Shiba Inu more popular than Bitcoin for first-time crypto buyers on WazirX

In its year-end report for 2022, Indian crypto exchange WazirX revealed 27% of first-time crypto buyers on its platform bought Shiba Inu (SHIB) tokens, followed by Tron (TRX) at 11% and Bitcoin (BTC) at 8%.

Claiming that over 2.1 million new users signed up on WazirX in 2022, the exchange added that male users invested more in 'meme tokens, gaming tokens' such as Dogecoin (DOGE) while female users primarily traded blue-chip tokens like Bitcoin (BTC) and Ethereum (ETH).

In 2022, the company has continued to focus on its crypto exchange efforts, unlike other top Indian exchanges that have been diversifying beyond order-book-based services. CoinDCX is working on a DeFi app named Okto and CoinSwitch launched CoinSwitch Pro, a multi-exchange trading platform.

WazirX spent 2022 focusing on improving user experience on the crypto trading front on its platform.

In a recent interview with The Decrypting Story, Rajagopal Menon, Vice President, WazirX, said, "Crypto is still a new area of interest for many. So we have introduced new features such as Profit and Loss (PnL), address book for crypto withdrawals, gift cards, action cards and self-service for account management."

In its yearly report, the exchange also said Elon Musk's Twitter takeover had an impact on DOGE trading volumes, with a 1,300% spike in April 2022 when rumours began to float about Musk buying the social media network.

Trading volumes then spiked 3,000% towards the end of October 2022 when the deal was nearly completed.

WazirX is also currently working on releasing its Proof of Reserves (PoR) to showcase the security of user funds on its platform, following CoinDCX's PoR report in November and CoinSwitch's audit report in the same month.

With PoR, Indian crypto exchanges are attempting to be seen as safe, secure and trustworthy as they look to onboard more users in the next bull run.