Dogecoin Demand Disables India's Largest Crypto Exchange

India's largest crypto exchange by trading volume, WazirX, turned out to be powerless in the face of a powerful surge in demandon Dogecoin.

</p>

During the period from May 3 to May 5, global trade volumescoin Dogecoin (DOGE) tripled and exceeded $ 42 billion. As Nishal Shetty, the founder and CEO of the WazirX cryptocurrency exchange, explains, this caused the platform to malfunction and eventually collapsed it. The system simply interpreted the surge in trade volumes as a cyberattack.

“On May 4, one of our systems responsible forTraffic tracking, mistakenly interpreted traffic growth, identifying it as a threat, and began blocking requests. As a result, this error led to intermittent failures when users tried to connect to the application, ”he explained.

Thorns and starsWazirx

As an excuse, Shetty recalled that priceDogecoin surges have caused disruptions even for seasoned companies like Robinhood, which have been in the industry for nearly a decade. Indeed, as recently as April 16, this platform was also forced to go offline due to “unprecedented demand” for a number of assets, including DOGE.

Meanwhile, Shetty stressed, his company is only three years old, although at the same time no other cryptocurrency exchange in India can match it in terms of traffic.

Since January, the company has grown by over 300%. Shetty says WazirX is updating all-time highs daily for metrics such as trading volumes, active users and traffic.

Meanwhile, with such active growth, the exchange begins to experience difficulties in trying to keep up with the growing demand. Dogecoin was not the only source of problems for her.

In Telegram and Reddit user chats andIn the past, there have been complaints about security issues with one-time password (OTP) authentication, as well as poor quality of support and customer service.

So, on April 4, the exchange went offline for the day fromunnecessary after trading volumes on WazirX exceeded $270 million. In early May, users again began to report service failures and frozen deposits. Then Shetty attributed this to problems with the exchange’s payment processing partner.

It should be noted that the current regulatorythe uncertainty in India is indeed having a negative impact on the willingness of payment system operators and banks to work with cryptocurrency exchanges. Accordingly, this is a potential weak point of the Indian crypto industry and may negatively affect the processes of withdrawing funds from crypto wallets and making deposits in cryptocurrency.

Dogecoin is growing

Meanwhile, the Dogecoin saga continues.Over the past year, the DOGE price has increased by an impressive 24,610%, according to data from CoinGecko. Meanwhile, back in January, the coin rate remained close to the zero mark. In February, the price exceeded $0.05, and in April it staged a rally, rising eightfold to $0.40 and only then retreating.

As has been noted more than once, the dynamics of Dogecoinprimarily due to speculative factors. Thus, the meme coin traditionally reacts violently to any signals given on the Internet by such influencers as Elon Musk and Mark Cuban.

At the moment, the all-time high for Dogecoin was recorded on May 6 at $ 0.65, after which the price retraced slightly.

</p></p>