India's largest cryptocurrency exchange WazirX listed the Shiba Inu (SHIB) token on its platform on Friday. The price of the SHIB coin, hailed as the Dogecoin killer, surged soon after the listing.

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Presently, the meme coin is trading at a value of $0.000020 (0.0015 INR), according to data from Coingeko.

However, WazirX does not accept direct SHIB deposits or facilitate its withdrawals, the cryptocurrency exchange platform informed via its blog.

SHIB was created in August 2020 by named Ryoshi, the cryptocurrency currently enjoys a market capitalization of over $7.8 billion. Incidentally, SHIB, modelled after Dogecoin, is hailed as the “Dogecoin killer”.

Wrong pricing leads to losses for investors

WazirX listed SHIB coin at a higher price than its actual value leading to a loss for many investors. The company claimed a misconfiguration led to a liquidity crunch resulting in the trading of the coin at a higher value.

Data reveals when WazirX listed the SHIB coin at Rs 3 on its platform while the actual value of the coin was around Rs 0.0015. In a frenzy to buy these coins, investors ended up losing money.

The platform, though admitted there was a mistake, blamed it on others, saying that the tokens were listed under the Rapid Listing Initiative and it relies on liquidity providers to provide initial liquidity.

“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 our liquidity provider 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,” it said.

The Shiba Inu coin is inspired by Dogecoin, with a similar-looking mascot. It is hosted on Ethereum blockchain and is one of the hottest cryptocurrencies today. Adding fire to the whole story, Elon Musk had recently tweeted he is looking for Shiba pup making it rise by a whopping 300 percent.

Other exchanges offer SHIB in India

In India, apart from WazirX, Shiba Inu coin can be purchased from the web version of CoinDCX platform only. Another restriction is these coins cannot be purchased in Indian rupees (INR) but only in USDT/ BUSD with INR resulting in higher transaction costs.

The other platform that allows Indians to buy is the Uniswap Platform as Uniswap is a decentralized trade (DEX) on Ethereum’s network that allows buying and selling cryptocurrencies for ETH and other Ethereum-based tokens.

Also Read: Elon Musk sends Dogecoin to the moon as meme cryptocurrency jumps 17%