Home
News
- Biggest cryptocurrency exchange in India, WazirX unable to handle the demand
- Users vented their frustration on social media
- Dogecoin value increases 270 times
Bloomberg reports that a sudden increase in the trade of meme cryptocurrency Dogecoin has left the largest cryptocurrency exchange, WazirX, struggling. Investors have taken to social media to express their ire and complain about transaction and payment delays. WazirX, which claims to have the largest trading volumes of cryptocurrency in India, has blamed the massive increase in interest among investors and, more specifically, DOGE for the current outage.
An exponential increase in DOGE values
Bloomberg .com reports that DOGE, which stood at $0.002 a year ago, has surged exponentially, and today, its value stands at $0.65. The market cap of the meme cryptocoin stood at $85 billion, according to data from crypto data aggregator Coinmarketcap.com. It represents a rise 270 times its value one year back.
Is it Elon Musk’s Saturday Night Live appearance
Many experts contend that Elon Musk will make a big announcement in his debut on Saturday Night Live.
ElonMusk remains the biggest backer of the meme cryptocurrency and has regularly tweeted about Dogecoin. It has sent the interest in the crypto coin soaring. Between May 3 and May 5, Doge’s trading volumes have has surged three times to over $42 billion globally.
However, Bloomberg quoting WazirX Founder and Chief Executive Officer Nischal Shetty, who said that the sudden surge in Dogecoin values causing the outage must not be seen as a threat. He further added that one of WazirX’s systems detecting the high traffic wrongly designated it as bad traffic and started to block requests. It was good traffic, which caused some outages to cause distress to users.
Shetty added that trading volumes grew by 300% since January and a massive rise in values of Dogecoin also caused decade-old companies like Robinhood to go down. Bloomberg revealed that another outage occurred in the WazirX exchange on April 4, and It took more than a day for the company to fix those issues.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
