Whatever WRX: The Coronavirus Can’t Keep WazirX (WRX) Down
What’s that? It’s a bird! A plane! No, it’s WazirX (WRX) leaping up another 20% against Binance Coin (BNB) over the past 24 hours! Faster than a speeding bullet. Stronger than a locomotive. WazirX(WRX) can leap up the charts in a single bound! All in a bear market to boot.
For those standing on shore looking out into the altcoin sea, WazirX (WRX) may seem insignificant. It’s not a top 10 coin (yet) and it doesn’t appear on your news feed very often. But if you have a basic understanding of exchange based tokens, perhaps due to the unbridled success of Binance Coin (BNB), then you probably have a good idea why WazirX (WRX) is doing so well.
WazirX, of course, is India’s “most trusted Bitcoin exchange.” The native utility token is traded as WRX. As the token is backed by the exchange, it creates, as the website states, “the backbone of WarizX ecosystem.” Much like Binance Coin (BNB), traders on the exchange can reduce their fees by utilizing the token within the app.
So here’s the thing… can you remember the last time BNB traded for under $.20 USD? Can you imagine being able to go back in time and make that trade?! While India doesn’t have quite the population of China (Binance’s home country) it likely has a more active trading community. At any rate, parallels can certainly be drawn relating WarizX (WRX) and a younger Binance Coin (BNB), …can’t they? And while the future remains decidedly uncertain and new black swan events, like the Corona Virus, lie on our collective horizon, I think the tea leaves read pretty clear with this coin.
Coinmarketcap lists this token as #257 with a total market capitalization of nearly $20 Million USD. WazirX (WRX) has a trading volume of over $91 Million USD per day. There are just over 100 Million WRX in circulation, with 1 billion tokens in total. According to the WazirX website, there will never more created.
Why’s It Up Right Now?
India recently surprised the crypto-verse when their Supreme Court ruled to dismiss previous laws forbidding cryptocurrency trading. In the aftermath, WazirX (WRX) nearly tripled, skyrocketing from $ .07 USD to $.19 USD in less than a week.
But be careful out there, India’s central bank is still planning to fight the ruling. How’s that for some market F.U.D!
Where Can I Get Me Some?
For those of you ready to climb aboard, WRX can be found on the WazirX exchange, as well as Binance who generously offers BNB, BTC, and USDT trading pairs. WRX was up about 6% overnight. It had dipped from it’s all time high of $.19 USD and is trading at .18 USD today. Whether this bounce can lead to a longer expansion is yet to be seen.
Looking out into the sea of red around us, I think WRX is well worth the risk. Of course, if this altcoin trade seems too far out of your comfort zone, you can always stack Bitcoin (BTC) in this down market, adding to your cache in a never ending hodl (like Golem from Lord of the Rings). Lol. Whatever $WRX!
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.