The cryptocurrency market has reached new heights since the Covid-19 pandemic. Bitcoin and Ethereum have become millionaires every day. Dogecoin is one such cryptocurrency that cannot be overlooked. Dogecoin has seen a steep upward trend, gaining more than 300 percent in a span of seven trading days. We will now be discussing Dogecoin’s features and how you can buy it in India.
Dogecoin: What does it mean?
Dogecoin, a cryptocurrency that is similar to Bitcoin was created in 2013 by Jackson Palmer and software engineers Billy Markus as a joke. Dogecoin was created to be a quicker and more fun version of Bitcoin. Dogecoin’s creators stated, among other reasons, that they were also trying to sattire the many fraudulent cryptocurrency that appeared during Bitcoin’s rise to $20,000.
Since then, this joke cryptocurrency has gained a large following. According to CoinGecko, its value is now over 34 billion. The current value of the coin is $0.38, or approximately Rs 28.53 per coin.
Dogecoin’s limitless nature makes it a fascinating cryptocurrency. With around 113 billion coins mined, there are no limits to the amount of Dogecoin that can be created. Bitcoin, on the other hand has a 21 million coin limit.
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Future concerns and a sudden boom
Dogecoin’s popularity is despite it being a humorous cryptocurrency. This is due to the fact that people have been accumulating it for multiple reasons. The crypto has been listed on digital currency platforms such as Coinbase. Another reason is the endorsement of famous people like Gene Simmons, Snoop Dogg and Elon Musk.
The Reddit group SatoshiStreetBets is another reason for the surge in popularity. Members are taking advantage of the comedy crypto to a great extent.
All of this makes it a risky investment. Investors are concerned that the bubble is inflated and people will continue to trade to profit. This increases volatility. Due to the unlimited supply of these stocks, fears only grow as they lose their value over time.
What is the best way to purchase Dogecoin from India?
Dogecoin doesn’t support India. This is because Dogecoin has a long list of countries that it does not support. To change your base currency from your platform to English, you will first need to make the transaction using your debit or credit card. The Rupees can then be converted to US Dollars.
These platforms offer different methods of buying crypto. They will walk you through each step within their respective mobile apps and online portals.