Dogecoin has taken the internet by storm, following Ethereum and Bitcoin. Dogecoin’s global trading volume tripled last week, and its market cap recently surpassed USD80 million. Dogecoin, the strangest cryptocurrency that arose from a Doge meme in 2013, is now attracting the most interest from cryptocurrency traders all over the world.
It is a peer-to-peer, open-source cryptocurrency that uses the Litecoin script as its underlying technology. It is widely accepted by crypto networks due to its low cost and limitless supply of coins. Elon Musk, the founder of SpaceX and Tesla has recent references to Dogecoin has sparked a fluctuating wave of interest in this meme-inspired cryptocurrency.
The Dogecoin craze eventually spread to India, and cryptocurrency exchanges in the country saw record-breaking Dogecoin trading volumes. As a result of the increased traffic on the trading sites, the machine slowed and eventually crashed. Due to the sudden spike, WazirX, one of India’s largest and most trusted cryptocurrency exchange platforms, announced a fund transfer problem and device slowdown. Users took to social media to vent about the transaction problems, using the hashtag #WazirXScam, which quickly became trending.
It was unfortunate that such a large trading exchange was unable to handle the increased user traffic caused by the sudden demand for faster Doge transactions. WazirX explained in their answers that they were unable to handle the increased user traffic and promised to fix it as soon as possible and later on the trading problems were resolved. They improved the trading experience to accommodate the increased demand.
Traders interpreted Elon Musk’s nonstop tweeting in favor of Doge as a possible time to invest in the cryptocurrency. CoinSwitch Kuber, another Indian crypto exchange, has temporarily disabled INR deposits. Meanwhile, the Indian government intends to enact new cryptocurrency trading legislation. The revised framework would include information about the business, as well as profit and loss statements for digital currency transactions, among other things. The crypto network in India was already expecting strict action from the central authorities when the crypto exchanges were engulfed in the frenzy.
Many traders blamed the exchange platforms for lacking sufficient capacity and failing to anticipate a trade boom. Since the cryptocurrency market is still uncertain, experts have issued statements cautioning investors not to put too much faith in cryptocurrency investments.
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