WazirX, a utility token of India’s largest cryptocurrency exchange, has surged 930% within a period of seven days. This move shows that India really wants crypto.
The Indian government has been toying with the idea of banning cryptocurrency in the country for the past two months. India’s crypto community has started a campaign with the hashtag IndiaWantsCrypto to make the government reconsider their plans. Besides, the Indian crypto community is accumulating coins despite the uncertainty.
The Parabolic Rise of WRX:
WazairX is India’s most popular cryptocurrency exchange. It allows trading buy/sell and trade of crypto coins like Bitcoin, Ethereum and Litecoin. The utility of this platform, WRX, had a magnificent week.
WRX went from 0.47 on March 28th to $4.8 on April 4th. The price went further up to hit the record high price of $5.4 today. At the time of this writing, WRX is trading at $4.7.
The news sources are citing multiple reasons for the parabolic rise of WRX. According to the Indian newspaper the quint, a delay in the government’s crypto regulatory bill depicts that the government is reconsidering the ban. Resultantly, the spirits of traders have lifted.
The coin market cap of WRX has hit $1.14 billion. The coin is among the top traded coins in India along with BTC, TRX, DOGE, ZIL, and ETH.
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WazirX is Binance owned cryptocurrency exchange based in India. It has crossed $200 million in daily trading since 2018.