Musk's Twitter Takeover Affects Dogecoin Trading, Volume Shoots Up 3000% On WazirX

According to the WazirX's Year Ender Report 2022, Tesla boss Elon Musk’s Twitter deal affected the trading volume of Doge on WazirX, as its trading volume surged to 3000 per cent in 2022.

The report said that Musk’s Twitter takeover news reflected in the Crypto purchase behaviour of users. 

News of Musk offering to buy Twitter started floating in mid-April. The report added that the trading volume of Doge on WazirX went up by 1300 per cent compared to the previous week at that time. 

The volume dipped when the news of the deal falling through was covered by media reports. However, towards the end of October, when the Twitter acquisition by Elon was near completion, the trading volumes went up significantly by 3000 per cent despite low trading volumes in the previous few weeks.

Apart from this, WazirX’s Year Ender Report 2023 also highlighted that WazirX saw a user volume of 10 billion till 30 November 2022. The platform added 2.1 million new users to its exchange in 2022.

Meanwhile, even in the bear market, Shiba Inu tokens reigned supreme with unfazed popularity, according to the WazirX report. Its report said that 27 per cent of the first-time Crypto buyers on the platform bought Shib tokens, followed by TRX (11 per cent) and BTC (8 per cent). Men between the ages of 26-40 traded 50 per cent of all Shib tokens traded on the platform.