India-based crypto exchange WazirX has announced its figures for 2022. The data offered important insights into Indian cryptocurrency investors. According to the shared figures, 2 million 122 thousand 925 new users were registered to WazirX in 2022, while 27 percent of those who bought crypto money from the stock market for the first time bought SHIB.
On the other hand, the exchange reported that trading volumes decreased by 76 percent. The platform’s trading volume, which was $43 billion in November 2021, reached just over $10 million in the same period a year later. After a major bull market, 2022 has been one of the worst years for the cryptocurrency industry. Among many issues, global stock markets have filed for bankruptcy and the number of new users has fallen sharply as market prices are unstable.
WazirX also ranked the most traded assets on the platform. During the year, BTC, USDT, SHIB, WRX, ETH, TRX, DOGE and MATIC were traded the most. According to the figures, ahead of the FIFA World Cup, there was also great interest in CHZ, the official token of the Socios.com fan voting portal. Elon Musk’s takeover of Twitter also affected the number of DOGE transactions, which increased by 1,300 percent at the end of October compared to the previous week. As it is known, the fact that Musk occasionally tweets about DOGE has made them very popular among traders.
On average, women trade 20 percent of the most traded tokens on the platform. Also, women aged 41-60 and over registered more transactions than men in the same age group. Women in the 26-40 age group contributed 46 percent of the total transaction volume. The report also included that women are trading more ‘blue chip’ tokens (high-liquidity, high-value tokens). On the other hand, it was noted that men between the ages of 18-40 made more transactions compared to men in other age groups. Men in this group were also observed to invest in digital assets such as meme tokens and gaming tokens, as well as blue chip tokens.
The report stated that India still has a long way to go in terms of crypto awareness and adoption. It was underlined that this can only begin with the dissemination of positive use cases and potential benefits of virtual digital assets with the right information.