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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><keyword id="6355315" type="General" weightage="60" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> says <keyword id="1985091" type="General" weightage="60" keywordseo="dogecoin" source="Orion">dogecoin</keyword> fees would have to fall for it to become a viable payment option.</li><li>His tweet came after <keyword id="6358378" type="General" weightage="60" keywordseo="amc" source="Orion">AMC</keyword>'s CEO said the movie-chain operator may accept dogecoin for movie ticket payments.</li><li>Musk's latest tweet suggests he isn't sure about adopting dogecoin for Tesla yet.</li></ul><a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> boss Elon Musk said Wednesday <a href="https://markets.businessinsider.com/currencies/doge-usd">dogecoin</a> fees would have to drop for it to become a feasible payment option, after movie-chan operator <a href="https://markets.businessinsider.com/stocks/amc-stock">AMC's</a> CEO hinted he might add it as a method to pay for tickets. "Super important for Doge fees to drop to make things like buying movie tix viable," Musk <a href="https://twitter.com/elonmusk/status/1440780474662543370">said in a tweet</a>. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> The billionaire CEO was responding to dogecoin creator Billy Markus, who is no longer developing the digital asset. "Robinhood announcing wallets, AMC CEO not only talking about accepting dogecoin but saying it was the single most interacted with tweet he has ever made, the <keyword id="2721952" type="General" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> market finally seeing some green," Markus had <a href="https://twitter.com/elonmusk/status/1440780474662543370">tweeted</a>. Cryptocurrencies had a <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-evergrande-default-crypto-sell-off-spillover-global-stocks-2021-9">weak start to the week</a> with the total value of the market falling below $2 trillion, as the fallout from Evergrande's debt crisis delivered a huge blow to risk appetite, sending roughly every asset class lower. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> tumbled 8% to around $43,000 on Monday, while dogecoin fell 13% to 22 cents. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> Most digital coins made some gains Wednesday, after Robinhood announced it would <a href="https://markets.businessinsider.com/news/currencies/robinhood-cryptocurrency-wallet-waitlist-alpha-testing-program-retail-trading-bitcoin-2021-9">launch a crypto wallet by next year</a> and AMC CEO Adam Aron responded to the <a href="https://markets.businessinsider.com/news/currencies/amc-dogecoin-crypto-adam-aron-ceo-theater-twitter-poll-bitcoin-2021-09">Twitter poll he put out</a> that sought input on accepting dogecoin in theaters. "It's clear that you think AMC should accept dogecoin," <a href="https://twitter.com/CEOAdam/status/1440713044703657989">Aron said</a>. "Now we need to figure out how to do that." Aron also appeared thrilled that Musk had liked his poll, and called him the <a href="https://twitter.com/CEOAdam/status/1440679599403192321?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1440679599403192321%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Frisingcandle.com%2Fbusiness%2Famc-ceo-adam-aron-thanks-elon-musk-on-twitter%2Fr%2Fr%2F">"epitome of innovation</a>." Musk has been relatively quiet about cryptocurrencies ever since announcing <a href="https://www.businessinsider.com/tesla-bans-bitcoin-payments-due-to-impact-on-environment-2021-5">Tesla would suspend vehicle purchases using bitcoin</a> due to its impact on the environment. He previously hinted at <a href="https://markets.businessinsider.com/news/stocks/elon-musk-tesla-bitcoin-alternatives-ether-cardano-xrp-chia-dogecoin-2021-5">adopting dogecoin for the EV-maker</a> instead, but his latest suggestion about lower fees seems like he still isn't sure. Dogecoin fees are made for the effort used in processing transactions on the blockchain. These fees can fluctuate, depending on how busy the network is. The dogecoin development team last month <a href="https://github.com/dogecoin/dogecoin/releases/tag/v1.14.4">announced an update to the network</a>, which claimed to enable upcoming fee reductions. Musk had <a href="https://twitter.com/elonmusk/status/1433481968692305963">reacted positively</a>, calling it "good progress." Dogecoin was last trading at 22 cents on Thursday. It's up more than 4,500% so far this year, according to data from <a href="https://www.coindesk.com/price/dogecoin/?am">CoinDesk</a>. Read More: <a href="https://www.businessinsider.com/bitcoin-options-expiry-volatility-trading-strategies-altcoins-crypto-market-analysis-2021-9" target="_blank">Ahead of bitcoin's $3 billion options expiry this Friday, 5 experts told us how much the crypto and other leading altcoins can surge or fall from here: 'if markets bleed, they will bleed as a group.'</a>

Elon Musk says dogecoin fees have to fall for it to become a viable form of payment, after AMC suggests it might accept the token for movie tickets

<ul class="summary-list"><li><keyword id="418743" type="General" weightage="60" keywordseo="michael-burry" source="Orion">Michael Burry</keyword> tweeted about shiba inu, the dogecoin-inspired cryptocurrency.</li><li>"<keyword id="143512" type="General" weightage="60" keywordseo="the-big-short" source="Orion">The Big Short</keyword>" investor dismissed the <keyword id="11171399" type="General" weightage="60" keywordseo="meme-token" source="Orion">meme token</keyword>, noting its supply exceeds 1 quadrillion coins.</li></ul>Michael Burry, the investor of "The Big Short" fame, isn't a fan of shiba inu. He dismissed the dogecoin-inspired cryptocurrency, which has more than <a href="https://markets.businessinsider.com/news/currencies/shiba-inu-coin-price-elon-musk-tweet-dogecoin-crypto-rally-2021-10">tripled in price</a> over the past week, because there are too many of the coins in circulation. The <keyword id="9272335" type="General" weightage="60" keywordseo="scion-asset-management" source="Orion">Scion Asset Management</keyword> boss shared <a href="https://help.coinbase.com/en/coinbase/getting-started/crypto-education/shib">Coinbase's description</a> of the meme token in a now-deleted tweet, highlighting that its supply exceeds a quadrillion coins. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> "Just saying, one quadrillion seconds is about 32 million years," he tweeted. "One quadrillion days is 2.7 trillion years, or ALL of TIME, from the beginning of the universe, multiplied by 71,000. In other words, pointless." Burry's tweet suggests he doesn't view shiba inu as a compelling investment because the vast amount of coins in existence limits its possible price appreciation. The hedge fund manager has been ringing the alarm on <keyword id="2721952" type="General" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> this year. He described <keyword id="6354947" type="General" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> as a "<a href="https://markets.businessinsider.com/news/currencies/big-short-michael-burry-says-bitcoin-speculative-bubble-crash-coming-2021-3">speculative bubble</a>" fueled by huge amounts of leverage. In addition,<a href="https://markets.businessinsider.com/news/currencies/bitcoin-michael-burry-big-short-analysis-long-term-future-tenuous-2021-2"> Burry questioned</a> its long-term prospects, given the threat of government intervention. He also <a href="https://markets.businessinsider.com/news/currencies/big-short-investor-michael-burry-questions-tesla-bitcoin-dogecoin-bubble-2021-2">ridiculed</a> <keyword id="1985091" type="General" weightage="60" keywordseo="dogecoin" source="Orion">dogecoin</keyword>'s surge to a record-high price, labeling it "a doge's breakfast." Moreover, Burry has <a href="https://markets.businessinsider.com/news/currencies/big-short-michael-burry-says-bitcoin-speculative-bubble-crash-coming-2021-3">compared the hype</a> around bitcoin, meme stocks, and other popular assets to previous bubbles in housing and internet companies. He warned they've been "driven by speculative fervor to insane heights from which the fall will be dramatic and painful." Burry is best known for his lucrative bet against the mid-2000s housing bubble, which was immortalized in the book and movie "The Big Short." He also inadvertently <a href="https://markets.businessinsider.com/news/stocks/big-short-investor-michael-burry-scion-gamestop-stock-price-frenzy-2021-2">paved the way</a> for the meme-stock boom this year by investing in GameStop in 2019, and his latest portfolio update showed he was <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-tesla-stock-cathie-wood-ark-etf-2021-8?utm_source=markets&amp;utm_medium=ingestgest">betting against</a> Elon Musk's Tesla and Cathie Wood's Ark Invest.

'The Big Short' investor Michael Burry dismisses shiba inu coin as 'pointless' - noting the dogecoin spinoff's supply exceeds 1 quadrillion coins

<ul class="summary-list"><li><keyword id="6355315" type="General" weightage="60" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> on Monday advised his Twitter followers to "own physical things" when inflation is high.</li><li>He seemed to make an exception for bitcoin, ether, and dogecoin, saying he won't sell his holdings.</li></ul>Elon Musk on Monday advised that it's "better to own physical things" like homes and stocks — but added that he wouldn't sell his bitcoin, ether, and dogecoin holdings. Musk, the CEO of Tesla and SpaceX and the world's richest person, said it was better to own physical things instead of US dollars when inflation was running high. He appeared to make an exception for <keyword id="2420795" type="General" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>, though. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> In a <a href="https://twitter.com/elonmusk/status/1503123611988766730">Twitter thread</a> discussing inflation, Musk said: "As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high." He added: "I still own &amp; won't sell my Bitcoin, Ethereum or Doge fwiw." <a href="https://www.businessinsider.com/inflation-cpi-price-growth-gas-prices-february-2022-3">Inflation in the US</a> hit 7.9% year-on-year in February, its highest level since 1982, <a href="https://www.bls.gov/news.release/cpi.nr0.htm">the Bureau of Labor Statistics said</a>. Musk <a href="https://twitter.com/elonmusk/status/1503184467397128194?s=20&amp;t=gkgcU91dxxpjvPYrmF43Ow">said</a> Tesla and SpaceX were "seeing significant recent inflation pressure in raw materials &amp; logistics." Musk <a href="https://www.businessinsider.com/elon-musk-selling-belongings-house-tesla-stock-2020-5">announced</a> in May 2020 that he planned to sell "almost all" his physical belongings, including his multimillion-dollar property portfolio. He <a href="https://www.businessinsider.com/elon-musk-sold-last-remaining-home-san-francisco-california-2021-12">sold</a> his <a href="https://www.businessinsider.com/elon-musk-sells-home-bay-area-san-francisco-2021-11?r=US&amp;IR=T">last remaining home</a> in December 2021. The billionaire entrepreneur is an advocate of cryptocurrencies, albeit with caveats. He's regularly <a href="https://markets.businessinsider.com/news/currencies/elon-musk-dogecoin-fan-bitcoin-gives-power-rich-jack-dorsey-2021-12">voiced support for dogecoin</a> and discussed the merits of crypto with leading figures from the tech industry. Tesla said it <a href="https://markets.businessinsider.com/currencies/news/tesla-buys-bitcoin-elon-musk-stock-accept-form-of-payment-2021-2-1030055107">bought about $1.5 billion worth of bitcoin</a> in early 2021, to be used as a hedge against inflation. Tesla's share price has fallen by about 35% this year, lowering Musk's fortune by about a quarter — but he's still the richest person in the world, with a net worth of about $206 billion, <a href="https://www.bloomberg.com/billionaires/">Bloomberg's Billionaires Index estimated</a>. Commodity prices were already on the upswing on the back of <a href="https://www.businessinsider.com/too-much-choice-makes-the-supply-chain-crisis-even-worse-2022-1">supply-chain disruptions</a> as the global economy recovers from the pandemic. Russia's invasion of Ukraine last month added to supply-side strains to the <a href="https://markets.businessinsider.com/news/commodities/too-big-to-sanction-10-facts-russia-oil-commodity-exports-2022-3">energy</a>, <a href="https://www.businessinsider.com/ukraine-war-could-make-cars-more-expensive-2022-3">metals,</a> and <a href="https://www.businessinsider.com/what-russias-invasion-ukraine-means-global-food-supplies-2022-3">grains</a> <keyword id="31671" type="General" weightage="60" keywordseo="markets" source="Orion">markets</keyword>, because both countries are leading suppliers.

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

Rounak Jain

Elon Musk says dogecoin fees have to fall for it to become a viable form of payment, after AMC suggests it might accept the token for movie tickets

Shalini Nagarajan

'The Big Short' investor Michael Burry dismisses shiba inu coin as 'pointless' - noting the dogecoin spinoff's supply exceeds 1 quadrillion coins

Theron Mohamed

Elon Musk advises owning 'physical things' like homes and stocks when inflation is high — but says he won't sell his bitcoin, ether, and dogecoin

Huileng Tan

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