- Shiba Inu coin is one of the most talked about cryptocurrencies.
- It was listed on WazirX for more than actual price.
- The Shib token price on WazirX is now back to normal.
Shiba Inu or SHIB coin is the hottest and most talked about cryptocurrency right now. The token is being hailed as a Dogecoin killer and surged soon after being listed earlier this week. Shiba Inu coin is built on Ethereum and is the highest growing cryptocurrency among the top 100 coins in terms of market capitalisation. Till Thursday, it wasn't listed on any of the Indian trading platforms and WazirX became one of the first to allow trade in INR in the country.
As expected, a lot of interested crypto investors pounced on the first chance and bought SHIB tokens which are still very affordable. However, there was a small catch. At the time when WazirX listed the SHIB coin, its value was around $0.0002 which converts to around 0.0015 INR.
Surprisingly, the price listed on WazirX was 3 INR. A lot of investors ended up buying the SHIB coins at the listed price, without checking it, largely because of the urgency. Most of them only realised it after the price crashed down to the actual cost. By that time, their investment was already in red. Several investors have since then taken to social media platforms to share their holdings and claiming how they were robbed.
While the trading platform has admitted that there was an issue, it has largely blamed the mistake on others. The platform in a blog post said that for tokens listed under Rapid Listing Initiative, it relies on liquidity provider to provide initial liquidity.
"Today, when SHIB market went live, its deposits and withdrawals took longer to go live due to a misconfiguration. There was also a delay in our liquidity provider bringing in liquidity, and that led to a liquidity crunch in SHIB market. With more people trading, SHIB prices climbed up due to the lack of liquidity," the statement from WazirX added.
The trading platform has promised that in future it will enable deposits and withdrawals (onchain or offchain) of a token at least 1 hour prior to making its market live.
"This will help us ensure that anyone can bring in the liquidity for a token and will reduce our reliance on our liquidity provider," it added.
Issues like these are what investors need to keep in mind while investing in cryptocurrencies. It is an industry which is still trying to find its feet and faces issues on a regular basis. India Today Tech recently highlighted that Indian trading platforms are letting the investors down. Most platforms continue to face issues like OTP authentication, no option for UPI payment and inability to execute orders because of increased demand.