WazirX Goes Up By 24% β Shows Signs of Consistent Growth Over Past Month
The native cryptocurrency of India’s leading cryptocurrency exchange, WazirX, has experienced a significant surge of 24% in the past 24 hours. This growth comes after the exchange’s recent compliance update.
- WazirX has seen consistent growth over the past month, with a 57% increase in trading volume.
- India’s cryptocurrency ecosystem has been unfriendly towards crypto trading, but WazirX has managed to retain itself as the largest cryptocurrency exchange in India.
- The recent surge in WazirX’s price has sparked speculation about the reasons behind the interest in the cryptocurrency.
India’s Cryptocurrency Ecosystem is Not Very Friendly
India’s government and regulatory bodies have been unfriendly towards crypto trading, which has created challenges for companies in the cryptocurrency space. WazirX has faced its own battles, including a dispute with Binance in 2022.
- India’s regressive crypto taxation laws, which impose a 30% tax rate, have detracted from the country’s interest in crypto trading.
- Despite these challenges, the slow dissolution of the crypto winter has renewed interest in crypto trading in India.
- WazirX has seen success in trading Bitcoin, Ethereum, Litecoin, and other cryptocurrencies, with Bitcoin, Shiba Inu, and Ripple being the most traded coins on the exchange in June.
The Reason Behind WRX’s Comeback
The recent surge in WazirX’s price could be attributed to the exchange’s adherence to compliance, as stated in a recent tweet. This has attracted new customers who require WazirX’s exchange-based services.
- WazirX achieved 100% compliance in June and handled requests from 204 law enforcement agencies.
- Despite WazirX’s positive performance, it has not followed Bitcoin’s rising path.
- WazirX’s price analysis shows strong bullish sentiment, with RSI at 68% and the MACD histogram taking an above-zero direction.
Inspired By Thug Life Memes, $THUG is a Better Investment
Due to WazirX’s current volatility, a correction may be on the way, making it a good investment opportunity. However, another cryptocurrency called Thug Life ($THUG) is gaining popularity.
- Thug Life is a memecoin that embraces Snoop Dogg’s “thug-like” imagery and brings a community-powered value to the crypto arena.
- The token has already raised over $1.3 million in its presale, with a hard cap set at $2.06 million.
- The presale for Thug Life ends on July 17, and interested individuals can participate by visiting the official website.
Hot Take
Despite India’s unfriendly cryptocurrency ecosystem, WazirX has managed to experience consistent growth and attract new customers. The recent surge in its price may be attributed to its compliance efforts. However, investors should also consider other cryptocurrencies like Thug Life, which has gained popularity and offers a unique community-powered value.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
