Now that you’ve learned about Bitcoins, it’s time to move to some new terms. The first in the order is Dogecoin. If you are active on Twitter and other social platforms like Reddit, you might probably have heard about it. The cryptocurrency touched a record high after business magnate Elon Musk, and some others tweeted about it and increased its value by 600% in just 24 hours. So what is Dogecoin and why is everyone talking about this new cryptocurrency with a “Doge” meme logo? Can you buy Dogecoin in India?
? Who let the Doge out ?
— Elon Musk (@elonmusk) February 7, 2021
Just like Bitcoin, it is a cryptocurrency that was once started as a joke and has 128 billion Dogecoin units as of now. This could get more popular following the hype created by celebrities like Musk. As a trending digital currency, here’s what you need to know about it.
— Abhishek Bhatnagar (@abhishek) February 7, 2021
Everything About Dogecoin in India
What is Dogecoin?
Dogecoin was introduced back in 2013 as a joke by IBM software engineer Billy Markus and Adobe engineer Jackson Palmer. They used the Japanese dog breed Shiba Inu as the logo for Dogecoin, as it was popular because of memes. It is also a decentralized cryptocurrency for peer-to-peer transactions, just like Bitcoin, Ethereum, or Litecoin.
It is completely anonymous and extremely secure and can be used with a wallet on your computer, smartphone, or website. You can use Dogecoin to buy goods and services, just like any other currency or you can also trade it for other currencies.
Why is everyone talking about it?
Dogecoin has been a lesser-known currency before it started trending on Twitter a few days ago. Tesla founder Elon first tweeted about Bitcoin and then he moved to Dogecoin, which got everyone talking about this digital currency.
— Snoop Dogg (@SnoopDogg) February 6, 2021
Shortly after Elon Musk tweeted about it saying it was “the people’s crypto”, Dogecoin witnessed over 50 percent growth and came into the headlines across global media. Tesla Musk once again tweeted about Dogecoin on Monday and it reached its record growth of crossing 8 cents (about Rs. 6). Reddit community supporting Dogecoin is talking about reaching its value to 1 USD.
What is Dogecoin price right now?
Dogecoin’s current value is Rs. 5.8587 ($0.080), which shows nearly 19 percent growth in just 24 hours. As you can see, it is significantly lower than other leading currencies like Bitcoin and Ethereum that are available at Rs. 28,62,952.38 and Rs. 1,19,986.67 respectively.
According to CoinMarketCap, earlier on Monday, Dogecoin’s total market value reached $10 billion (Rs. 72,901 crores approx.).
How can I buy Dogecoin in India?
Dogecoin can be bought via any cryptocurrency wallet or online platform in India, just like any other cryptocurrency. First, you will need a wallet for it. Dogecoin has a dedicated wallet that can be accessed through a smartphone or computer and you can download it from the Play Store of Dogecoin’s official website.
There are also some other ways to get Dogecoin apart from buying them, such as you can trade for them, mine them, etc. Some online platforms to buy Dogecoin in India include WazirX and BuyUcoin. You can start trading after signing-up on any of these platforms.
You need to complete the KYC process to make a purchase and we have already mentioned the same in our previous article.
Dogecoin is a new, and rapidly growing cryptocurrency, just like Bitcoin, but it is different from it in many ways. It will be interesting to see how it becomes more mainstream in the coming days. What are your thoughts on this new-age currency? Tell us in the comments!
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