Why are a lot of people buying Digital Currency like Dogecoin in India?
Dogecoin (DOGE) is a crypto-currency open source that uses the Litecoin code. It is mainly based on the Doge meme as the name implies, that swept the Web in 2013. While Dogecoin is far from the Bitcoin scale, according to CoinMarketCap the market cap for ‘joke’ currency rose to $51.12% billion from more than $1 billion in early January.
Why Dogecoin’s value is increasing in India and also worldwide?
Dogecoin, which started as a joke, has been supported by billionaires like Elon Musk and Snoop Dog, the price-raising rock musician Gene Simmon. In April Musk once more expressed interest in the coin by saying, “Doge barking the stars.”
After the tweet of Elon Musk, many people bought large amounts of DOGE which resulted in price increases of 45% from 24-hour lower of $0.062 to $0.602933 USD. An important explanation for the price increase is the rising value of other types of crypto like Bitcoin and Ethereum, which has propelled Dogecoin’s value.
Dogecoin may be traded on platforms where it is accepted for goods and services. It is also available in fiat currencies, such as the US dollar, INR and etc. Dogecoin’s value is volatile, similar to other cryptocurrencies because no government supports it. Dogecoin currently has about $16.9 billion in market capitalisation.
The increase in value is mainly due to its profitability and the lengthy online chat around it. Cryptocurrency has recently emerged as a favourite in many industries, including technology giants, social media players and bigwigs. Dogecoin seems to be one of the favourite social media subjects since it is now a trend.
How to Buy Dogecoin in India?
Crypto-investors in India may open their accounts for crypto-funded crypto-exchanges such as BuyUcoin and others to buy Dogecoin in India. Anyone interested may use Dogecoin by debit or credit card, bank transfer, IMPS transfer from the platforms that are available.
According to Indian news channel Republicword, Dogecoin Reaches Close To Peak Price Again On May 3 And May 4
You will have to download a cryptocurrency wallet to purchase Dogecoin on these platforms. It is on the official website of the platform. For those wishing to purchase Dogecoin in small quantities, faucets — websites that provide visitors with small amounts of free cryptocurrency — can be a good choice.
You can get dogecoins every 3 hours (or so) on these websites by just clicking a button and filling out the code for captcha. In addition, a Dogecoin can be mined. You can process other Dogecoin transactions and get these coins as payment if you are an advanced user with a powerful computer configuration.
Why buy Dogecoin in India?
- What began as a cryptocurrency joke reached a record high earlier in the week, with a market capitalization of over $50 billion. Dogecoin, therefore, increased its market value to greater than the automotive giant Ford Motor Co and the American food and drink company Kraft Heinz Co.
According to Navbharat times (NBT) also understand in Hindi language, Buy Dogecoin India: Bitcoin से कई गुना ज्यादा रिटर्न दे रही Dogecoin,
- The rise was fueled before the day of the Doge, April 20th. Fans of the crypto-monetary system invested in it and saw its price rise to a high record. Dogecoin had the support of tech icons, of course, on various social media platforms.
- This too is the main difference between Dogecoin and Bitcoin-like cryptocurrencies. Although Bitcoin has a limited number of coins on the blockchain, increasing numbers of Dogecoin are still produced each year. Essentially, Dogecoin supplies on the blockchain are unlimited.
- Dogecoin’s low value and the fact that it remains so, have not made an appealing proposal to investors. Everybody wanted to take a bite of the pie once the world had seen Dogecoin’s monumental growth.
- People tend to donate through Dogecoin to organisations and causes. As long as the currency is there, its supporters are sufficient to stabilise the cryptocurrency on the market.
Buy Dogecoin in India — Step by Step Guide for Beginners
Why are a lot of people buying Digital Currency like Dogecoin in India? was originally published in BuyUcoin Talks on Medium, where people are continuing the conversation by highlighting and responding to this story.