Demand for Dogecoin crashes India’s largest crypto exchange
Between May 3 and May 5, global DOGE trading volumes spiked to over $42 billion. The result was an overload on India’s largest crypto exchange that crashed the exchange’s systems.
Nischal Shetty, WazirX founder and CEO, explained that the surging volumes were mistaken for a cyberattack. Thankfully, it was just the Doge army doing their thing. Shetty said:
On May 4, one of our systems—on detecting high traffic—wrongly marked it as bad traffic and started blocking the requests. It was good traffic, and this error caused our users to have intermittent access to the app.
WazirX is not the only exchange facing issues due to Dogecoin’s surging demand. Robinhood recently suffered an outage. In his defense, Shetty said that Dogecoin “caused an almost decade-old company like Robinhood to go down” and his firm is just three years old.
Since the beginning of the year, the exchange has grown by over 300%. Shetty said:
We’re seeing a new all-time-high every day in terms of trading volumes, active users, and traffic on WazirX.
Overall, Dogecoin has continued to surge. The meme cryptocurrency has grown to become the fourth-largest cryptocurrency by market cap. Since the past year, DOGE has risen by over 24,600%.
