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The crypto craze is nowhere near over, as evidenced by the increasing number of people entering the crypto market each new day. With the potential to provide incredible returns despite its highly volatile nature, cryptocurrency has become a favourable asset class for modern-day investors. From seasoned investors and institutions to beginners, it seems that everyone is hopping on the crypto bandwagon.
While Bitcoin has long remained the most popular cryptocurrency, altcoins (alternative coins or all cryptos other than Bitcoin) are most certainly taking over. Several altcoins like Ethereum, Cardano, and XRP have recorded impressive growth in recent months, even outperforming Bitcoin when considering the year-wise gains they’ve made. Dogecoin (DOGE) is one such altcoin that is hot in the crypto market right now.
What was initially only a joke coin has now made it into the list of top 10 cryptocurrencies. Dogecoin, which traded at less than 1 cent at the start of the year, currently trades at $0.238 and has a market capitalization of $31.3 billion. Dogecoin fans are vocal about their support for the coin and are promoting the concept of “Doge to the moon” (crypto lingo for prices going up) in the belief that Dogecoin prices will near $1 very soon.
Dogecoin: A brief history and the rise to popularity
Conceived initially as a meme coin in 2013 by software engineers Billy Markus and Jackson Palmer, Dogecoin is a satirical tribute to bitcoin that was meant to have no actual function other than for fun. The name of the coin was derived from an internet meme featuring a Shiba Inu dog with poor spelling habits, hence the term “doge” rather than “dog.” No longer a joke, Dogecoin is now witnessing an exponential rise, especially due to the endorsement of prominent celebrities and influencers like Mark Cuban, Snoop Dogg, Elon Musk, etc.
The repercussions from the GameStop saga in March 2021 can partly be attributed to Dogecoin’s rapid growth. Following this event, individual retail traders who had supported GameStop’s growth shifted to joke cryptocurrencies like DOGE. In addition to this, Elon Musk’s regular yet cryptic tweets in favour of Dogecoin also contributed to the crypto’s credibility.
Then, in May 2021, when Musk appeared on Saturday Night Live, Dogecoin had its big moment.
Prior to the event, cryptocurrency traders and observers speculated openly about whether Elon Musk would mention Dogecoin on the program. This speculation and the subsequent discussion surrounding the coin piqued the interest of several notable figures, including billionaire Mark Cuban. However, contrary to expectations that Musk would endorse DOGE, the crypto plummeted by more than 30% after the event, when the Tesla CEO jokingly referred to the coin as a “hustle.” While Elon Musk’s hosting efforts on Saturday Night Live didn’t directly benefit Dogecoin, his presence and the weeks of speculation preceding it undoubtedly brought the attention of several million individuals to cryptocurrencies, giving Dogecoin the prominence it presently enjoys.
According to its founders, Dogecoin has so far been used for online purchases, charities, and even fundraising initiatives such as financing the 2014 Jamaican Olympic bobsled team and delivering clean water to different regions of the world. DOGE, as a cryptocurrency, is essentially a token that can be obtained in exchange for fiat currency and may be safely exchanged between parties through the internet.
Is Dogecoin a worthy investment?
Why is Dogecoin hyped so much? In various ways, Dogecoin’s proof-of-work protocol varies from Bitcoin’s. SCRYPT is used in DOGE’s algorithm, as a result of which, the cryptocurrency has achieved a processing speed quicker than BTC. Furthermore, the cryptocurrency has a 1 minute block time and an unrestricted total supply, implying that the amount of Dogecoins that may be mined is unlimited. As a result, Dogecoin is essentially an inflationary coin, making it a viable investment in the long run, unlike cryptos like Bitcoin, which have increasing demand levels and decreasing supply levels. And this factor may potentially aid its eventual adoption and integration as a transactional currency.
With widespread adoption, Dogecoin will undoubtedly progress from its current state to the status of a real digital currency that serves millions of customers on a regular basis and not to forget the popularity that Dogecoin enjoys among top billionaire investors. Taking all these factors into account, Dogecoin is undoubtedly a worthy investment. However, users need to be aware that volatility is also a significant risk factor t just like any other cryptocurrency. Therefore, it is generally recommended that you wait for prices to drop a little before buying the crypto.
How to buy Dogecoin in India
Despite regulation around cryptocurrencies still being unclear in India, crypto trading levels are at all-time high levels. From Bitcoin and Ethereum to Cardano, Dogecoin and others, Indian users have gone all in. While there are several crypto exchanges from which you can trade cryptos, if you’re looking for the best platform to buy Dogecoin in India, your answer is WazirX.
Crypto exchanges are the best option for trading digital assets, given that there is no standard structure for crypto trading yet. This is why it is essential to select a reputable and trustworthy exchange. WazirX, with its massive user base, offers a wide range of cryptocurrencies for trading or holding, including its own utility token – the WRX Token. With premium security, lightning-fast transactions, easy and quick KYC procedures, and accessibility across multiple platforms, there’s very little doubt why WazirX is India’s most trusted crypto exchange.
To buy Dogecoin in India from WazirX, first, install the WazirX application or access it on the web platform. Then, you need to set up your account. Once you have completed your KYC procedures, your registration will be verified. Next, you should fill out your bank details and deposit your funds. Once this is done, you can visit the WazirX exchange to check the latest Dogecoin price in India and buy or sell accordingly. And that’s all you need to do to buy Dogecoin in India.
Is Pi Cryptocurrency Safe?
Pi Network (PI) is the newest digital token to catch the cryptocurrency community's interest, even before it has wholly debuted. Some users see it as a chance to get engaged in a cryptocurrency from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.
How To Invest In Cryptocurrency In India?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
What Is Virtual Currency?
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
Is Cryptocurrency Banned In India?
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
How Cryptocurrency Works?
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
What Is The Meaning Of Crypto?
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
What Is The Safest Cryptocurrency To Invest In?
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
How To Invest In Cryptocurrency?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
How Safe Are Cryptocurrencies?
Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed.There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.
Is Cryptocurrency Legal In India?
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
