Delhi, Bengaluru Led Crypto Adoption in India in 2024, Memecoins Garnered Attention: CoinSwitch

CoinSwitch has published an in-depth analysis of India's crypto trends for the year, revealing that Shiba Inu, Dogecoin, and Pepecoin gained significant popularity. The report also highlights Delhi and Bengaluru as key crypto trading hubs. This release comes amid ongoing discussions by Indian regulators, who have not set a timeline for the implementation of comprehensive crypto laws. CoinSwitch's crypto community has surpassed 20 million users in 2024, with women accounting for 11% of the total crypto investors and holders.

March and November saw the most crypto-related activities in India. In March, BTC was stable at $73,000 (roughly Rs. 62 lakh) approaching its halving.In November, Bitcoin began rallying, fueled by speculation around Donald Trump's potential victory in the US elections, which drew interest from institutional investors. Following Trump's win, Bitcoin has surged to a new all-time high of $108,000 (roughly Rs. 91.7 lakh).

“On March 5, India traded the most, potentially driven by anticipation in the days leading up to the fourth Bitcoin halving event,” CoinSwitch noted.

The report highlights that 75 percent of crypto investors in India are under 35, with 30 percent falling in the 18–35 age group. Jaipur, Kolkata, and Botad in Gujarat also emerged as active hubs for crypto adoption alongside major metro cities this year.

“Love for crypto goes beyond the top metro cities. This year, we have observed increasing participation from tier two and tier three cities including Patna, Ludhiana, Indore, Surat, Jammu, Kanpur, Dehradun, Nagpur, and Kanchipuram,” CoinSwitch noted.

Layer-1 blockchain tokens such as Ether, ADA, Solana, and Bitcoin attracted 37 percent of total Indian investors. On the other hand, 17 percent investors explored DeFi tokens like Sushi and Aave. Memecoins, gaming tokens, and Layer-2 tokens garnered the attention of 14 percent, eight percent, and five percent Indian investors, respectively. Overall, the report highlights that Indian investors are flocking to crypto assets despite volatility.

The report's release aligns with a recent update from Minister of State (MoS) Finance Pankaj Chaudhary at the Lok Sabha. Earlier this week, Chaudhary said that formulating crypto regulations requires a comprehensive evaluation of taxonomy standards, alongside an assessment of the risks and benefits associated with VDAs. He also emphasised the need for global cooperation to address the borderless nature of crypto transactions.

In the US, President-elect Trump has announced plans to include Bitcoin among the country's reserve assets. His commitment to drafting comprehensive crypto regulations is fueling optimism among institutional investors.