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WazirX: Doge Frenzy Sends India’s Largest Cryptocurrency Exchange Home “Doge”

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Dogecoin Cryptocurrency Meme The rapid increase in transaction volume has baffled India’s largest cryptocurrency exchange, and users have access to social media to complain about delays in transactions and payments.

WazirX claims to have the highest volume of transactions on any cryptocurrency exchange in India. This is due to the exponential growth of interest in cryptocurrencies in Dogecoin.

According to data from crypto news data collector Coinmarketcap.com, Dogecoin fell from 0.002 cents a year ago to a record high of $ 0.65 on May 5. Its market value has increased 270 times to reach $ 85 billion. Some say this growth took place before Elon Musk’s “Saturday Night Live” performance. Mask frequently tweeted about Dogecoin, which sparked growing interest in cryptocurrencies meme. According to the website, between May 3 and 5, the governor’s trading volume more than tripled, while the global trading volume exceeded $ 42 billion.

According to NischalShetty, the founder and CEO of WazirX, the system and mobile app crashed as a sudden increase in transaction volume was mistakenly viewed as a threat.

The governor’s joke …

Besides Dojimimu, WazirX found it difficult to catch India’s great interest in cryptocurrency trading. Shetty said that since January, the trading volume of new user active traders, exchanges, has increased by more than 300%. He says, “Because the price of Dogecoin has increased dramatically, companies like Robin Hood, which existed ten years ago, have gone bankrupt.” “WazirX is a company with a three-year history. Except for us, there are no other cryptocurrencies. India. The exchanges have seen this kind of traffic.”

However, this is not the first time that an exchange has faced a problem due to an increase in the volume of transactions.

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Anonymous users said the issue is not new but has been increasing since January. Anyone familiar with this issue has said that the Telegram and Reddit.com encrypted user newsgroup is facing a large number of transactions, OTP authentication security issues, and a constant shortage of clients and has been chatting endlessly about how the WazirXWeb site began to exploit the medium.

On April 4, Binance-owned WazirX faced a power outage when the exchange’s trading volume exceeded $ 270 million. The company spent more than a day trying to resolve these issues.

The founder of another cryptocurrency exchange, who told me not to name, said ICICI Bank Ltd, whose exchange was heavily dependent on delays in drawers and deposits. He said it was due to the current account suspension.

The man said the country’s payment processors and banks have moved away from cryptocurrency exchanges due to regulatory uncertainty, so there has been an increase in withdrawal deposits, minor defaults in crypto news wallets.

More than they can chew …

However, WazirX can have several issues. Vishal Gupta, the co-founder of the non-profit organization Bitcoin Alliance India (Bitcoin Alliance India), says: “It is clear that the recent system outage is an example of serious damage to WazirX” ​​Bitcoin Alliance India (co-Founder of Bitcoin) Alliance India.

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