Shiba Inu: WazirX announces compensation programme

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WazirX, the cryptocurrency exchange, has announced an airdrop programme for its investors who bought Shiba Inu (SHIB) token at a very high price. The program will help investors who bought SHIB at exceptionally high prices and have not sold them and those who bought them at exceptionally high prices and sold them after it being normalised.  WRX airdrop programme will see investors getting paid WRX equivalent to 25% of their loss every month for the next four months.

Shiba Inu was listed on WazirX at Rs3, while it was valued at Rs 0.0016. With so much buzz created around the Shiba Inu coin, many users bought it at high prices but it soon crashed to actual cost within hours. They later took to social media complaining about the listing.

Day 927

Announcing WRX Airdrop program for users who bought SHIB at exceptionally high price & did not sell.

WazirX is about trust & we have decided to help our users.

We will AIRDROP WRX equivalent to your loss!

Details soon

Plz share & RT #WazirXCares#IndiaWantsCrypto

— Nischal (WazirX) ⚡️ (@NischalShetty) May 16, 2021

“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 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.

WazirX is one of the first exchanges to lists SHIB token in India. It followed the day after Ethereum founder Vitalik Buterin donated $1 billion in SHIB to the India Covid Relief Fund. It is popularly known as a “dogecoin killer”.

Just like Bitcoin and other cryptocurrencies today, WRX is a token created by WazirX. The website states that there will be a maximum of 1 Billion WRX coins ever created. Shortly after WazirX was launched, the Indian central bank (Reserve Bank of India) imposed a blanket ban on banks from dealing with cryptocurrency exchanges. It was a huge setback for the Indian cryptocurrency industry with many exchanges shutting shop. It was during this time the team innovated and created auto-matching P2P engine.