Since the coronavirus pandemic changed the world, cryptocurrencies have been taking over, with Bitcoin and Ethereum making new millionaires daily. However, one popular cryptocurrency which can never be ignored right now is Dogecoin, and I’m sure you’ve come across this name lately. If you’re not aware, the Dogecoin has been on a rapid upward climb as it recently gained over 300 percent within a seven-day trading window.
Dogecoin is simply a cryptocurrency launched by software engineers Billy Markus and Jackson Palmer as a joke. It is, in fact, named after the Doge meme, and it is meant to be a quicker and more interesting alternative to Bitcoin. The creator even said that another reason for the launch of Dogecoin is for it to serve as a satire on the various fraudulent cryptocurrencies that happened during Bitcoin‘s boom to $20,000.
This “joke of a cryptocurrency” has since gathered a large following, increasing its valuation to over 34 billion, according to CoinGecko. To prove Dogecoin’s relevance today, it is presently valued at around $0.38 (approximately Rs 28.53) per coin. One fun fact about this Bitcoin alternative is that there are no restrictions, meaning there is no limit to how much Dogecoin can exist in the world, with about 113 billion coins already mined. This is good news as other cryptocurrencies like Bitcoin have a limit of 21 million coins that can ever exist.
If trading this sounds like a good idea to you right now, we can break down how to start as a beginner. Fortunately for you, the process is not complicated in any way, and the instructions are straightforward enough for your easy understanding. See How To Buy Dogecoin In India:
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How Can I Buy Dogecoin In India?
The sad news is that Dogecoin doesn’t support countries like India and many other nations. Therefore even if you open supported crypto exchanges like WazirX, Binance, Coindesk, e.t.c, with currency turned to what you are familiar with, don’t expect it to show up.
To bypass this, change the base currency of your platform from the settings to English, and then make the transaction with your debit/credit card into the respective wallets by converting the Rupees to US Dollars.
Not to worry though, because all of these platforms have various ways of buying the crypto, and they will guide you through all the required steps within their respective online portals and mobile applications.
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Why Is Dogecoin Booming Across The Globe?
Despite being a satirical cryptocurrency, the Dogecoin boom is because people are accumulating it for several reasons, including the clear backing from top celebrities like Snoop Dogg, Gene Simmons, and Elon Musk. Other reasons are that the crypto is now being listed on major digital currency platforms like CoiIn addition. In addition, the popular Reddit group, called SatoshiStreetBets, has members pumping up the satire crypto.
That is that.