The spike in volume on the meme cryptocurrency Shiba Inu disrupted WazirX, which could not keep up with the surge, as its systems could not handle the volume. The daily trading volume of WazirX, India’s largest cryptocurrency exchange, reached $562 million between Wednesday and Thursday. Meme coin Shiba Inu accounted for about $338 million of the total, the company said.
The chief executive of WazirX Nischal Shetty on twitter made an announcement which is as follows:
Founder and CEO Nischal Shetty said WazirX’s price is driven higher by its “hardcore community.” As a result of the increased demand from investors, ZebPay listed the token on its exchange two weeks ago. He explained that the spike in prices by 100% in the last two weeks has caused more people to invest in an asset whose price is rising.
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As of December 2017, Shiba Inu was trading at around $1 billion (*7,324 crore) worth, thanks to a donation from Vitalik Buterin, the inventor of Ethereum, to India’s Covid Crypto Relief Fund. “Celebrity endorsements and social media buzz are major factors in meme coin adoption. As the top traded token in the Indian rupee market this week, SHIB has overtaken Bitcoin on WazirX – India’s largest cryptocurrency exchange.
Shiba Inu on Wazirx rallies again and Wazirx couldn’t take it, again
In 2020, Shiba Inu was founded by an anonymous Japanese named Ryoshi who put it on the blockchain network so that its operations could be decentralized. This coin hails itself as the Dogecoin killer, another meme coin with a Shiba Inu logo that has become popular this year after Tesla cofounder Elon Musk publicly endorsed it. Shiba’s prices were on the rise as the community added use cases for the currency, like the decentralised exchange Shibaswap, Shetty said.
Earlier this week, the coin was briefly in the top 10 most valuable cryptos worldwide by market capitalization. With a supply of one quadrillion Shiba Inu, Shiba Inu is much bigger and has a supply that isn’t limited, making it a store of value. Following its recent rise in price, SHIB is expected to see an increase in investor interest, experts predict. Over 300,000 retail users have requested Robinhood Markets Inc to list the Shiba Inu coin, according to a petition. As a result, SHIB has made itself a name among the top cryptocurrencies.