To counter the same, Binance-owned crypto exchange WazirX is set to undertake measures to ensure better price stability. They have also launched an Airdrop program of new WazirX tokens to compensate users who suffered losses on account of the SHIB pricing glitch.
As was seen with the unusual spike in prices of ‘Shiba Inu, a meme-coin’ on WazirX’s platform last week, cryptocurrency is prone to volatility. To counter the same, Binance-owned crypto exchange WazirX is set to undertake measures to ensure better price stability. They have also launched an Airdrop program of new WazirX tokens to compensate users who suffered losses on account of the SHIB pricing glitch.
Shiba Inu (SHIB) opened at a much higher price on the exchange than its price across the world, after getting listed on WazirX. From its peak price of INR 1,660, its price had fallen to below one rupee within an hour after the token had been listed. This meant that several traders were trying to purchase the coin at the same time. As compensation, Shetty said that the company will now offer free WazirX tokens equivalent to 25% of the losses through Airdrop program.
Over the last few weeks, several banks have enforced restrictions around buying or selling cryptocurrency.
Source: Business World
