- Meme coins constituted over 13% of India's crypto investments in Q2 2024
- Dogecoin held 6.49% share, narrowly behind Bitcoin’s 6.5% in total investments
- Layer-1 tokens led investments with a 35.52% share, followed by meme coins at 19.5%
Meme coins made up over 13% of total crypto investments in India in the quarter ending in June, with Dogecoin being a more preferred asset than Ethereum and narrowly missing out on the top spot to Bitcoin.
According to a report by crypto trading platform CoinSwitch, Dogecoin led the pack of meme coin investments with 6.49% of total crypto investments, followed by Shiba Inu, which had a 4.7% share, and PEPE with 2% investment in the quarter.
Compared to Dogecoin's 6.49% investment share, Bitcoin's was at 6.5%.
Layer-1 tokens, or cryptocurrencies that power a specific blockchain network, dominated investor interest with a 35.52% share, followed by meme coins at 19.50%.
DeFi and gaming tokens also gained strong traction, while layer-2 tokens secured the fifth spot.
"Collectively, these categories accounted for over 81.08% of total investments—shaping the quarter's crypto investment landscape," the CoinSwitch report read.
For the quarter under review, Bitcoin was the most traded asset at 7.2%, followed by Ripple and Ethereum, each contributing 4.2% to the trading volume. This is in comparison to the March quarter, where XRP, BTC, and DOGE collectively accounted for 28.1% of total trading activity.
The report also said that over a fourth of India's crypto investments are concentrated in the three largest metros —Delhi with 14.6% of the total pie, Bengaluru with 6.8%, and Mumbai with 5.2%.
Among top 10 cities, Kolkata had the highest percentage of portfolios in the green, with 75.61% of investors recording positive returns.
Meanwhile, Tier 2 and Tier 3 cities like Jaipur, Lucknow, and Patna are witnessing strong adoption, reflecting the rising grassroots momentum. "This shift signals how crypto awareness and participation are expanding beyond tier 1 cities," the report read.
"In emerging markets like India, grassroots adoption continues to grow," CoinSwitch co-founder Ashish Singhal said. "As global conversations around crypto evolve, India stands out for its growing grassroots adoption and digitally savvy population," he added.
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