The Dogecoin has seen as much as 50% surge as the Cryptocurrency mania has reached India. The Dogecoin currency is named after a Japanese dog breed Shiba Inu. As Tesla’s Elon Musk has been extensively supporting it lately, the cryptocurrency has risen over 10X in the last three months. On thursday, the market cap of Dogecoin is at $80 billion.
The Cryptocurrency exchanges in indian are witnessing record-breaking trading volumes causing massive rise in traffic on these platforms. The WazirX’s Doge/INR platform was slowed down on wednesday due to heavy traffic. As soon as the platform slowed down, #WazirScam trended on Twitter.
Month on month CoinSwitch Kuber and tiger Global witnessed 200% growth in Dogecoin volumes. In the last two weeks alone, Dogecoin alone has jumped 1300%. With the anticipation of Musk’s appearance on an American tv show on 8 May, the Dogecoin’s volumes are also seeing new highs across the world.
Musk has hinted at talking about Dogecoin during his appearance on saturday Night Live. Many active traders on WazirX jumped by 123% in april and are expected to see consistent growth in the coming days.
Wazirx founder nischal Shetty said that the platform is being worked on again to handle the traffic that is expected to double and triple in the coming days. According to him about Rs 600 crore worth Dogecoins were traded in the last 24 hours.
