What Is Dogecoin? Why Is It So Much In News?

by Shatakshi Gupta

The craze for cryptocurrencies of Elon Musk, the world’s second-richest person and CEO of Tesla is known to everyone. A few months back, his company Tesla invested $ 1.5 billion in Bitcoin, the world’s largest cryptocurrency. Now, Musk has been promoting Dogecoin since the beginning of this year. But Musk, would not have imagined that the cryptocurrency he is promoting would soon become bigger than his company, SpaceX.  This week the price of Dogecoin touched a level of 58 rupees. During this time, Dogecoin’s market cap had reached $ 86 billion and overtook big companies. According to the SEC filing, Musk’s rocket company has an estimated value of $ 74 billion.

Why the price of Dogecoin is rising?

 Musk indicated last week that he would be referring to Dogecoin on Saturday Night Live.  Since then the price of Dogecoin has increased in India and other countries of the world. It is believed that when Musk arrives at the show, the price of Dogecoin will rise further.  However, this will depend on what Musk says about it on the show.  Dogecoin has climbed 8000 per cent this year and has become the fifth-largest cryptocurrency in the world.

Dogecoin was started as a joke

 Dogecoin started as a joke or meme coin, but thanks to the power of social media and memes, it is today one of the most popular cryptocurrencies in the world. Dogecoin was started as a joke in 2013 by software engineers Billy Markus and Jackson Palmer.

Support of Elon Musk

Time and again Musk has supported Dogecoin. In the first tweet, he only wrote Doge. He then wrote, ‘Dogecoin is the people’s crypto’.  In the next tweet, he wrote, ‘No highs, no lows, only Doge’.  Just then, the price of this cryptocurrency rose to 5 cents. It was trading at 3 cents before Musk’s tweets. This is not the first time that Musk’s tweet has led to a surge in the price of Dogecoin. Earlier on December 20, he also tweeted One Word: Doge and its price had increased by 20 per cent.

Also read: Elon Musk Allows The Use Of Bitcoins To Buy A Tesla Car

How to buy cryptocurrency in India?

Till 2018, it was not allowed in India to buy and trade cryptocurrencies in India. But in 2018, the Supreme Court changed this situation. Since then the crypto industry in India has grown significantly and millions of people have invested in cryptocurrencies. Buying crypto is a very complicated process but it can be easily purchased with the help of crypto exchanges. In India, you can invest in cryptocurrencies through exchanges like Coinswitch,Kuber, WazirX, CoinDCX, etc.

Before selecting an exchange, do a thorough investigation about it.  Create your account after verifying KYC. Put your bank details / UPI details on the app.  Once the bank details / UPI are approved, add money to the exchange.  After depositing money in the exchange, you can use it to buy Dogecoin or any other cryptocurrency.