XRP overtakes Bitcoin in trading surge, PEPE enters top 10: What’s driving India’s new crypto bets?

India’s crypto market is changing fast. While Bitcoin is still the most popular coin to hold, Ripple (XRP) has become the most traded coin in the first quarter of 2025. Meme coin PEPE also made its way into the top 10 coins held by investors, according to new data from CoinSwitch.

The Q1 2025 report is based on trading and investment activity across 310 coins on the CoinSwitch platform. The data shows that Indian investors are mixing safe bets like Bitcoin and Ethereum with riskier coins like PEPE and POPCAT.

Ripple becomes India’s most traded coin

Ripple (XRP) made a big jump to the top of the trading chart, making up 13.3% of total trades between January and March. This is a sharp rise from its earlier position in December. XRP is now traded more than both Shiba Inu and Bitcoin.

“Coins like Ripple and Solana are surging in trading activity, likely driven by recent global developments,” said Balaji Srihari, Vice President at CoinSwitch. “There’s a clear shift happening.”

Bitcoin (8.4%) and Dogecoin (6.4%) followed Ripple in trading volumes, while newer names like POPCAT (1.6%) climbed into the top 10, displacing former favourites like BONK.

Bitcoin still leads in holdings

Bitcoin remains the most held coin by Indian investors at 6.9%. It’s followed by Dogecoin (6.6%) and Ethereum (5.2%). But the most surprising entry this quarter is PEPE, which now holds a 1.9% share in investor portfolios, replacing Loopring.This shows that younger, risk-taking investors are now choosing newer coins.

Other top-held coins include Shiba Inu (4.2%), Ripple (3.5%), Cardano (3.3%), Polygon (2.9%), Internet Computer (2.8%), and Solana (2.3%).

Meme coins are now serious picks

“Meme coins like PEPE and BONK are gaining traction, especially among young investors who are open to high-risk, high-reward opportunities,” Srihari noted. “It’s a reflection of how fast-evolving and layered the Indian crypto community is becoming.”

Indian crypto investors are now balancing long-term trust in well-known coins with short-term interest in trending tokens. With new rules for the market expected soon, more changes could come in the next quarter.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)