Shiba Inu is the meme token lookalike that was fashioned after the infamous Dogecoin a few months ago. The unknown creator of the token goes by the Japanese name Ryoshi, and no one knows much about the real identity of the creator. However, the token has been able to witness a massive amount of success and attention from the traders in the cryptocurrency world.
This token that is based around a meme does not offer any real use case. However, the recent rush to buy this token has caused the biggest crypto exchange in India to crash. WazirX, which in reality is a subsidiary of Binance and based in Mumbai, has requested patience from its clients until the management can solve the issue.
Shiba Inu Listing on Robinhood
The popularity of the token Shiba Inu reached India when Vitalik Buterin, the prodigy creator of Ethereum blockchain, donated $1 billion worth of tokens. This donation was wired to the COVID Crypto Relief Fund that was put together by a native businessman named Sandeep Nailwail. Since then, the Shiba Inu token has been gaining a considerable amount of attention in the region.
Recently an investor named Tristan Luke started an online petition for Shiba Inu for getting a listed position on Robinhood. The petition has managed to get 3 lakh signatures thus far and led to a disruption on WazirX caused by the investors who want to get their hands on the satirical token. At present, Shiba Inu is the 11th largest cryptocurrency in the world, with a market cap of $29 billion.
The users on WazirX have been unable to send or receive any money since the beginning of the current week. Additionally, the management of the crypto exchange claims that the payments have been made from the bank; however, the transactions are unable to get processed. The traders on the application have been using a third-party digital wallet called Mobikwik to process their orders.
As per new reports and complaints, Mobikwik has also started to show signs of technical difficulties. The market cap of the Binance exchange is valued at $2.6 trillion. This amount is greater than the annual GDP of the country. Therefore, many experts opine that WazirX needs to invest greater resources into making their platform viable and secure for their clients.