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Surge in new users and interest in Dogecoin led to slow trade execution: Nishcal Shetty of WazirX

Servers of domestic crypto-exchange major WazirX are under pressure due to heavy trading activity in Dogecoin, a crypto-currency token that has been gaining considerable adoption in the last few months. The price of Dogecoin, a meme crypto-currency, has been surging in the last few weeks ahead of Tesla CEO Elon Musk's debut Saturday Night Live appearance. Musk is a prominent investor in DOGE, the crypto token. On May 05, the price of Dogecoin surged to a record high of $0.6 from $0.3 at the start of the month, according to Coinmarketcap. And its market value shot up to $78 billion as of May 06 from around $40 billion on May 01, 2021. As a result of surging global demand for DOGE, Indian investors also jumped on the bandwagon. This led to large number of new user signups on WazirX and the platforms' DOGE to Indian Rupee service witnessed a sudden surge in trading volumes. "We did not anticipate the surge. On both Tuesday and Wednesday, we had around Rs 600-650 crore worth trades take place in DOGE take place while new signups grew by 3 times," said Nischal Shetty, CEO and Co-Founder, WazirX. "No exchange in India has seen such volumes," he said. While the surge in investor interest for DOGE led to order fulfillment or trade execution issues for the platform, Shetty said that trades were always being processed and that there was only a slowdown. "We have not cancelled or stopped any trades in DOGE or other cryptos,"…

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