WazirX peaked during the high of the bull run of 2021 in April. Ever since then, the cryptocurrency has been highly volatile, struggling to reach back for the bulls. However, the month of November was particularly brutal as the token was on a strong downtrend. The new month brought favorable news for WRX token as numbers turned green and the token posted double digit growth. At the time of writing, the cryptocurrency stands at a price level of $1.40. The price has increased by 16% during the past twenty-four hours while the weekly performance shows a growth of 20%. The daily trading volume has surged by a staggering 950%. WazirX currently stands at a market rank of #163 in terms of capitalization and is gaining fast.
WazirX – What has been up?
The popular Indian cryptocurrency exchange had been having ups and downs as the exchange struggles to perform smoothly with increased activity. The Indian government proposed a ban on private cryptocurrencies in the country during the end of November. As token holders anticipated the proposal to take form, it led to panic selling. WazirX saw a phenomenal surge in the activity as token holders tried to sell off their cryptocurrencies which led to the crash of India’s biggest cryptocurrency exchange. The application was quickly restored by the development team but its native token continued falling downwards.
WazirX token tumbled towards a low of $1.07 on 28th November after which the cryptocurrency reversed its trend due to the exchange listing new tokens. The crypto exchange included popular metaverse tokens like Gala which caused a surge in the activity on the platform.
The crypto exchange is going full force with listing. Yesterday, the team announced the launch of Tranchess deposits. Being the largest crypto exchange in the second-most populous country, the exchange is trying to expand crypto exposure for its userbase.
Another issue that the platform is currently facing is a delay in ticker price. The team was quick to get to the rescue and start working on the issue. Although the team has announced the issue to be fixed, users are still complaining on Twitter.
Future outlook
Being India’s largest cryptocurrency exchange, WazirX is usually treading in tricky waters as it does not have a lot of room for error which is why the team is always on their heels and trying their best to solve arising problems. According to the estimates of Wallet Investor, the cryptocurrency is expected to be operating at a price level of $2.27 in a year’s time while the five-year projection places it at $6.64.
