Indians investors’ Cryptocurrency love is surging day by day. Investors are showing more interest in Dogecoin Cryptocurrency due to its less value and more return. As per the reports, Dogecoin saw a 10 times surge in its value over last month.
Due to a surge in Dogecoin price, WazirX recorded a massive jump in its traffic. The online platform is one of the largest cryptocurrency exchanges in India but could not handle such huge traffic. It resulted in transaction failure and delay in processing.
Why WazirX Platform is Facing Technical Issues?
Dogecoin Cryptocurrency is having a dream run for the last month. A sudden surge has forced Indian Cryptocurrency investors to invest in Dogecoin. Since WazirX is one of the authorized and trustable online platforms for Cryptocurrency exchange in India, investors flooded the online platform with plenty of transactions from all corners of the world.
WazirX could not handle the users’ demands properly. It crashed many times. Some investors complained about transaction failures while others reported that the processing is very slow. Some users’ money also got deducted without a successful transaction.
WazirX released the statement that its servers are facing serious issues due to the sudden surge in Dogecoin Cryptocurrency.
Later, the Indian exchange platform reported that it has solved the issue and things are smooth now. But, users still complained about the transaction failures.
“Doge’s sudden price movement has caused a massive surge in our traffic. We’re seeing more than a 1000% spike in concurrent users.”
About Dogecoin Surge and WazirX’s CEO Clarification
Business Insider contacted WazirX to know the real reason behind transaction failure. The media portal was discussed with WazirX CEO Nishcal Shetty. He revealed that it was a system error.
Talking about the current issues related to processing delay, he said:
“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 also revealed that it was not about the server load as identified earlier.
He also confirmed that the issue has been resolved by the technical team. But users have a different story to tell. Investors are claiming that the platform is not supporting any transaction method including UPI, NEFT, RTGS, IMPS.
Billy Markus and Jackson Palmer created Dogecoin currency in 2013 as a joke. Now, that joke has a market cap of $80 billion. In a week, its value got doubled from Rs 23.19 to Rs 45.19. In a month, the virtual currency saw a 10 folds jump.