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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

<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="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

Tesla CEO Elon Musk on Friday said the electric carmaker will accept meme-based <a href="https://www.businessinsider.in/cryptocurrency" data-type="tilCustomLink">digital currency dogecoin</a> for merchandise. "Tesla merch buyable with <keyword id="1985091" type="General" weightage="20" keywordseo="dogecoin" source="Orion">Dogecoin</keyword>," Musk said in a tweet. Following the news, Dogecoin raced up to $0.20. Tesla sells apparel, 'Giga Texas' belt buckles and mini models of its vehicles as well as quirky limited-edition items such as the 'Cyberwhistle', which is modelled after its much-awaited Cybertruck. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> After vouching for Bitcoin, 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. In addition, Musk earlier confirmed that the company is "most likely" going to resume taking Bitcoin payment after some due diligence on the improvements in the energy mix used to mine the cryptocurrency. "I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 per cent, and that there is a trend toward increasing that number, and if so Tesla would resume accepting bitcoin," Musk said. "Most likely the answer is that Tesla would resume accepting bitcoin," he added. Musk also confirmed that he has a significant personal investment into bitcoin on top of Tesla's investment and he has smaller Ethereum and Dogecoin holdings.

Tesla to start accepting dogecoin for merchandise, Musk tweets

<ul class="summary-list"><li><keyword id="2637437" type="General" weightage="60" keywordseo="bitpay" source="Orion">BitPay</keyword> and <keyword id="366814" type="General" weightage="60" keywordseo="verifone" source="Orion">Verifone</keyword> have teamed up to allow merchants to accept crypto as payment. </li><li>The solution will protect merchants from volatility in the crypto <keyword id="31671" type="General" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, Verifone said. </li><li>Many merchants are in talks to use the service but none have officially signed up yet, BitPay said.</li></ul>Buying pizza with dogecoin or litecoin might soon be possible. A new partnership between crypto payments processor BitPay and Verifone, the maker of credit card readers, is aiming to allow customers to use their cryptocurrency to pay for products later this year, according to a <a href="https://www.verifone.com/en/us/press-release/enabling-crypto-bitpay">Tuesday press release</a>. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> "If they decide to buy a pizza with Visa or AmEx or crypto, we don't care," Mike Pulli, chief executive officer of Verifone, <a href="https://www.bloomberg.com/news/articles/2021-09-28/paying-for-taco-bell-with-dogecoin-may-be-closer-than-you-think?srnd=markets-vp">told Bloomberg in an interview</a>. "We just want to give them the flexibility to pay the way they want to." Users with approved crypto wallets, like <keyword id="8923121" type="General" weightage="60" keywordseo="blockchain-com" source="Orion">Blockchain.com</keyword> and BitPay, can use one of 11 difference cryptocurrencies such as <keyword id="6354947" type="General" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword>, dogecoin, and litecoin, to make purchases. Once at checkout, customers will choose their crypto wallet on the device generally used as a card reader. The consumer will then scan QR code from the screen using their crypto wallet to complete the transaction. Merchants will receive the crypto in US dollars in their bank accounts. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> "The new solution enables merchants to broaden their customer base and promote crypto acceptance while being protected from the price volatility of the cryptocurrency markets," Verifone said in the press release. Verifone said its merchant base has been looking to tap into the crypto market - which is now worth more than $2 trillion. Verifone has merchants such as Whole Foods and Macy's in its portfolio, Bloomberg reported. Though no merchants have yet signed up for the new service, many are in talks to do so, according to BitPay, which currently processes more than 60,000 crypto transactions per month. Cryptocurrencies are "becoming more mainstream by the day," Blockchain.com's senior product manager Amadeo Pellicce said. <keyword id="18635" type="General" weightage="60" keywordseo="amazon" source="Orion">Amazon</keyword> is among the largest players that has shown interest in stepping<a href="https://www.businessinsider.com/amazon-cryptocurrency-seeks-new-blockchain-leader-customers-payments-ecommerce-2021-7"> into the crypto payments</a> world. A a June job-listing said the online retail giant is looking for a leader to "develop Amazon's Digital Currency and Blockchain strategy and product roadmap." <a href="https://www.businessinsider.com/more-companies-accepting-bitcoin-cryptocurrency-paypal-starbucks-2021-4">PayPal, XBox, and Taco Bell-owner Yum Brands</a> have also begun allowing cryptocurrency payments this year.

A new partnership between Bitpay and Verifone could allow you to soon buy pizza with cryptocurrency

<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>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

<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="1972612" type="General" weightage="60" keywordseo="coinbase" source="Orion">Coinbase</keyword> fell as much as 5.7% on Monday amid a broader sell-off in the <keyword id="2721952" type="General" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> and stock <keyword id="31671" type="General" weightage="100" keywordseo="markets" source="Orion">markets</keyword>.</li><li>The dip in Coinbase shares coincided with steep drops in the prices of nearly all major cryptocurrencies.</li><li>The brewing liquidity crisis at Evergrande and US domestic policy risks battered markets. </li></ul><a href="https://markets.businessinsider.com/stocks/coin-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Coinbase</a> fell as much as 5.7% on Monday amid a broader sell-off in the crypto and stock markets, intensified by news the <a href="https://markets.businessinsider.com/news/currencies/coinbase-crypto-lending-program-sec-lend-abandons-usdc-apy-waitlist-2021-9">crypto exchange would give up on a lending product after a tiff with the SEC</a>. Shares in Coinbase fell as low as $231.15 on Monday from the previous Friday's closing price of $245.19. The stock closed lower by 3.5%, finishing Monday's session at $236.53. The dip in Coinbase shares coincided with <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-evergrande-default-crypto-sell-off-spillover-global-stocks-2021-9">steep drops in the prices of nearly all major cryptocurrencies</a>. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> and <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a> tumbled as much as 10.4% and 12.9%, respectively, as dogecoin, solana, and XRP plunged alongside the two biggest tokens. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> Likewise, US stock markets declined sharply, with many analysts pinning the blame on the <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-evergrande-default-loan-payment-fed-meeting-oil-2021-9?utm_source=markets&amp;utm_medium=ingestgest">brewing liquidity crisis at Evergrande</a> and the implications for China's economy. But others pointed to US domestic policy as the proximate driver of Monday's dip. "The Evergrande situation, although big and impactful, isn't the reason for this sell-off," said Jamie Cox of Harris Financial Group. "Rather, stalemates in Congress on the debt ceiling, worries on policy changes or mistakes in monetary policy, and a litany of proposed tax increases have dampened the mood for investors." <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> As Coinbase stock swooned, so did the company's <keyword id="35147" type="General" weightage="60" keywordseo="bonds" source="Orion">bonds</keyword>, which trade at junk levels. The bonds fell as low as 95.75 cents on the dollar as news emerged that the company was <a href="https://markets.businessinsider.com/news/currencies/coinbase-crypto-lending-program-sec-lend-abandons-usdc-apy-waitlist-2021-9">giving up on a lending product that the SEC had threatened to block by legal action</a>. The Coinbase bonds were already among the worst-performing newly issued debt, according to <a href="https://www.bloomberg.com/news/articles/2021-09-20/coinbase-s-new-junk-bonds-sink-to-fresh-lows-amid-crypto-rout?srnd=markets-vp">Bloomberg</a>.

You Searched For "wazirx dogecoin" and got 10 results

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

Rounak Jain

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

Isabelle Lee

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

Natasha Dailey

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

Tesla to start accepting dogecoin for merchandise, Musk tweets

IANS

A new partnership between Bitpay and Verifone could allow you to soon buy pizza with cryptocurrency

Natasha Dailey

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

Isabelle Lee

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

Kevin Shalvey

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

Theron Mohamed

Coinbase drops as crypto joins broader markets in steep sell-off on China fears

Ethan Wu

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