Cryptocurrency news: Shiba Inu becomes tenth largest cryptocurrency in the world

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Nine of the top ten cryptocurrencies traded in green on Friday with Dogecoin showing the highest gain of 26.52% $0.29. Memecoin, Shiba Inu became the tenth largest cryptocurrency in the world, and was trading at $0.00006186 with the highest decline of 29.67% in the last 24 hours. The world’s oldest and largest cryptocurrency Bitcoin rose by 4.18% to $61,551, while the second-largest token Ethereum also gained by 9.47% to $4,377.59. Binance Coin increased by 8.72% to $495.37, while Solana also soared by 8.54% to $203.337.

In terms of ranking all the cryptocurrencies, except for Shiba Inu which displaced USD Coin for the tenth position, stayed in the same position.

Cryptocurrency prices

Shiba Inu too hot to handle: WazirX

Owing to a record breaking rally and frantic trading in meme-themed cryptocurrency Shiba Inu disrupted crypto exchange WazirX as its systems could not keep up with the volumes.

According to traders on WazirX, the money was transferred from the bank, however the orders could not get executed or once placed, could get cancelled.

In a communication to its clients, it said that its team is working on scaling up the system and will give an update on the same, once the system is fixed, The Hindu Business Line reported.

Shiba Inu has been on a dream run, ever since Ethereum co-founder Vitalik Buterin donated around $1 billion worth of Shiba Inu coins to India’s Covid crypto relief fund.

India likely to regulate crypto not ban it: Report

According to a Business Today report, the Indian government is likely to regulate cryptocurrencies in its upcoming budget in February, instead of imposing an outright ban.

The report citing finance ministry officials said that a law covering cryptocurrencies in the country’s next general budget will be discussed. It also said that cryptos will be classified as a separate asset class like commodities with appropriate taxations of transactions and gains.