The utility token of WazirX, which claims to be the largest cryptocurrency exchange in India, increased 929.89% in a period of seven days before the closing of this edition.
What happened: WazirX (WRX) was trading 195.16% higher, at $ 4.76 at the time of press on Sunday night.
WazirX CEO Nischal Shetty acknowledged in a tweet on Sunday that the WRX token exceeded $ 1 billion in market capitalization. He simply tweeted #IndiaWantsCrypto, a hashtag that indicates support for cryptocurrencies in India, where the government is considering a ban.
#IndiaWantsCrypto https://t.co/e6FDd5bwzj
– Nischal (WazirX) (@NischalShetty) April 4, 2021
The delay in submitting a bill to the Indian parliament that would ban cryptocurrencies has also lifted investors’ spirits in that country, according to local Indian media.
Investors said the delay is a sign that the government is studying the matter further, rather than issuing a total ban, reported The Quint, an Indian news portal.
So far, WRX had a market capitalization of $ 1.14 billion, according to data from CoinmarketCap, insufficient compared to the high end cryptocurrency. Bitcoin (BTC), which has a market capitalization of US $ 1.09 trillion.
BTC has traded 1.47% higher at $ 58,257.32 so far.
What else: On Sunday night, WazirX crashed. According to for Shetty, the failure was due to “internal limits” defined by some of the exchange’s infrastructure providers. Shetty publicized that the system uploads were “crazy” on Twitter.
Shetty released an update in the early hours of the morning (India time) and said the talks were active, but warned of “intermittent errors”.
We are awake and monitoring the systems. There may be intermittent errors, the team is working to resolve them. https://t.co/qPrHIwL7O0
– Nischal (WazirX) (@NischalShetty) April 4, 2021
Significantly, the WazirX crash occurred on the same day that its token reached the highest record of $ 5.87.
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