How to invest in Dogecoin in India?
As seen by the rising number of people entering the crypto market each day, the crypto frenzy is far from done. Cryptocurrency has become a popular asset class for modern investors due to its ability to produce spectacular profits despite its significant volatility. Everyone appears to be jumping on the crypto bandwagon, from seasoned investors and institutions to novices.
While Bitcoin has remained the most popular cryptocurrency for a long time, altcoins (alternative currencies or all cryptos other than Bitcoin) are quickly gaining traction. Several altcoins, like Ethereum, Cardano, and XRP, have seen rapid growth in recent months, even beating Bitcoin in terms of year-over-year increases. Dogecoin (DOGE) is one such cryptocurrency that is currently trending in the crypto market.
What started out as a joke currency has now risen to the top ten cryptocurrencies list. Dogecoin, which started the year at less than a penny, is now worth $0.238 and has a market valuation of $31.3 billion. Dogecoin supporters are outspoken in their support for the currency, advocating the notion of “Doge to the Moon” (crypto jargon meaning price increases) in the hope that Dogecoin values would soon approach $1.
A brief history of Dogecoin and its meteoric surge in popularity.
Dogecoin was created in 2013 as a satirical homage to bitcoin by software programmers Billy Markus and Jackson Palmer. It was intended to serve no purpose other than amusement. The term “doge” rather than “dog” was inspired from an online joke depicting a Shiba Inu dog with lousy spelling habits. Dogecoin is no longer a joke, and its value is skyrocketing, thanks to the support of well-known celebrities and influencers such as Mark Cuban, Snoop Dogg, Elon Musk, and others.
Dogecoin’s quick rise might be partly blamed for the fallout from the GameStop controversy in March 2021. Individual retail traders who had backed GameStop’s rise turned to joke cryptocurrencies like DOGE as a result of this occurrence. Elon Musk’s regular but mysterious tweets in support of Dogecoin also added to the cryptocurrency’s reputation.
Then, in May 2021, Dogecoin got its big moment when Musk appeared on Saturday Night Live.
Traders and onlookers discussed publicly prior to the event about whether Elon Musk will mention Dogecoin on the show. Several noteworthy personalities, including billionaire Mark Cuban, were drawn to the rumor and ensuing conversation surrounding the currency. However, contrary to anticipation that Musk would back DOGE, the cryptocurrency dropped by more than 30% following the event, when the Tesla CEO joked about the coin being a “hustle.” While Elon Musk’s appearance on Saturday Night Live did not directly assist Dogecoin, his attendance and the weeks of anticipation that preceded it likely brought cryptocurrencies to the notice of many million people, giving Dogecoin the visibility it now has.
Dogecoin has been used for online transactions, charity, and even fundraising campaigns such as funding the 2014 Jamaican Olympic bobsled team and distributing clean water to various parts of the world, according to its creators. DOGE is a cryptocurrency that is essentially a token that can be received in exchange for fiat cash and traded securely between parties via the internet.
Is it wise to invest in Dogecoin?
Why is Dogecoin so popular? Dogecoin’s proof-of-work mechanism differs from Bitcoin in several ways. Because SCRYPT is employed in DOGE’s algorithm, the cryptocurrency has a processing speed that is faster than BTC. The cryptocurrency also includes a one-minute block period and an infinite total supply, suggesting that the number of Dogecoins that may be mined is limitless. As a consequence, unlike cryptos like Bitcoin, which have growing demand and diminishing supply, Dogecoin is effectively an inflationary currency, making it a long-term investment. And this element might help it gain acceptance and inclusion as a transactional currency in the future.
Dogecoin will surely evolve from its present condition to that of a legitimate digital currency that serves millions of clients on a monthly basis, not to mention the popularity that Dogecoin enjoys among top billionaire investors, with widespread acceptance. Considering all of these criteria, Dogecoin is unquestionably a worthwhile investment. Users should be warned, however, that volatility, like any other cryptocurrency, is a substantial risk element. As a result, it is normally advised that you wait for the price of the cryptocurrency to decrease a little before purchasing it.
What is the best way to buy Dogecoin in India?
Despite the fact that cryptocurrency legislation in India is still uncertain, crypto trade volumes are at all-time highs. Indian consumers have invested heavily in cryptocurrencies ranging from Bitcoin and Ethereum to Cardano, Dogecoin, and others. While there are other crypto exchanges where you can trade cryptos, WazirX is the finest site to purchase Dogecoin in India.
Given that there is no standard framework for crypto trading yet, crypto exchanges are the best alternative for exchanging digital assets. This is why choosing a renowned and trustworthy exchange is critical. WazirX provides a wide choice of cryptocurrencies for trading or holding, including its own utility token, the WRX Token, because to its large user base. There’s no question that WazirX is India’s most trusted crypto exchange, thanks to its superior security, lightning-fast transactions, simple and quick KYC procedures, and accessibility across numerous platforms.
To purchase Dogecoin in India through WazirX, please download the WazirX app or go to the WazirX website. After that, you must create an account. Your registration will be validated after you have completed your KYC processes. After that, you must fill out your banking information and deposit your cash. After that, go to the WazirX exchange to check the current Dogecoin price in India and purchase or sell as needed. That’s all there is to buying Dogecoin in India.
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