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.