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Crypto Analysis: WazirX [WRX]
1.
Industry and Strength: 9/10
WazirX is
India’s largest crypto exchange platform. WazirX was started in 2018 and has grown to be the
most trusted exchange in the Indian crypto market. It is a part of Binance
group, which is the world’s largest crypto exchange, serving users in 180+
countries.
Binance and
WazirX have recently announced a $50 million Blockchain India Fund in alignment
with its vision of making crypto accessible to India.
With a
volume of $5.4+ billion per month, and growing at an exponential pace.
WazirX is
seeing a steep rise in the number of new users as well as trading activity. WazirX
has registered users of around 6 million.
2.
Tokenomics: 6/10
WRX has a total supply of 900 million coins and currently has a circulating supply of 1/3 of its
total supply.
It is
currently ranked 173 in coin market cap with a market cap of $756 M on Jan
2022. It is listed and can be bought on various major exchanges of India and the World like Wazirx, and Binance in terms of WRX/USDT, WRX/INR, WRX/BTC, etc.
WRX is trading around $0.8 with a high of $6 and a low of $0.09.
The team has been working continuously to make India adapt to Crypto and update the work and you can find them on social media such as Twitter, telegram, etc.
3. Competitive Strength: 8/10
So
now you got information about Wazirx, let's look out who are their competitors.
Wazirx is an exchange platform that has immense competition in both Indian exchanges and international exchanges.
Indian exchanges include Coindcx, Coin switch, Vauld, and others.
International exchanges include Binance, Crypto.com, FTX, Coinbase, etc.
Although most Indian users use Indian exchanges for ease of transfer and trade in INR pairs and thus Wazirx has been one of the leading exchanges in India with stunning growth of 1700%+ over 2020.
They have also had new signup from all cities across India including Tier-2, and Tier-3.
Wazirx a part of Binance, has an easy integration to transfer some of the cryptos free of cost to the Binance wallet.
Also, there is the option of deposit of INR through Net banking, Wallet, and P2P trades. UPI option is also enabled sometimes while there partnership with Indian banks.
Wazirx also has WRX-based pairs like BTC/WRX which allows users to have 50% in trading fees if traded with WRX pairs.
4. Market
cap & Opportunity: 8/10
So
if WRX token has to gain the market cap of top Crypto exchange industries, currently with a Mcap of $756 million in comparison to Binance's market cap of 63+
billion it has high room for growth if India adapts to Crypto like it is internationally.
If things
go right for WRX and can gain market from others, WRX has a lot of room
to grow and can be a multi-bagger, but there is also a high risk since its token has a relatively small market cap and uncertainty about crypto legality in India.
5. Social
Media & Team: 8/10
WazirX team can be found on social media like Twitter, Telegram, and other social media with 1000s of followers and has a good community to discuss and share ideas and feedback.
WRX has partnerships with many other blockchain-based protocols.
Investment
Hacks Score Card:
The
average score of WRX based on all factors comes to be 7.8/10.
Conclusion:
WRX is on the right way to bringing a revolution to the crypto industry in India, The transaction is going with high volumes and adaptability is also been going fast in both the Urban and rural parts of India. If the crypto bill is passed and crypto becomes a legal tender in India with tax implications all the Indian exchanges along with Wazirx can see a huge potential to grow.
But there is always a risk involved due to the volatility of the token and future uncertainty since this is a new industry like every other token in crypto.
Investors must closely watch the progress and since
this is an educated opinion, please consult your advisor or analyze your risk.
The price of a coin also depends on how much market it can gain and the dilution of the coin.
Investors
should only allocate their money which they can afford to lose, on small alts
since the whole crypto industry is volatile even the blue chips like Bitcoin and Eth.
Disclaimer:
All
Images used belong to the creator and are used only for fair educational
purposes. The credits are given below every image.
Since
this is an educated opinion, Please research thoroughly or consult your
financial advisor before Investment.
Hope you
found this analysis useful. please share this with others if you found this
useful. Please wait for other stocks/crypto analyses which will be available
soon!.
Happy
Investing!.
Team
Investment Hacks
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