WRX, the token behind WazirX, has taken a hit. It’s down 5% in the past day and nearly 7% over the week, now trading at around $0.02877.
Its market cap has dropped to $10.98 million, pushing the token down to #1083 in global rankings, according to CoinMarketCap.
The sudden drop comes just days after the Singapore court reviewed WazirX’s repayment plea on May 13 but refused to approve it. Instead, the court asked WazirX to submit additional affidavits by May 23 and extended the ongoing moratorium until June 6. This delay has clearly shaken user confidence.
The exchange submitted application SUM 940 with the aim of resuming withdrawals for users whose funds have been inactive for several months. But with the court asking for more paperwork, the next move depends entirely on what WazirX submits by the May 23 deadline.
If the court is satisfied, user withdrawals may finally begin after June 6. But if there’s another delay, WRX could face more downside. For now, the sentiment remains weak, and the market isn’t taking the latest update well.
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