The Indian cryptocurrency exchange WazirX made an announcement on Tuesday revealing that it will implement measures to minimize the volatile pricing of newly listed cryptocurrencies. The recent move was taken last week as an unusual spike in the price of Shiba Inu was witnessed on its platform. WazirX Implement Measures for Newly Listed Cryptocurrencies In addition to this, an Airdrop program was announced of new WazirX tokens to partially reward the users, who suffered losses on account of the pricing glitch in SHIB cryptocurrency. Talking further about the measures taken by the crypto exchange, it included the enabling of deposits and withdrawals options of a token at least an hour prior to its listing. Moreover, plans cautioning investors about the risks of trading newly listed coins and making prior announcements before any new listing exercise to make sure there is the availability of liquidity pool. Nishchal Shetty, the chief executive officer of WazirX, released a statement on Tuesday saying: “This will help us ensure that anyone can bring in the liquidity for a token and will reduce our reliance on our existing small pool of liquidity providers.” Shiba Inu’s Listing on the Crypto Exchange Triggered the Glitch Shiba Inu (SHIB) was listed on the exchange last week, but it opened at a relatively higher price on the exchange than its price across the globe. This ultimately led to the situation where traders purchased the coin at higher levels and made losses. As a result of which, WazirX will implement measures for newly listed cryptocurrencies to prevent such incidents in the future. Acknowledging the glitch, Shetty said: “On May 13, 2021, when we listed SHIB market, its deposits and withdrawals took longer to go live due to an anomaly. There was a temporary demand-supply mismatch which caused SHIB prices to climb up briefly.” Further explaining about the Airdrop programme, he said: “For this airdrop programme, we will use the WRX that we collected as trading fees. We will not specially unlock or use any reserved WRX for this airdrop programme. Sellers/Traders who bought and sold SHIB at exceptionally high prices, i.e., above ₹0.0020 won’t be eligible.”
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