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What is Dogecoin? Things to Know Before Investing

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Dogecoin is a cryptocurrency with a fun and friendly brand picture that aims to be a supportive introduction to cryptocurrency. Billy Markus, an Oregon programmer, came up with the concept for a kind of "joke" cryptocurrency. He reasoned that a more lighthearted coin, rather than Bitcoin, would have a greater chance of gaining mainstream acceptance. Although Dogecoin is nowhere near the scale of Bitcoin, the 'joke' currency's market cap has risen from more than $1 billion in early January to $47 billion on Saturday, according to CoinMarketCap.

 

It was dubbed a "meme cryptocurrency." Dogecoin (DOGE) is an open-source cryptocurrency that is based on a fork of the Litecoin code. As the name implies, it is mainly based on the Doge meme that swept the Internet in 2013.

On a year-to-date basis, the token has climbed approximately 7,000 percent. DOGE achieved its all-time high of $0.73 on 8 May 2021, driven by optimistic tweets by Tesla boss Elon Musk.

Interesting Facts About Dogecoin

Interesting Facts About Dogecoin

Dogecoin is an open-source peer-to-peer digital currency popular among Shiba Inus around the world. "Doge" is our amusing and friendly mascot!

The Shiba Inu is a Japanese breed of dog that has become popular as an online meme and is associated with Dogecoin.

Dogecoin has one of the most active and largest communities in the cryptocurrency world. This group has banded together to support a variety of charitable endeavours and other ventures. They were also able to fund a NASCAR race.

Unlike Bitcoin, Dogecoin has no upper limit, which means there are actually more than 100 billion dogecoins in circulation.

Why is Dogecoin Popular?
 

Why is Dogecoin Popular?

Dogecoin, which began as a joke, has gained celebrity support from people like Elon Musk and Snoop Dog, rock musician Gene Simmon is driving up the price.

Musk expressed his interest in the coin once more in April, saying, "Doge barking at the stars." Following Elon Musk's tweet, a large number of people purchased large amounts of Dogecoin (DOGE), causing the price to rise from a 24-hour low of 0.062 dollars to 0.078 dollars, a 20% increase.

The key explanation for the price increase is said to be the rising value of other crypto types such as Bitcoin and Ethereum, which has propelled the value of Dogecoin.

Musk tweeted a picture of a dust storm with a Shiba Inu dog face as the 'dogecoin norm' blowing over the 'global financial system' on April 18 morning. Musk described it as "inevitable."

The DOGE run seems to be unstoppable. Now as the prices reached a new peak, the meme cryptocurrency briefly replaced the payments-focused XRP as the fourth-largest cryptocurrency by market capitalization.

A strange combination of factors, including Elon Musk's apparent endorsement for the coin and overwhelming support from Robinhood dealers, has propelled Dogecoin into the mainstream. DOGE liquidations topped Bitcoin (BTC) at one point during the market mania, demonstrating the asset's great demand. DOGE's Twitter activity briefly topped that of the flagship crypto currency at the start of the year.

How to Invest Dogecoin in India?

How to Invest Dogecoin in India?

  • Name: Dogecoin
  • Symbol: DOGE
  • Price in India: Rs 27.92
  • Market Cap: Rs 3.5T

In India, crypto investors can open accounts on any of the Dogecoin-supporting crypto exchanges, including WazirX, BuyUcoin, and others.

Interested individuals can Dogecoin using a debit or credit card, bank transfer, IMPS transfer from the available platforms. Any cryptocurrency wallet or online platform can be used to buy Dogecoin. These platforms require a Know Your Customer (KYC) process, which verifies your information.

Read more about: cryptocurrency bitcoins dogecoin
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