Bitcoin Forum

Wazirx is India's largest cryptoexchange. But for some time now, the value of its coin has been plummeting. Its all time high was about four to five dollars. Even though it has been going down for almost six to eight months now, do you know the reason?

It's normal but believes me it will still recover, that coin belong to a new crypto exchange and after the hype around the exchange the coin loses value, this is nothing new and once the exchange team starts introducing new features things will start going bad to normal. Don't give up wazirx is a good exchange.

That means if wazir didn't bring a huge progress on its exchange site. As far as I know that wazir act as a child company for binance to give a service to the indian and this is also happening with another child exchange site as the demand is still focusing into the major exchange site. You can even take a look at some local exchange site as well. their tokens have the same performance.
Yeah that looks so frustrate to see that the price has been plummeting a lot. I expect this needs long term to recover. The demand for wazir already done and it needs to regained it again.
There are various reason triggering such thing to happen with wazir.

Is a function of Sever crashed down, that was why their Native currencies when down significantly in the last few month and continually, many users were fade up with their operations and many lost their funds ect

please make reference to  this article here (https://www.republicworld.com/technology-news/other-tech-news/why-is-wazirx-token-going-down-wazirx-faces-issues-in-payment-processing-and-trading.html) for better understanding.

There are now hundreds of coins with the same fate. In general, alts are in very bad shape and BTC is constantly crushing them. WRX may be one of the top premium coins when the bull season arrives.

WRX coin rose from 0.11$ to 4$ don't tell me you failed to take profit at the time, you shouldn't buy and hold coins when they are at a new ATH ( all time high ) now is the best time to start accumulating 0.55$ looks like a decent price but I will buy if price ever come down to 0.2-0.3$ range.

Now there are so many platforms to be used as a medium of exchange, of course each platform has a different way,
and here we are talking about WazirX, that doesn't mean WazirX is a bad exchange.

and make this an opportunity to buy tokens because now the price is decreasing, later it will run normally again, and the tokens will recover.

Wazirx has a good market review in the start and it was going to believe that is able to sustain like other reputable exchanges.
https://www.cryptonewsz.com/cryptocurrency-exchange/wazirx-review/

However, having this evading issue (https://www.business-standard.com/article/companies/cryptocurrency-exchange-wazirx-under-lens-for-evading-rs-40-crore-in-taxes-122010100010_1.html,)this makes everything in change...
This certainly affects the credibility of the exchange and might lead to traders finding another one if they never resolve it as possible. Even last year, they faces an issue issue (https://www.indiatoday.in/technology/news/story/wazirx-crashes-after-users-sell-on-talk-of-india-crypto-ban-ceo-asks-investors-not-to-panic-1880210-2021-11-24) and they never had the chance to recover.

I guess we can pinpoint that one of the reasons is that no one wanted to invest on it, simply as that. And there are a lot of crypto exchange token that investors can put their money like Binance that can multiple and we have seen in last year. And this is the sad truth, if you are not the prime movers of this so called crypto exchange token and you just follow the trend, chances are you are not going to get a good support just like what we have seen in this case.

Well a lot of cryptos have been going down steadily few ups here and there but long run going down, I've started looking into new tokens that's currently in the trending niche after taking loss half year straight.  ;D

The most noise lately has been coming from the gaming/metaverse section perhaps look into those niches. For example #Lunafi which brings safe gambling with low gas fees due to being built on Polygon to the metaverse with their own casino while offering yield farming the people who provide liquidity while gaining more annual rewards whenever someone makes a bet on their platform. Or another fundamental project for the gaming sector is $ENGN which allows developers to implement blockchain technology onto non blockchain projects without having to rewrite the whole base code, quite the time saving project might i add. Also they got a new shooter game that's around the corner coming in march, the trailer looked really addictive and it's built Unreal engine so you know it's gonna be a smooth and quality gameplay. While your token might explode on the next bull run i'd consider looking into the gaming niche as well.

Is not it a usual thing in crypto when a good coin faces a bad performance compared with another token? i know that you may have invested in this token but this token's performance totally depends on the exchange site's performance. I think that the point is what new development that already been made by the team of wazir exchange site. I know this is also a major exchange site in india but more and more innovation must be made. It seems like the token is lack utility.
This may become the reason why people are selling their wazir instead of holding it for long term. You can also take a look at the daily volume trade of this exchange site too.
I remember when this token got hyped last year and this time the situation is totally different.

Everything went down after bitcoin plummeted after reaching the ATH of $69k. No other reasons but when the market goes like that, see to it that all of the crypto assets are going to go down because of bitcoin. So if you're going to look at any reason why it has plummeted, the first reason is its relation with bitcoin. It's not the only altcoin that had fell down after hitting the ATH.

Were in the middle of a bear season. All coins and tokens have been plummeted bigtime. Of course thats not an exemption to wrx. Yes its an exchange coin, like bnb and kcs but they are also both go down. It just reflecting how bad the market was. It also depend on the aftivity on the market. Whether its coins and tokens have a lot of movement there and if they have some features that users kept using on wrx platform.

Instead of waiting for that long period of time it's smarter to use the dollar average cost method and get some wazirx coins, I remember when bnb used to be cheap we never thought for once that it can be as big as it is today.

Are you feeling frustate to see your token was getting under performance compared with another token? Sometime the price of token reflects the demand for the platform and project. Just because wazir was a popular exchange site caused by binance and it doesn't mean the price will always be at the top. You must also see another token owned by another exchange site again.
The crypto is very volatile and it can go up or down instantly. I think that the possible thing for you to use this token as your long term portfolios waiting for the price to recover.
I know how do you feel after seeing the price of this token was dropping a lot from its ATH.

It's not only wazir but another exchange site was also facing the same downtrend. I think that people are wanna buying the token when they can get benefit from the existance of the token. Just like when you are able to staking your token, used it for launchpad, funding and many more. We do know that major exchange sites are also regularly accepting their tokens for the launchpad purpose.
I think that this is not gonna be for long term. Im sure that as long as the team can deliver a new innovation and the price will increase again.
The downtrend sometime was occuring but there was always a chance to increase again.

Same with TKO
But, this is not really bad because we also know that most altcoins are still dropping since the early year. Let's see most coins are right now still struggling very hard, moreover with the high volatility of Bitcoin that always give influence to the altcoin price.
Don't think too hard, if you can still hold the tokens, just hold it. They are exchange tokens that may have good fundamentals. Just consider the plus and minus of holding the tokens.
Be patient because the market still keeps struggling right now, facing all possibilities, FUD, and also sudden news that sometimes can drop and rise the crypto market as they like.

If you are a holder, just keep an eye on this trading platform. Because most alts really going down this year because of the btc market. It may be the crypto market itself. But if you see the trading platform is getting stronger, then, the hope of recovering its value is there. But if the owners are leaving or disappearing or the support is not active, that's when you need to get worried and get out. But if not, keep holding.

I agree with what you have to say. But for some time now no new announcements of any kind have been made by the team of wazirx. From this it seems to me that the team is not active at the moment and if only a plan was made by them in the future then maybe now the wazirx token can go up now. Otherwise wazirx is a good exchange and I have been associated with it for the last two years.

I think people are loosing interest in wrx token this could be the big reason of the huge price drop of WRX the support of Binance exchange is playing an important role to give wrx strength to survive in the crypto currency market but this is not enough, the indian exchange will have to take solid steps by its own like providing good trading experience, customer support, security etc. because these all things decides the future of an exchange and its native token.

Are you frustrated with your existence? It is normal sometimes you know who you are but then you think you are nobody. You can work on yourself and improve over time. At some point you will find your identity again. There is no reason to steal other peoples accounts and pretend to be someone else..... for years! It is my honor you want to be me but this is totally creepy..

The token has performed well in the past. I was an addicted trader of the coin, then I was trading over 10k of the coin, later my friend who owns it asked me to hands it over because he needed money, he sold it at peanut before the price picked and went to ATH. Realize that most alts are down.

The basic factor I will consider with Wazirx is the Binance influence on the operation of the exchange. It was launch with help of Binance and many mode of operation on it are from Binance. So far the security of the young exchange has not been bridged, transaction fee is moderate, good trading variety and reliable listed coins. At the moment coin are leaving weak hands to strong for a high price in the long term, thats the effect of bear market.

Probably the reason why the value of this shitcoin has dropped is because this exchange is not popular and it is a Binance project in general. I don't think Wazir X is used by many people, most likely they trade on more popular exchanges like Binance. All in all WRX is not a success and it's not clear why it should grow. Coins were sold to all who want them at high prices, now the sale is still going on.

as we know altcoins follow btc, so every time altcoins go down, you don't have to worry about it because it's normal for btc etc to go down.
warzix will return to normal if a little pump. from the dev side when bitcoin is back up and normal reaches a new ath

               One thing you can look at is the overall situation of the market which isn't really that good. So coupled with maybe bad service, the price dump may have been worsened by the current market conditions. Exchanges of not comfortable to use nowadays will not rake in much traffic. Let's face it there are better choices out there for comfortable experiences in trading. As an exchange, better excel or stop.

It seems that all Indian based crypto/exchange are down? What is happening to them. Is there are an issue again with the legalization of cryptos in India? Because, they always have an issue with cryptos before and how many times they allow and disallow it. 6 to 8 months of down for wrx is a long time and looks not normal anymore. The cryptos dumps have started on December last year and lasted only about 4 months because after that we have seen cryptos are now recovering.

Wrx should also recover that time. The overall market of cryptos are not fully recovered yet so maybe you can extend your patience too for wrx coin but once return to normal and this coin still down, that's the time to dump it too.

Since you had mention as a token.It's token, So you can able to buy at any value. Even below 1$ or 0.1$Many of the stable coin was became a less. It's essential for hold all your coin for now. When the market back to old value, you can buy anything now for long term investment.But you should The price of warix was low. It's like crypto other country. It was an additiional benefit to onverse your money.

Well, most coins in the market has been losing their value for quite some time now. I would say you should have patience for now, maybe with time it will go up again. Unless it is steady losing value every day, in that case I would say maybe it is best that you withdraw your money from the coin and maybe invest in another cryptocurrency or maybe hold it in a stable coin while you continue to wait and see what happens next.

So many coins these days do not have any correlation with Bitcoin and that means they wouldn’t be going up if Bitcoin is going up. They would just be making a move that is totally unrelated with Bitcoin’s market.

Since, I am not so sure of this cryptocurrency and this is the first time I’m getting to know about it, I wouldn’t really say that it is good or bad, but if the he truly believes that majority of Indians are making use of this particular exchange, then it might be worth holding. But, sometimes some of these exchanges can fake their trading volume or information like that and you will never be able to tell whether they are truly what they are or not.

I don't really know to much about that exchange to be honest as i have not used it before and i also have to admit, that i even did not hear about it before, but that does not mean much. I would not worry to much about the price of it's token at the moment as we are still in a very shaky market right now and even though Bitcoin and the big Altcoins increased in value in the last few days they are still miles away from their ATH's of may 2021. We need a longer phase of a stable market that goes sideways and once we have achieved that i think that also smaller cap coins can slowly but surely begin to rise again. The important thing at the moment is, that the exchange keeps up working as intended and is satisfying their customers.

The answer lies in your question. It is "India's" largest platform. This means that the news of 30% taxes from April has led several of the investors to cash out. This would have led to the downturn in an already bear market.

WazirX as a platform has good fundamentals and they have jumped in pretty eagerly onto the NFT space. They are one of the few platforms that don't wait before jumping into these new things and I think they will eventually do well as regulations clarify.

Of course you shouldn't invest based on my or anybody else's opinion. I don't think the token per se has any utility other than being a cash cow for the platform. Yet, nothing stopped BNB from pumping.

There are a number of reasons why the value of a token can go down.  Since it is an exchanger-dependent token, its future depends a lot on the success and failure of the exchanger. A potential project is able to reach its goal by overcoming various obstacles if there is teamwork behind it. Since the token is based on an Indian exchanger, it can be said that since cryptocurrency is not very popular and legal in India at present, its acceptance and value may increase over time.

I saw many time that whenever any good news or bad news happen in india about crypto its directly impact on Wrx price whether market bear or bullish.
The team is working hard on Nft system amd if they succeed i believe that price will be recover and holder will be enjoy that.

The all time high you are talking about only lasted for a few minutes. I was watching the rally and i was surprised to see the rally to begin with because i was holding a large number of coins and the beauty of that is the coins i was holding were dropped to me by the exchange because i was trading large amount of coins and hence it was a bonus for me and i booked my profit and after that i am having the coins as they keeps on unlocking the coins but i am not touching them unless we see a trend reversal.

Not only WRX coins majority of the Altcoins drops in the last 6 months time I believe it will bounce back as the WRX exchange is also growing so I expect the value will also increase by the time but in the current time we listen every now and then about the imposing tax on cryptos in India is also one of the reasons for drop it is purely my thinking still I would say WRX has potential to overcome all the hurdles in the future.

When they finalised the budget in India, I think they made it clear that Crypto is no more illegal in India and thats why soon after Indian Market was flooded with huge number of crypto exchangers. They have put great deal of investment into the apps,  promotions and web versions of exchangers.

Honestly speaking they are far better than WazirX as far as the review sites are telling. The problem with the later one is, they are not evolving at all. All they are doing is spending on in app purchase promotions. They have no advertisements running elsewhere or on the TV commercials and they are not even being sponsors in the games in India. This is being done by other Crypto Exchangers and thats why they are gaining more popularity.

This is why WRX is not the next big coin anymore. People are taking out the investments out of it.

Not, likely because it was surprising that a known exchanger will drop. It is a wild guess why it goes like this and might people be right that this was due to the market drop affecting the crypto market in general.

https://zeenews.india.com/photos/business/5-popular-cryptocurrency-exchanges-in-india-2386786/wazirx-2386791

Assuming that this was because of the market drop, however, this can't be taking so long, recovery will show somehow as the market is started to recover.

If I am not wrong WRX bumped overnight and people who are holding that coins became rich but after that everyone dumped it so price starts to decrease gradually now its just one of the token from exchange, in future it may grow but no one has the crystal balls to find out what will happen in future but the reason for decrease in price is dumping.

I don't think it is pecular to wazirx alone. A lot of coins are generally down, some have even done a -90%.
Have said that, the coin has the potential of coming back strong.
In 2020, I sold off my wazirx because it went down bad, and when it was up to my initial capital, I foolishly sold off. Days after, the price of that token skyrocketed from about 18cents to 2$, I almost went mad. So don't make that same mistake.

To begin with, we should have asked ourselves, why did this token grow? Were there adequate reasons for its growth? Of course not, it's a pump-and-dump token that they decided to use for short-term speculation. The token is not going down, but back to its natural price. I usually see charts like this around scam projects where almost all ivnestors lose their money.

This token does not deserve any attention at all.

https://i.imgur.com/ihfH5F4.png

Not only WazirX others all of the coins even top ranking coin was downtrend, but from the yesterday BTC is going increasing, So that most of the altcoins also started pumping, such as WRX pumped 5% right now. I don’t agreed with you an investors aren’t satisfied with WRX and this is the reason it’s price was dumped. WRX is still reliable exchange coin if you wanna to invest here for long or short term.

According out into my research which do mainly talks about past events on this exchange on which it does have those trading service went down for quite some time on which it did result into a
very common scenario where users or supporters doesnt really like that kind of thing on which it would really be normal that demand would really be lessening overtime
and thats whats happening to Wazirx and into its token.It would be basically talking all about demand in regarding with this case speaking with token price or value.
If less demand then expect less and same goes on otherwise.

You might actually investigate some neighborhood trade site also. their tokens have a similar presentation. Local monetary forms when down altogether over the most recent couple of month and constantly, numerous clients were blur up with their tasks and many lost their asset. crypto trade token and you simply pursue the direction, odds are you won't get a decent help very much like what we have found for this situation.

I feel the same way, as India tightens its grip on crypto-related actions. I also just heard that they just released a notice to catch tax evasion money from the exchanges. Looking at the current trend, perhaps we should also be more optimistic about this market as things are recovering significantly, so I think there is still a chance for it to do better next time thanks to the market trend. school without taking a long time. :)

I think this is because the Indian Government new regulations about taxations? in which lowering the Use of exchange from that country ? and some investors might getting in some place where they can keep safely their coins and not in obviously Indian connected exchanges .
maybe it is not only the neighborhood trade ,  but also the neighboring exchanges .