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<ul><li><keyword id="1985091" type="PERSON" weightage="20" keywordseo="dogecoin">Dogecoin</keyword> has seen a 10-time increase in its prices over the last one month.</li><li>This has caused a massive surge in traffic on <keyword id="6672551" type="UNKNOWN" weightage="20" keywordseo="wazirx">WazirX</keyword>, one of the largest cryptocurrency exchanges in India, resulting in transaction failures and delays in orders.</li><li>While the company says the issue has been fixed, users continue to report issues.</li></ul>The Dogecoin frenzy has left one of India’s largest cryptocurrency exchanges panting for breath, with its users posting on social media about transaction delays, payment failures and their money getting stuck. The company pointed out that its servers are being overwhelmed by traffic caused by massive demand for Dogecoin. “Doge’s sudden price movement has caused a massive surge in our traffic. We’re seeing more than a 1000% spike in concurrent users,” it said. In a statement to Business Insider, WazirX’s Chief Executive Officer Nishcal Shetty pointed out that the issue was caused due to a system error. “Today, one of our systems - on detecting the 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,” he said, explaining the cause of the problems faced by its users. He clarified that the issue was not caused due to server overload – instead, it was a system-side error. While Shetty said that the issue has been identified and fixed, users continue to report issues with depositing money and other transaction errors. <div type="twitter" handle="Arunn37" handlename="@runn kumar" image="http://pbs.twimg.com/profile_images/1389630610986004480/mSyTAwA6_normal.jpg" favoritecount="0" retweetcount="0" status="@WazirXIndia Didn't see any change. still facing issues with deposits.Thanks I got a confirmation that it's time… https://t.co/6OkmNc85l5" createdat="1620275679000" id="1390163073600679936"></div> We tried to add money too, but the UPI options were disabled and direct bank transfer via IMPS, NEFT and RTGS was not working either. <div type="image" title="WazirX deposit" msid="82425883" hostid="261" caption="&amp;lt;p&amp;gt;The UPI options were disabled and instant deposit did not work, either.&amp;lt;/p&amp;gt;"></div> Some users said they tried depositing money via UPI, but the money has not been deposited in their accounts. <div type="twitter" handle="bassholics" handlename="Bassholics" image="http://pbs.twimg.com/profile_images/1280558860999077888/s7Lv4gM7_normal.jpg" favoritecount="0" retweetcount="0" status="@shivangbhargav @NischalShetty @BuddhaSource Really bro, did you tried to find there office contact or address? I… https://t.co/NC10ShaKc9" createdat="1620275384000" id="1390161838319411205"></div> A few users said that this has been happening for several days now. <div type="twitter" handle="shivangbhargav" handlename="shivang bhargava" image="http://pbs.twimg.com/profile_images/1388989834639802372/gG5ul38Q_normal.jpg" favoritecount="2" retweetcount="0" status="Today is the 9th day and there is no response from wazirx despite raising tickets. My money did not reflect in my… https://t.co/pAvdHtpye4" createdat="1620209139000" id="1389883986319593475"></div> Update: Nischal Shetty has revealed that the UPI payment options are not working because banks have blocked them. We tried using the bank deposit option but that isn't working either. <div type="twitter" handle="NischalShetty" handlename="Nischal (WazirX) ⚡️" image="http://pbs.twimg.com/profile_images/960826344413286400/p8yDflBO_normal.jpg" favoritecount="288" retweetcount="97" status="UPI is not working?That’s because banks are not providing UPI to crypto exchangesDo you want to help?Then twe… https://t.co/amk9Pwax4S" createdat="1620296051000" id="1390248520121077763"></div> <div type="image" title="WazirX deposit error" msid="82429957" hostid="261" caption="&amp;lt;p&amp;gt;WazirX deposit error&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="What’s the Dogecoin frenzy?" comment="subhead" text="What’s the Dogecoin frenzy?">What’s the Dogecoin frenzy?</cmsannotation> Dogecoin, a cryptocurrency that was created as a joke in 2013 by software engineers Billy Markus and Jackson Palmer, has nearly doubled in the past week – it has gone up from ₹23.19 on April 29 to ₹45.19 as of May 6, doubling everyone’s investment in this timeframe. Going back one month, an investment of ₹1,000 in Dogecoin is now worth nearly ₹10,500. The massive surge in Dogecoin’s prices has been driven in part due to Elon Musk’s backing of the cryptocurrency, where he called it “the people’s crypto.” <div type="twitter" handle="elonmusk" handlename="Elon Musk" image="http://pbs.twimg.com/profile_images/1383184766959120385/MM9DHPWC_normal.jpg" favoritecount="554529" retweetcount="104044" status="Dogecoin is the people’s crypto" createdat="1612426526000" id="1357241340313141249"></div> It’s not just a one-off endorsement of Dogecoin, either. Musk backed it as recently as April 29. <div type="twitter" handle="elonmusk" handlename="Elon Musk" image="http://pbs.twimg.com/profile_images/1383184766959120385/MM9DHPWC_normal.jpg" favoritecount="452448" retweetcount="78478" status="The DogefatherSNL May 8" createdat="1619590847000" id="1387290679794089986"></div> Analysts <a href="https://www.cnbc.com/2021/05/04/dogecoins-price-is-rising-ahead-of-elon-musks-snl-appearance-.html">believe</a> Musk’s appearance on the upcoming late-night comedy show Saturday Night Live on May 8 is fueling the frenzy. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/the-worlds-biggest-holder-of-dogecoin-owns-28-of-the-cryptocurrency-a-position-now-worth-2-1-billion/articleshow/81078803.cms">The world's biggest holder of Dogecoin owns 28% of the cryptocurrency - a position now worth $2.1 billion</a> <a href="https://www.businessinsider.in/stock-market/news/a-33-year-old-dogecoin-investor-shares-how-he-became-a-millionaire-in-2-months-after-elon-musk-inspired-him-to-pile-into-the-meme-currency/articleshow/82258065.cms">A 33-year-old Dogecoin investor says he became a millionaire in 2 months after Elon Musk inspired him to pile into the meme currency</a> <a href="https://www.businessinsider.in/stock-market/news/dogecoins-80-billion-valuation-now-makes-it-bigger-than-these-10-well-known-companies/articleshow/82418823.cms">Dogecoin's $80 billion valuation now makes it bigger than these 10 well-known companies</a>

Dogecoin surge sends WazirX servers panting for help – users report failed transactions, delays in orders

<ul class="summary-list"><li>India's WazirX <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> exchange listed <keyword id="11258044" type="UNKNOWN" weightage="60" keywordseo="shiba-inu-coin">shiba inu coin</keyword> this week. </li><li>Shiba inu coin, which launched less than a year ago, took inspiration from <keyword id="1985091" type="PERSON" weightage="60" keywordseo="dogecoin">dogecoin</keyword>.</li><li>The listing comes a day after <keyword id="4462663" type="PERSON" weightage="60" keywordseo="vitalik-buterin">Vitalik Buterin</keyword> donated <a href="https://markets.businessinsider.com/currencies/news/vitalik-buterin-donation-shiba-inu-india-covid-relief-ethereum-cryptorelief-2021-5-1030426402">$1 billion worth of the tokens</a> to a crypto-based COVID-19 relief fund for India.</li></ul>The largest cryptocurrency exchange in India has listed shiba inu coin for trading a day after <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">ethereum</keyword> co-creator Vitalik Buterin's donation of about $1 billion worth of the tokens to India for COVID-19 relief. Mumbai-based WazirX exchange, which is owned by Binance, listed the new token on Thursday, according to a <a href="https://blog.wazirx.com/buy-sell-trade-shiba-inu-shib-on-wazirx/">blog post</a>. "We were receiving a lot of requests from our community to bring SHIB on WazirX, and hence, we decided to list it," WazirX CEO Nischal Shetty told <a href="https://www.coindesk.com/binances-indian-crypto-exchange-lists-shib-token-as-vitalik-gift-garners-local-press">CoinDesk</a>. WazirX however will not accept direct SHIB deposits or facilitate its withdrawals. According to <a href="https://www.shibatoken.com/">shiba inu's website</a>, the only place to buy or sell the dogecoin knockoff is on Uniswap. Shiba inu, which was founded less than a year ago, took inspiration from a more established meme currency, dogecoin - even branding itself as a "<a href="https://www.shibatoken.com/" target="_blank" rel="noopener noreferrer">dogecoin killer</a>." According to its website, shiba inu is an "experiment in decentralized community building." The WazirX listing comes a day after Buterin donated <a href="https://etherscan.io/tx/0xb65bcbb85c1633b0ab4e4886c3cd8eeaeb63edbb39cacdb9223fdcf4454fd2c7" target="_blank" rel="noreferrer noopener">50 trillion SHIB tokens</a> <a href="https://markets.businessinsider.com/currencies/news/vitalik-buterin-donation-shiba-inu-india-covid-relief-ethereum-cryptorelief-2021-5-1030426402">worth around $1 billion</a> to a crypto-based COVID-19 relief fund for India. The token has skyrocketed and gained almost 1,000% over the past week but plunged after news of Buterin's donation broke.Shiba inu was last at $0.00002035 on Friday morning, up by 15%, according to CoinMarketCap <a href="https://coinmarketcap.com/currencies/shiba-inu/" target="_blank" rel="noopener">data</a>. It is the 25th largest cryptocurrency in circulation based on its current market value of over $7.9 billion.The listing of meme tokens is often seen as a sign of legitimacy in the cryptocurrency community.On Thursday, Coinbase said it <a href="https://markets.businessinsider.com/news/stocks/dogecoin-doge-coinbase-trading-exchanges-elon-musk-tesla-bitcoin-2021-5-1030430221">will list the dogecoin</a> in six to eight weeks. Other exchanges that allow dogecoin trading include Kraken and Robinhood.

Binance's Indian exchange lists Shiba Inu coin a day after Ethereum creator Vitalik Buterin's $1 billion donation

Elon Musk-run <keyword id="6360701" type="DEFINITION" weightage="20" keywordseo="spacex">SpaceX</keyword> is now accepting the new cryptocurrency <keyword id="1985091" type="PERSON" weightage="20" keywordseo="dogecoin">Dogecoin</keyword> to launch an upcoming satellite named <keyword id="11230441" type="UNKNOWN" weightage="20" keywordseo="doge-1">DOGE-1</keyword> to the <keyword id="42440" type="PERSON" weightage="20" keywordseo="Moon">Moon</keyword>. The DOGE-1 is a cubesat to acquire "lunar-spatial intelligence" using onboard cameras and sensors, reports The <keyword id="6765301" type="COMPANY" weightage="20" keywordseo="Verge">Verge</keyword>. The satellite is being developed by Geometric Energy Corporation and it will be flown onboard a <keyword id="165741" type="COMPANY" weightage="20" keywordseo="Falcon-9">Falcon 9</keyword> rocket in the first quarter of 2022. "We're excited to launch DOGE-1 to the Moon!" said Tom Ochinero, vice president of commercial sales at SpaceX. As Tesla CEO <keyword id="6355315" type="PERSON" weightage="20" keywordseo="elon-musk">Elon Musk</keyword> hosted the Saturday Night Live show on TV last weekend, Dogecoin which is fourth-largest cryptocurrency by market value and promoted by <keyword id="364027" type="COMPANY" weightage="20" keywordseo="Musk">Musk</keyword> fell sharply. Trading platform Robinhood also crashed for cryptocurrency users. After vouching for <keyword id="6354947" type="LOCATION" weightage="20" keywordseo="bitcoin">Bitcoin</keyword>, Tesla CEO Elon Musk now supports Dogecoin cryptocurrency, even calling him "Dogefather". Dogecoin is a cryptocurrency invented by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system. Nearly 113 billion coins have already been mined. Amid the surge in Bitcoin and Ether cryptocurrencies, Dogecoin has surged more than 659 per cent this year. Tesla recently announced it has invested $1.5 billion in the Bitcoin cryptocurrency. SEE ALSO: <a href="https://www.businessinsider.in/business/news/this-ev-startup-mobycy-went-from-solving-last-mile-commute-to-delivery/articleshow/82513392.cms">It took one pivot and five years for this EV startup founder to hit the sweet spot for business in India</a> <a href="https://www.businessinsider.in/tech/apps/news/clubhouse-android-download-release-date-beta-version/articleshow/82515109.cms">Clubhouse for Android finally launched as downloads and hype take a plunge</a>

Elon Musk's SpaceX is accepting Dogecoin to launch a satellite named DOGE-1 to the moon

<div class="KonaFilter image-container float_right"><div class="image"><a href="http://dogecoin.com/">Dogecoin</a></div></div>The digital currency that started as a joke is now one of the biggest digital currencies in the world.
Dogecoin - which is like Bitcoin but inspired by the absurdist Doge meme - now has a "market cap" of $62 million according to <a href="http://coinmarketcap.com/">CoinMarketCap.com</a>. When Rob Wile told the story of how Dogecoin came together back in December, <a href="http://www.businessinsider.com/what-is-dogecoin-2013-12">the value of all extant Dogecoins were just $8 million</a>.
And it's not hard to see why Dogecoin is taking off. The community has done cool things, <a href="http://www.businessinsider.com/dogecoin-jamaican-bobsled-team-olympics-2014-1">like help send the Jamaican Bobsled team to the Olympics</a>. The community is also helping <a href="http://www.thehindu.com/business/Economy/dogecoin-plays-good-samaritan-in-india/article5635580.ece">send athletes from India</a> to the Sochi games.
Meanwhile, the community is incredibly motivated and evangelical, but not in an annoying way.
After I tweeted yesterday about the surging value of Doge, a bunch of its fans instantly offered to tip me a bunch (give me some of theirs)
<blockquote class="twitter-tweet" lang="en">
<a href="https://twitter.com/tipdoge">@tipdoge</a> tip <a href="https://twitter.com/TheStalwart">@TheStalwart</a> 10 <a href="https://twitter.com/search?q=%23Dogecoin&amp;src=hash">#Dogecoin</a> <a href="https://twitter.com/search?q=%23ToTheMoon&amp;src=hash">#ToTheMoon</a>
- JD Raimer (@jdraimer) <a href="https://twitter.com/jdraimer/statuses/429391404930826240">January 31, 2014</a></blockquote>

<blockquote class="twitter-tweet" lang="en">
<a href="https://twitter.com/tipdoge">@tipdoge</a> tip <a href="https://twitter.com/TheStalwart">@TheStalwart</a> 50 doges, thats how we got there buddy
- Enigmatic (@ThatDudeMatic) <a href="https://twitter.com/ThatDudeMatic/statuses/429379329558986752">January 31, 2014</a></blockquote>

<blockquote class="twitter-tweet" lang="en">
<a href="https://twitter.com/tipdoge">@tipdoge</a> tip <a href="https://twitter.com/TheStalwart">@TheStalwart</a> 8.0085 doge
- Adjam (@JollyJap3s) <a href="https://twitter.com/JollyJap3s/statuses/429436755394060288">February 1, 2014</a></blockquote>

<blockquote class="twitter-tweet" lang="en">
<a href="https://twitter.com/tipdoge">@tipdoge</a> tip <a href="https://twitter.com/TheStalwart">@TheStalwart</a> 20 doge
- Lord Matt of Sealand (@_DragonFiesta) <a href="https://twitter.com/_DragonFiesta/statuses/429479196499251200">February 1, 2014</a></blockquote>

When I've written about cryptocurrencies in the past, I've argued that an important facet of them i<a href="http://www.businessinsider.com/why-bitcoin-has-value-2013-12">s as a social network</a>. A social network as you think about it (like Twitter or Facebook) only has value because lots of other people you know are using them. The technology itself can easily be copied. It's the same with digital currencies. It's the social aspect and network affects that creates the value, since the actual code is easily replicated.
The Doge community isn't likely to become a "mass" thing, but it seems to attract fun people that are into doing cool things. It's not that weird to see why it's taken off so much.

Dogecoin Is On A Gigantic Tear, And It's Not Hard To See Why

<ul><li>The <keyword id="1985091" type="PERSON" weightage="20" keywordseo="dogecoin">Dogecoin</keyword> team has warned against promises of crypto giveaways or schemes that promise multiplication of wealth.</li><li>Many users fell for the trick as rumours suggested <keyword id="6355315" type="COMPANY" weightage="20" keywordseo="elon-musk">Elon Musk</keyword> could promote the <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> in a big way.</li><li>It’s suggested that users don’t fall for these claims and transact only with people they know.</li></ul>Dogecoin had a very turbulent ride in the last few days as Tesla’s founder Elon Musk went live on American television show Saturday Night Live. The reaction to his “hustle” garnered a mixed response, something which was easily visible on the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" data-type="tilCustomLink">cryptocurrency’s</a> charts. While enthusiasts were glued to the screen, trying to make sense of the chaos, many with sinister intentions had wreaked havoc on social media sites. <a href="https://twitter.com/dogecoin/status/1391346601029996546?s=20" data-type="tilCustomLink">The Dogecoin team has warned </a>against promises of crypto giveaways or schemes that promise multiplication of wealth. These are essentially scams that are trying to take advantage of users amid a volatile period. Social media platforms like Twitter, YouTube, and Facebook are the most vulnerable platforms since it’s easier to use bots and create a short-lived hype. Illegitimate accounts constantly flood the forums with claims of a scheme that it will multiply one’s Dogecoin holdings. The unsuspecting user is then asked to send some money to an anonymous address and they expect a multiplied sum to be returned soon. While this may sound too naive, many users fell for the trick as rumours suggested Elon Musk could promote the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" data-type="tilCustomLink">cryptocurrency</a> in a big way. Nobody knew how he’d do it, allowing scam artists to play ‘Elon Musk’ and get richer. <div type="image" title="Bitcoin Scam Cryptocurrency" msid="82550058" hostid="261"></div> More sophisticated methods were also deployed by criminals to capture the attention of users on YouTube. During the Saturday Night Live broadcast, live videos that unofficially streamed the show were targeted with ads saying, “Elon Musk has devoted 500,000,000 Doge to be distributed to all Doge holders. Anybody can get some, just visit the website.” When the user completed the transfer, the Dogecoins were credited into the scammer’s wallet. Once the transfer is done, there’s no way money can be recovered without law enforcement or direct access to the ledger. This is actually a feature that offers privacy but takes away the ability to investigate. TRM Labs, a blockchain intelligence provider, stated that the affiliated wallets received almost 10 million Dogecoins. Many of these coins have been purposely transferred by the scammer itself to show that a large volume isn’t suspicious for the account. It’s suggested that users don’t fall for these claims and transact only with people they know. These “get rich, quick” schemes should always raise a red alarm. The modus operandi isn’t exclusive to just Dogecoin and is used for <keyword id="6354947" type="LOCATION" weightage="20" keywordseo="bitcoin">Bitcoin</keyword>, Ethereum, and more. Last week, Realme India’s Twitter account was compromised and its name was changed to “Tesla”. It pretended to be an official account and asked users to transfer <keyword id="6395759" type="PERSON" weightage="20" keywordseo="bitcoins">Bitcoins</keyword> to an obscure address. It was a high-level scam that was quickly brought under control by the brand. SEE ALSO: <a href="https://www.businessinsider.in/business/news/this-ev-startup-mobycy-went-from-solving-last-mile-commute-to-delivery/articleshow/82513392.cms">It took one pivot and five years for this EV startup founder to hit the sweet spot for business in India</a> <a href="https://www.businessinsider.in/tech/apps/news/clubhouse-android-download-release-date-beta-version/articleshow/82515109.cms">Clubhouse for Android finally launched as downloads and hype take a plunge</a> <a href="https://www.businessinsider.in/finance/banks/news/bandhan-bank-share-price-falls-after-reporting-an-80-fall-in-its-net-profit/articleshow/82516642.cms">Bandhan Bank falls 4% after reporting an 80% fall in its net profit – positive market trends help it bounce back into the green</a>

Amid Dogecoin rally, users need to be careful not to fall prey to cryptocurrency giveaway scams

<ul class="summary-list"><li>The <keyword id="6118260" type="UNKNOWN" weightage="60" keywordseo="altcoin">altcoin</keyword> spiked 16% minutes after <keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword> tweeted about naming his <keyword id="1512473" type="PERSON" weightage="60" keywordseo="Shiba">shiba</keyword> inu "Floki."</li><li>Shiba inu, founded less than a year ago, took inspiration from <keyword id="1985091" type="PERSON" weightage="60" keywordseo="dogecoin">dogecoin</keyword>.</li><li><keyword id="10895626" type="UNKNOWN" weightage="60" keywordseo="Binance-CEO">Binance CEO</keyword> said he hopes Musk would realize the power of his tweets.</li></ul>Dogecoin spinoff shiba inu spiked to its highest price in six weeks on Friday after Elon Musk <a href="https://twitter.com/elonmusk/status/1408380216653844480?s=20">tweeted</a> about what he would name his shiba inu.At 7:03 am ET, the Tesla CEO published a <a href="https://twitter.com/elonmusk/status/1408380216653844480?s=20">tweet</a> to his 57 million followers saying, "My Shiba Inu will be named Floki."Shiba inu rose to a high of $0.00000790 on <a href="https://coinmarketcap.com/currencies/shiba-inu/">CoinMarketCap</a> at 7:23 a.m. ET, marking a 16% rise minutes after Musk tweeted.It was last at $0.00000724 around 9:10 a.m. ET. <keyword id="11258044" type="UNKNOWN" weightage="60" keywordseo="shiba-inu-coin">Shiba inu coin</keyword>, which was founded less than a year ago, took inspiration from a more established meme currency, <a href="https://markets.businessinsider.com/currencies/doge-usd?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">dogecoin</a> - even branding itself as a "<a href="https://www.shibatoken.com/" target="_blank" rel="noopener noreferrer">dogecoin killer</a>." According to its website, shiba inu is an "experiment in decentralized community building."The altcoin has become the <a href="https://coinmarketcap.com/">28th most valuable cryptocurrency</a> by market capitalization. The new cryptocurrency came to the global spotlight when ethereum founder Vitalik Buterin donated <a href="https://etherscan.io/tx/0xb65bcbb85c1633b0ab4e4886c3cd8eeaeb63edbb39cacdb9223fdcf4454fd2c7" target="_blank" rel="noreferrer noopener">50 trillion shiba inu tokens</a> <a href="https://markets.businessinsider.com/currencies/news/vitalik-buterin-donation-shiba-inu-india-covid-relief-ethereum-cryptorelief-2021-5-1030426402?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">worth around $1 billion</a> at one point to a crypto-based COVID-19 relief fund for India in May - and burned <a href="https://markets.businessinsider.com/currencies/news/vitalik-buterin-shiba-inu-coin-burn-dogecoin-ethereum-2021-5-1030436920">90% of his holdings</a> just days later.Musk has been known to tweet about various cryptocurrencies from dogecoin to bitcoin. His market-moving tweets have drawn the ire of regulators, investors, and executives.Changpeng Zhao, founder and CEO at Binance, said while Musk is free to say whatever he wants, a bit of forethought would help, <a href="https://twitter.com/crypto/status/1408250653093240834?s=20">Bloomberg</a> reported."I think Elon wants to be a humorous guy but he has to realize that his tweets do have the power to move <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>," Zhao, during the Qatar Economic Forum, said. "I would recommend him to a little be a little more careful but it's his freedom."

Elon Musk's tweet about a shiba inu sends the dogecoin spinoff token surging 16%

<ul class="summary-list"><li> Altcoins drove a 54% surge in <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> users in the second quarter, data<a href="https://crypto.com/images/202107_DataReport_OnChain_Market_Sizing.pdf"></a> shows.</li><li>At the end of June, there were 221 million users compared to the 132 million towards the end of April. </li><li>It took just four months to double the number of global <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> users from 100 million to 200 million.</li></ul>The popularity of altcoins like <a href="https://markets.businessinsider.com/currencies/doge-usd">dogecoin</a> and <keyword id="11258044" type="UNKNOWN" weightage="60" keywordseo="shiba-inu-coin">shiba inu coin</keyword> drove a 54% surge in cryptocurrency users in the second quarter, data from exchange<a href="https://crypto.com/images/202107_DataReport_OnChain_Market_Sizing.pdf"> Crypto.com</a> shows.At the end of June, there were 221 million users compared to the 132 million towards the end of April. Altcoins have gained traction in recent months thanks to the massive returns they promise due to wild price swings compared to older and more established digital assets, such as <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> and <a href="https://markets.businessinsider.com/currencies/eth-eur">ether</a>.<keyword id="1985091" type="PERSON" weightage="60" keywordseo="dogecoin">Dogecoin</keyword>, now the eighth-largest digital asset, has rocketed 4,175% this year, far surpassing <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>'s 35% gain and <keyword id="6709758" type="UNKNOWN" weightage="60" keywordseo="Ether">ether</keyword>'s 208% climb.Shiba inu, a new coin founded in August 2020, has been trading flat, though the dogecoin knockoff peaked at $0.00003628 on May 10.Both coins, which bear a shiba inu dog as their symbols, have gotten some semblance of approval from the wider crypto community.Dogecoin can now be bought and sold through <a href="https://markets.businessinsider.com/news/currencies/coinbase-dogecoin-price-cryptocurrency-meme-token-experts-elon-musk-2021-6">Coinbase</a>, the largest cryptocurrency exchange in the US, while shiba inu coin was listed in Binance-owned <a href="https://markets.businessinsider.com/news/currencies/shiba-inu-binance-indian-exchange-dogecoin-ethereum-vitalik-buterin-donation-2021-5">WazirX</a>, the largest cryptocurrency exchange in India.Overall, the cryptocurrency space has been rapidly evolving as more institutions embrace digital assets. It took just four months to double the global cryptocurrency user base from 100 million to 200 million, whereas it took years before the 100 million milestone was even reached, according to data. The second half of 2021, in particular, saw an acceleration in cryptocurrency adoption due to a confluence of events, from heavyweights such as <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> <a href="https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html">accepting bitcoin</a> as a mode of payment (a move it has since <a href="https://markets.businessinsider.com/news/currencies/tesla-bitcoin-payments-ditched-2nd-biggest-holder-risks-investors-2021-5">reversed</a>) to <a href="https://markets.businessinsider.com/stocks/mstr-stock">MicroStrategy</a>'s <a href="https://markets.businessinsider.com/news/stocks/microstrategy-bitcoin-mstr-stock-price-purchase-michael-saylor-bond-btc-2021-6">continued investment</a> in the cryptocurrency. <a href="https://markets.businessinsider.com/news/currencies/el-salvador-bitcoin-legal-tender-currency-cryptocurrency-2021-6">El Salvador</a> made history earlier this year as the first country in the world to adopt bitcoin as legal tender.

Altcoins like dogecoin and shiba inu coin drove a 54% surge in crypto users in the 2nd quarter, data shows

<ul class="summary-list"><li><keyword id="4462663" type="PERSON" weightage="60" keywordseo="vitalik-buterin">Vitalik Buterin</keyword> said he can't write-off the tax of his Shiba Inu donation to India's crypto-based COVID-19 relief fund.</li><li>The <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">ethereum</keyword> creator said he is taxed as a Singaporean citizen and is not eligible.</li><li>Shiba Inu, a meme token founded in March 2021, took inspiration from dogecoin. </li></ul>Ethereum co-creator Vitalik Buterin said he won't get a tax write-off after <a href="https://markets.businessinsider.com/currencies/news/vitalik-buterin-donation-shiba-inu-india-covid-relief-ethereum-cryptorelief-2021-5-1030426402">donating 50 trillion Shiba Inu coins</a> to a crypto-based COVID-19 relief fund in India, <a href="https://www.bloomberg.com/news/articles/2021-05-18/ethereum-inventor-says-he-won-t-get-shiba-inu-tax-write-off">Bloomberg first reported</a>.Buterin said he is taxed as a Singaporean citizen and is not eligible, <a href="https://www.bloomberg.com/news/articles/2021-05-18/ethereum-inventor-says-he-won-t-get-shiba-inu-tax-write-off">Bloomberg first reported</a>. The rules in his country, he said, are "significantly cleaner than in the US or Canada." The 27-year-old on May 13 donated what was, on that day, equivalent to $1 billion. Buterin intended for it to provide India with healthcare and basic-needs items.India, currently a global hotspot for the virus, is seeing global record numbers of cases and deaths with an overwhelmed healthcare system unable to cope with shortages in medication, food, and oxygen tanks.When news broke of Buterin's donation, Shiba Inu dropped by around 34% as investors panicked. The meme token the week prior was skyrocketing to almost 1,000%.Shiba Inu, founded less than a year ago, took inspiration from dogecoin, a more established meme currency. It even branded itself as a "<a href="https://www.shibatoken.com/" target="_blank" rel="noopener noreferrer">dogecoin killer</a>." Because it's new, it's still also very volatile. At one point, the donation of Buterin fell to around $800 million and rose to about $2 billion. Shiba Inu was last at $0.000009253 as of 9 a.m. ET Wednesday, according to <a href="https://coinmarketcap.com/currencies/shiba-inu/" target="_blank" rel="noopener">CoinMarketCap</a>. It is the 33th largest cryptocurrency with a market valuation of over $3.2 billion. At this point. Buterin's donation is equivalent to $414 million.Then, on May 17, Buterin announced that <a href="https://markets.businessinsider.com/currencies/news/vitalik-buterin-shiba-inu-coin-burn-dogecoin-ethereum-2021-5-1030436920">he burned 90% of his Shiba Inu holdings</a> - almost half the coin's circulation. It was his only choice, he said, given that the creators of the meme token sent him trillions of coins without his consent."I don't *want* to be a locus of power of that kind. Better to just print the coins into the hands of a worthy charity directly (though do talk to them first)," <a href="https://markets.businessinsider.com/currencies/news/vitalik-buterin-shiba-inu-coin-burn-dogecoin-ethereum-2021-5-1030436920">he wrote in his note</a>.To burn a coin means to send it to an unusable account thereby permanently removing it from circulation. The largest cryptocurrency exchange in India, Binance-owned WazirX exchange, <a href="https://markets.businessinsider.com/currencies/news/shiba-inu-binance-indian-exchange-dogecoin-ethereum-vitalik-buterin-donation-2021-5-1030431008">listed Shiba Inu</a> a day after Buterin's donation. The listing of meme tokens is often seen as a sign of legitimacy in the cryptocurrency community.Read more: <a href="https://www.businessinsider.com/crypto-trading-investing-tips-crypto-tokens-hodling-trader-scott-melker-2021-5" target="_blank" rel="noopener">'Wolf of All Streets' crypto trader Scott Melker breaks down his strategy for making money using 'HODLing' and 100X trade opportunities - and shares 5 under-the-radar tokens he thinks could explode</a>

Ethereum co-founder Vitalik Buterin says he won't get a tax write-off after donating 50 trillion Shiba Inu coins to India

<ul class="summary-list"><li>Prices of <keyword id="4521522" type="General" weightage="60" keywordseo="shiba-inu" source="Orion">shiba inu</keyword>, <keyword id="1985091" type="General" weightage="60" keywordseo="dogecoin" source="Orion">dogecoin</keyword>, <keyword id="6354947" type="General" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword>, and tether dropped on a popular <keyword id="2721952" type="General" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> exchange in <keyword id="3658" type="General" weightage="60" keywordseo="india" source="Orion">India</keyword>.</li><li>The declines came as the country mulls a crackdown on private cryptocurrencies.</li></ul>Cryptocurrencies dropped in India Wednesday morning as the country mulled a crackdown on digital assets — and its opened up opportunities for witty investors. According to a <a href="https://www.bloomberg.com/news/articles/2021-11-24/a-huge-arbitrage-opportunity-has-just-opened-up-in-crypto">Bloomberg article</a>, shiba inu coin and dogecoin sunk more than 20% on the WazirX crypto exchange in India while on Binance and Kraken, they were relatively unaffected. Bitcoin, for its part, dropped 14% on WazirX and just 0.5% on Binance, the article said. Tether, a stablecoin, also sunk on the exchange while remaining steady elsewhere, <a href="https://www.coindesk.com/markets/2021/11/24/stablecoin-tether-crashes-on-indian-exchanges-traders-buy-the-dip/">Coindesk reported</a>. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> A <a href="http://loksabhadocs.nic.in/bull2mk/2021/23.11.21.pdf">proposed law</a> in India is seeking to ban all private cryptocurrencies, likely causing the price declines on the local exchanges. The price drops opened up an opportunity for investors to buy the dip and profit elsewhere. According to CoinDesk's report, <keyword id="154331" type="General" weightage="60" keywordseo="arbitrage" source="Orion">arbitrage</keyword> opportunities in India are mainly helpful for small-time investors because bigger market makers avoid the country for lack of regulatory clarity. But the trick was figuring out how to transfer funds to a different exchange after purchasing the assets at a lower cost, <keyword id="29740" type="General" weightage="60" keywordseo="bloomberg" source="Orion">Bloomberg</keyword> said. And it's not easy. WazirX <a href="https://twitter.com/WazirXIndia">tweeted out</a> that it was experiencing trading delays in the app, and frustrated users responded that they could not move their crypto. Several hours later the company said the problem was fixed. "We'd like to reiterate that WazirX has an open order book and doesn't determine or control the price of any crypto on the exchange," the platform said in a tweet. "There will always be a difference from exchange to exchange, country to country, etc. depending on the demand and supply." Crypto arbitrage opportunities have been well documented, as the prices can vary between exchanges. <a href="https://www.businessinsider.com/bitcoin-cryptocurrency-arbitrage-2017-11">A 2017 Insider article</a> noted the issue stems from the market being "diffused, unregulated, and disjointed."

Crypto prices are plummeting in India as the country mulls ban on digital assets — and its creating an opportunity for savvy investors

<ul class="summary-list"><li><keyword id="11258044" type="UNKNOWN" weightage="60" keywordseo="shiba-inu-coin">Shiba inu coin</keyword> has gained significant momentum since its inception. </li><li>The coin received particular hype after Elon Musk's SNL appearance. </li><li>Hailed as the "dogecoin killer," the price could double, say analysts.</li></ul>Shiba inu coin, known as a dogecoin spin-off, started off as a bit of a joke. But now it's anything but. According to analysts, the price of the ethereum-based meme token could double imminently as the cryptocurrency market recovers from the recent crash, <a href="https://www.fxstreet.com/cryptocurrencies/news/shib-price-to-double-after-shiba-inu-endures-two-week-long-consolidation-202105250924">per FXStreet</a>."Despite almost two weeks of consolidation, SHIB has overcome indecision, working in favour of the bulls after gaining over 55 percent in market value from its bottom," <a href="https://www.fxstreet.com/cryptocurrencies/news/shib-price-to-double-after-shiba-inu-endures-two-week-long-consolidation-202105250924">FXStreet </a>reported.Shiba inu coin has shown significant growth in the market. It particularly gained hype after <a href="https://www.businessinsider.co.za/elon-musk-dogecoin-defends-dogecoin-influence-ability-action-limited-2021-5">Elon Musk's SNL appearance, which slashed dogecoin as a "hustle."</a> As a result, his comment, which sunk the value of dogecoin by 30%, meant shiba inu coin benefited from its alternative's fall, <a href="https://fortune.com/2021/05/12/shiba-inu-coin-price-shib-dogecoin-killer/">as reported by Fortune</a>. Two days after Musk's appearance, Binance listed shiba inu coin on its trading platform, and the price soared.<h2>What exactly is shiba inu coin and how has it gained so much traction?</h2>Hailed as the "dogecoin killer"<a href="https://fortune.com/2021/05/12/shiba-inu-coin-price-shib-dogecoin-killer/"> by Fortune and others,</a> the token launched less than a year ago and is named after the Japanese dog breed, Shiba Inu. The cryptocurrency trades under the symbol SHIB and is an alternative investment to <a href="https://www.businessinsider.com/what-is-dogecoin-2013-12">dogecoin</a>. Shiba inu coin has become the 32nd most valuable cryptocurrency by market cap, <a href="https://cryptopotato.com/what-is-shiba-inu-shib/">per CoinMarketCap.com</a>. In recent weeks, it gained worldwide attention after a crypto billionaire <a href="https://markets.businessinsider.com/currencies/news/vitalik-buterin-donation-shiba-inu-india-covid-relief-ethereum-cryptorelief-2021-5-1030426402">donated $1 billion</a> of shiba inu coin to aid India's COVID-19 relief. Then earlier this month, an $8,000 investment in shiba inu coin by a New York family reportedly pulled in a $9 million fortune for them within a few months, as <a href="https://www.businessinsider.com/shiba-inu-coin-cryptocurrency-turns-brothers-multimillionaires-2021-5">Insider reported</a>.<div type="image" title="Stock market" height="2673" width="3564" msid="83069058" hostid="261"></div><h2>What is the current price?</h2>At the time of writing, SHIB current price is $0.000007695, <a href="https://coinmarketcap.com/currencies/shiba-inu/markets/">per CoinMarketCap.com</a> but points to a market cap of around $3 billion. <h2>What does the future hold for the currency?</h2>Though the future of shiba inu coin is insecure, experts seem bullish over the token.<a href="https://www.express.co.uk/finance/city/1441745/when-will-shiba-inu-reach-1-dollar-SHIB-price-value-EVG">As reported by the Daily Express</a>, some analysts say shiba inu coin's price could reach $1 but it's not clear when this date will be. "An adjacent parallel channel could be drawn to determine the possible price target for SHIB if accelerating interest is confirmed, "<a href="https://www.fxstreet.com/cryptocurrencies/news/shib-price-to-double-after-shiba-inu-endures-two-week-long-consolidation-202105250924">FXStreet reported</a>. Lucy Gazmararian, founder and managing partner of Token Bay Capital, told Insider, while many may brush off the "memefication" of money as a fad, the underlying forces at work are actually pretty revolutionary."Today with the rise of <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword>, we are witnessing groups of anonymous individuals experiment with the democratization of money itself and the shiba token embodies this new trend," said Gazmararian. "As long as participants within a growing ecosystem are united by a shared purpose and vision and incentivized to continue building out the network, the network will become increasingly valuable, and this will be reflected in the price of the shiba token," she added.Some observers are more cautious. Nigel Green, CEO of deVere Group, <a href="https://www.express.co.uk/finance/city/1441745/when-will-shiba-inu-reach-1-dollar-SHIB-price-value-EVG">told the Daily Express:</a> "Extreme caution should be exercised before investing in untested cryptocurrencies."He added: "There are major differences between the likes of bitcoin, which runs on cutting edge tech and has a limited suppled giving it scarcity value like gold, amongst other valuable attributes, and unknown digital tokens which seemingly have no inherent value."

Shiba inu coin's latest price predictions and expert forecast for the year ahead

<ul class="summary-list"><li>Most altcoins sold off Wednesday, but <keyword id="12303302" type="UNKNOWN" weightage="60" keywordseo="shiba-inu" source="Orion">shiba inu</keyword> continues to set records.</li><li>The meme token has gained 710% in the past month and could unseat <keyword id="11955065" type="UNKNOWN" weightage="60" keywordseo="dogecoin" source="Orion">dogecoin</keyword> for the 10th-largest <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword>.</li><li><keyword id="12256033" type="UNKNOWN" weightage="60" keywordseo="shiba" source="Orion">Shiba</keyword> inu was founded in August 2020.</li></ul>Altcoin season is upon us again, though most are selling off Wednesday, and one unsuspecting front-runner continues to set new records: shiba inu. The meme token, which seemingly vaulted out of nowhere, now could take over dogecoin's spot to become the 10th-largest digital asset in the cryptocurrency ecosystem. Shiba inu surged as much as 45% Wednesday to a fresh intraday high of $0.00006220, according to data from <a href="https://www.coingecko.com/en/coins/shiba-inu" target="_blank" rel="noopener">CoinGecko</a>, taking its gains over the past month to nearly 710%. With a market value of $30.9 billion, it is the 11th-biggest crypto.<h2>But what is shiba inu in the first place?</h2>Shiba inu is an ethereum-based alternative to dogecoin, a meme token favored by the likes of Elon Musk and Mark Cuban. It even calls itself a <a href="https://www.shibatoken.com/" target="_blank" rel="noopener noreferrer">dogecoin killer</a> and, like dogecoin, features the Shiba Inu as its mascot. "I don't know if there is room in the market for multiple meme coins," Chris Kline, chief operating officer and cofounder of Bitcoin IRA, told Insider. "Is it a zero-sum game?"The token was founded in August 2020 by someone going by the name Ryoshi, whose goal was to move away from "rigid social structures and traditional mindsets," according to its 28-page white paper, or in shiba inu's case, woof paper.Instead, shiba inu wanted to be "an experiment in decentralized spontaneous community building" and to give power back to the "average person."<h2>So why is it rallying?</h2>A couple of reasons. On Wednesday, the rise in price could be attributed to an <a href="https://www.change.org/p/robinhood-convince-robinhood-they-will-prosper-if-they-list-shiba-inu-coin" target="_blank" rel="noopener">online petition</a> on Change.org that's gotten more than 300,000 signatures calling for <a href="https://markets.businessinsider.com/stocks/hood-stock">Robinhood</a> to be the first traditional brokerage to <a href="https://markets.businessinsider.com/news/currencies/shiba-inu-binance-indian-exchange-dogecoin-ethereum-vitalik-buterin-donation-2021-5">list shiba inu coin</a>.Recently shiba inu also released a series of nonfungible tokens called "<a href="https://opensea.io/collection/theshiboshis">shiboshis</a>" that are written on the ethereum blockchain. Some of these feature shiba inus wearing a party hat or with laser eyes. And in May, the coin made headlines when the ethereum cofounder Vitalik Buterin donated <a href="https://etherscan.io/tx/0xb65bcbb85c1633b0ab4e4886c3cd8eeaeb63edbb39cacdb9223fdcf4454fd2c7" target="_blank" rel="noreferrer noopener">50 trillion</a> (then worth around $1 billion) to a crypto-based COVID-19 relief fund for India. Beyond that, it's really just the Shib Army rallying behind the coin."The crypto universe is full of coins that represent diverse use cases and themes," John Wu, president of Ava Labs, the team behind altcoin avalanche, told Insider.And meme tokens, he said, "are driven by culture and represent an underlying theme or movement, rather than special technical use cases."<h2 dir="ltr">So does that mean shiba inu has no real use case?</h2>It is tough to say - for now at least. Wu said shiba inu "wasn't built with a sophisticated use case like borrowing, lending, trading, or gaming," but it is trying to be useful.Since shiba inu is written on the ethereum blockchain, it might have more advanced smart-contracting capabilities, Wu said. One example is Shibaswap, a platform launched in July that aims to provide utility for the token in terms of staking and rewards.<h2 dir="ltr">How much is a shiba inu?</h2>If you think dogecoin at $0.244775 is cheap, wait until you hear how much shiba inu is. The coin trades for just $0.00006289. So owning 1 million shiba inu coins will amount to only $62.89.But nominal price isn't the best way to measure the attractiveness of a crypto. Instead, it's the future use cases of the asset as well as the potential it brings. And having a passionate community behind it doesn't hurt either.

What is shiba inu coin? Is there anything real behind its blistering rally, or is it pure hype?

<ul class="summary-list"><li>A <keyword id="6355838" type="LOCATION" weightage="60" keywordseo="new-york">New York</keyword> family's $8,000 investment in <keyword id="11258044" type="UNKNOWN" weightage="60" keywordseo="shiba-inu-coin">Shiba Inu coin</keyword> reportedly netted them $9 million.</li><li><a href="https://edition.cnn.com/2021/05/14/investing/crypto-shiba-inu-brothers-millionaires/">CNN Business</a> interviewed the family, which began investing in February. </li><li>The coin's value has grown by more than 10,000% this year, according to <a href="https://www.coinbase.com/price/shiba-inu">Coinbase</a>.</li></ul>A New York family's investment of about $8,000 in Shiba Inu coin, a <keyword id="1985091" type="PERSON" weightage="60" keywordseo="dogecoin">dogecoin</keyword> spin-off, netted them a $9 million fortune in the space of a few months, <a href="https://edition.cnn.com/2021/05/14/investing/crypto-shiba-inu-brothers-millionaires/">CNN Business</a> reported. The token gained attention last week as a <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> billionaire <a href="https://markets.businessinsider.com/currencies/news/vitalik-buterin-donation-shiba-inu-india-covid-relief-ethereum-cryptorelief-2021-5-1030426402">donated $1 billion</a> of Shiba Inu coin to help with India's COVID-19 relief. The coin's value has grown by about 10,000% this year, according to <a href="https://www.coinbase.com/price/shiba-inu">Coinbase</a>. It <a href="https://markets.businessinsider.com/currencies/news/vitalik-buterin-donation-shiba-inu-india-covid-relief-ethereum-cryptorelief-2021-5-1030426402">dipped about 34%</a> after the Indian donation from Ethereum creator Vitalik Buterin was announced. The New York family, which asked CNN Business to not use their surname, began investing with a few hundred dollars in February. They continued buying into the coin until they had about $8,000 invested, the report said.By Thursday, the family's investment was worth "nearly $9 million" CNN Business reported, saying it had reviewed the family's crypto records.It was a dramatic turnaround in fortunes for the brothers, who live in Westchester county and whose wedding business was nearly destroyed as a result of the COVID-19 pandemic. Shiba Inu coin calls itself the "Dogecoin Killer," as they share the same symbol: the <a href="https://www.akc.org/dog-breeds/shiba-inu/">Shiba Inu breed</a>. The token <a href="https://markets.businessinsider.com/currencies/news/shiba-inu-binance-indian-exchange-dogecoin-ethereum-vitalik-buterin-donation-2021-5-1030431008">was listed</a> on India's WazirX crypto exchange last week.

Shiba Inu coin investment turned New York brothers into multimillionaires a few months after they bet $8,000 on the 'parody' cryptocurrency, reports say

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