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Dogecoin explained: What is it, how to buy in India

Here we will be taking a look at what is Dogecoin, why is it booming over 300 percent in 7 days and how can you buy it in India.

Dogecoin

(Image: Dogecoin)


Since the beginning of the Covid-19 pandemic, cryptocurrencies have been touching new all-time highs, with Bitcoin and Ethereum making new millionaires daily. One such cryptocurrency, which cannot be ignored as of now is Dogecoin. The cryptocurrency has been on a rapid upward climb gaining over 300 percent within a seven-day trading window. Here we will be taking a look at what is Dogecoin and how can you buy it in India. Also Read - Bitcoin breaks all records, surges to a new all-time high of around $67,000: Know reason

What is Dogecoin?

Dogecoin is a cryptocurrency similar to Bitcoin started in 2013 by software engineers Billy Markus and Jackson Palmer as a joke. The crypto was based on the Doge meme, and was created as a faster and a fun alternative to Bitcoin. The creators also stated that another reason to start Dogecoin was to act as a sattire on the numerous fraudulent cryptocurrencies that popped up during Bitcoin‘s boom to $20,000. Also Read - Bitcoin scammers targeting iPhone users via dating apps: How to identify such scams, tips to stay safe

This joke cryptocurrency since then has accumulated a huge following, taking its valuation to over 34 billion according to CoinGecko. It is currently valued at around $0.38 (approximately Rs 28.53) per coin. Also Read - WazirX received 377 legal requests in Apr-Sept 2021: List of actions taken

An interesting fact about Dogecoin is that it is a limitless cryptocurrency, meaning there is no limit to how much Dogecoin can exist in the world, with around 113 billion coins already mined. On the other hand, cryptocurrencies like Bitcoin have a limit of 21 million coins that can ever exist.

Learn more about Bitcoin here

The sudden boom and future concerns

The reason why Dogecoin keeps soaring even though it being a satirical cryptocurrency is because people are accumulating it due to multiple reasons. One of the reasons is that the crypto is now being listed on major digital currency platforms like Coinbase, and the other one being the support from famous celebrities like Snoop Dogg, Gene Simmons and the one and only Elon Musk.

Another reason behind the boom is the Reddit group, called SatoshiStreetBets, where members are pumping up the satire crypto a lot.

Due to all of these reasons serious investors are afraid that this is only a bubble, where people are only trading to make money while the price keeps going up, thus increasing the volatility. Moreover, due to their being an unlimited supply, the fears deepen as the value would not hold for a longer period of time.

How to buy Dogecoin in India?

Dogecoin does not support India along with a huge list of other countries, which is why even if you open supported crypto exchanges including WazirX, Binance, Coindesk and more with currency turned to Indian Rupee, it will not show up. You will need to change the base currency of your platform from the settings to English and then make the transaction, using your debit/credit card into the respective wallets by converting the Rupees to US Dollars.

All of these platforms have different ways of purchasing the crypto, and will guide you through all the necessary steps inside of their respective online portals and mobile apps.

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  • Published Date: April 20, 2021 7:10 PM IST



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