In the wake of industry-wide exchange delays on DogeCoin transactions, the Changenow exchange has taken the unprecedented step of processing all delayed transactions at the prices at which the transactions were originally ordered.
The ChangeNOW exchange, along with all other crypto platforms, had to deal with a huge jump in trading activity caused by Elon Musk, the large WSB reddit community and Dogecoin enthusiasts.
After the coin jumped in price, most exchangers disabled Dogecoin transactions, and ChangeNOW remained the only marketplace where DOGE could be bought at its highest price points.
However, judging from posts on the exchange’s Trustpilot, many users ended up having problems with their transactions.
Reacting to the situation, by the end of January 29th ChangeNOW promised to complete all frozen transactions at the price that was promised to users, by introducing a fixed rate on DOGE.
This decision is unprecedented among crypto exchanges.
Due to Dogecoin’s price volatility, the company will incur huge losses.
ChangeNOW CMO Pauline Shangett released a statement on the exchange’s decision:
“This is the second time in six months that the price of Dogecoin has undergone extreme volatility.
As soon as we realized that we were the last exchange still supporting DOGE transactions, we discussed the situation and immediately decided – if our network is unable to handle the extra volume, we will have to support our users.”
ChangeNOW is a non-custodial service created for simple and fast cryptocurrency transactions.