technology

WazirX rides the Shiba Inu wave; records highest daily trading volume


Mumbai: India’s largest cryptocurrency exchange by volume, WazirX, recorded its highest daily trading volume worth $562 million between Wednesday and Thursday. Meme coin Shiba Inu’s volume alone was ~$338 million of the total, the company said on Thursday.

A meme coin is a cryptocurrency that is based on a meme or that is created as a joke.

Shiba Inu was launched in 2020, as a community-driven coin without a founder. The coin pitches itself as the dogecoin-killer, another meme coin with the dog Shiba Inu logo which shot to fame this year after Tesla cofounder Elon Musk publicly endorsed it on his Twitter.

The price of Shiba Inu, which has a supply of one quadrillion, has doubled its value in the last week. Its price was Rs 0.0005 as of writing this article.

While the exact reasons for Shiba Inu rise is unclear, WazirX CEO Nischal Shetty said that the price was driven by its “hardcore community”. He added that the prices were pumping because the community is trying to add use cases for Shiba like decentralised exchange Shibaswap.

In the US, a petition by retail users has garnered over 300,000 requests to brokerage app Robinhood Markets Inc., to list Shiba Inu coin. The app is a favourite amongst meme traders. In fact, Dogecoin was responsible for 61% of crypto-transaction revenue at Robinhood in the second quarter of this year.

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In an earnings call, Robinhood’s chief executive officer Vlad Tenev said the company would remain cautious about adding new coins, especially if they risk raising concerns from regulators as unregistered securities.

Shiba Inu gained prominence in India last when Vitalik Buterin, cofounder of Ethereum donated $1 billion worth of Shiba Inu coins to India for Covid relief efforts.

Edul Patel, cofounder of Mudrex said that meme coin trading satisfies people’s urges to speculate as with stocks like GameStop or fantasy sports.



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