watched token. Over the last 24 hours, its trade volume fell 34% to $200.7 million, and its market position slipped to 12th, according to Coinmarketcap data. However, SHIB still boasts a 14% profit over the last 30 days, following an initial rally of over 200% in March.

Read next: Tesla Scouts For Locations In India For A Proposed $2Bn-$3Bn Electric Car Plant