With a comical and pleasant marketing image, Dogecoin aims to provide a welcoming introduction to cryptocurrencies. Billy Markus and Jackson Palmer came up with the concept for a “funny” coin in late 2013 and reasoned that a more amusing coin, rather opposed to the image of Bitcoin, would have a better chance of gaining popular adoption. Despite the fact that Dogecoin’s market size is nothing near that of Bitcoin, according to CoinMarketCap, the ‘joke’ currency’s market cap has climbed from more than $1 billion in early January to $47 billion in June 2021.
Dogecoin’s value soared by more than 5,000% in 2021, proving that it is no longer a joke. Elon Musk, the CEO of Tesla, is a fan, describing Dogecoin as his favourite cryptocurrency. Musk also labelled Dogecoin the “people’s crypto,” promising to install a physical Dogecoin token on the moon.
As of 04 January 2022, Dogecoin is currently trading at ₹13.5785 per coin.
What is Dogecoin?
Described as a “meme cryptocurrency”, Dogecoin (DOGE) was created as a derivative of the Litecoin code. It was inspired by the Doge meme that swept the Internet in 2013. The token has increased by about 7,000% to date. DOGE hit an all-time high of $0.73 on 8 May 2021, thanks to Tesla CEO Elon Musk’s upbeat comments.
In early 2021, fans committed to boosting Dogecoin’s value “to the moon” on Reddit’s WallStreetBets message board, which was the primary reason for the GameStop incident in January 2021 (that was before discussion pertaining to cryptocurrencies was banned on the subreddit).
How does Dogecoin work?
Dogecoin is a cryptocurrency based on blockchain technology, similar to Bitcoin and Ethereum. Blockchain is a distributed and secure digital ledger that records all transactions made with a decentralized digital currency. All Dogecoin holders have an identical copy of the blockchain record, which is regularly updated with all new transactions of the particular currency. This blockchain network is fully encrypted and secure like other cryptocurrencies.
How to Invest in Dogecoin?
Dogecoin can be purchased on many platforms in India. There are a number of apps available now that make purchasing and investing in DOGE extremely straightforward. All you need is an account with a cryptocurrency exchange like WazirX.
WazirX apps provide the current value of DOGE and other available cryptocurrencies, giving investors insight into cryptocurrency rates, growth, and decline.
How to buy and sell Dogecoin in India?
As mentioned above, DOGE is a cryptocurrency that may be traded in India through a number of platforms that support Dogecoin purchase and sale. You can begin by using any cryptocurrency exchange site or app.
WazirX is India’s biggest cryptocurrency exchange, with Binance, the world’s largest cryptocurrency exchange, backing it. In less than 60 seconds, using the QuickBuy option, you can start investing for as little as 100 rupees.
Is Dogecoin legal in India?
No cryptocurrency is illegal in India. Everyone has the freedom to purchase and trade them as they like. However, the crypto market is currently unregulated in India, and the government is currently working on establishing a regulatory body in order to smoothen things in the crypto sphere.