WRX, the native token of WazirX — an India-based cryptocurrency exchange, has crossed a billion-dollar valuation following its latest upside bull run.
The WRX/USD exchange rate surged by up to 740 percent in the first week of April, hitting an all-time high of $6.72 before correcting lower on profit-taking sentiment. The pair was down about 32.50 percent from the said peak in the early New York session Monday, trading at $4.52.
In retrospect, WRX serves as a utility token at the WazirX cryptocurrency exchange. The Binance blockchain-based asset provides holders the benefits of receiving trading fee discounts and accessing exclusive WazirX services like WRX trade mining, token airdrop, margin fee, and more.
WRX comes with a limited supply cap of 1 billion tokens.
Exchange Tokens On Whole
The WazirX token initially climbed in line with the rest of the cryptocurrency market.
A retail-driven rally at the beginning of this year raised the bids for exchange-based tokens. Binance exchange’s BNB and Uniswap’s UNI were some of the prime beneficiaries. Traders interpreted that a rise in trading volumes amid an ongoing crypto boom would boost exchanges’ revenues. In turn, the demand for their native tokens would shoot upward.
BNB was up more than 850 percent year-to-date at the time of this writing. Meanwhile, UNI surged more than 550 percent. FTX Token, another exchange-based crypto, logged more than 600 percent gain so far into 2021.
Meanwhile, WRX closed its first quarter up more than 1,100 percent. Its rally in April added another 442 percent to it. YTD wise, the WRX/USD is now up roughly 6,500 percent.
WazirX Launches NFT Feature
The rally in WRX markets led to the launch of non-fungible token (NFT) services on WazirX.
Indian artists can now place their digital artworks, including photos, paintings, music, videos, and even tweets, for auction over the WazirX-based NFT marketplace to earn royalty later. WazirX claims to be India’s first marketplace.
“It will truly transform the market in our rapidly digitizing world with a growing interest in NFT across the globe,” Nischal Shetty, founder of WazirX SAID IN A STATEMENT TO THE HINDU.
It is possible that WRX became a beneficiary of the ongoing NFT craze. Recently, Twitter CEO Jack Dorsey sold his tweet for $2.9 million in an NFT-based transaction.
Earlier, Indian authorities have threatened to ban Bitcoin and similar cryptocurrencies.