How to buy dogecoin in India?
The cryptocurrency Dogecoin, which started out as a joke, has jumped more than 18000 percent in the last one year. In this way, this cryptocurrency has left behind the world's oldest, largest and most popular cryptocurrency, Bitcoin.
The cryptocurrency market has been rocking for the past several months. Bitcoin, Ethereum, Dogecoin and many other cryptocurrencies have set new price records. Dogecoin has been the best among them. In April itself, its price increased by more than 5 times. In the beginning of April, its price was Rs 5, which has now reached Rs 25. Know what is the way to buy Dogecoin in India?
Dogecoin started out as a joke, 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. Tesla and SpaceX CEO Elon Musk posted a photo from Dogue magazine earlier this year that showed a dog wearing a red sweater. This caused a huge jump in the price of Dogecoin.
Musk made several tweets in February in support of Dogecoin. In the first tweet, he wrote only Doge. Then he wrote, 'Dogecoin is the people's crypto'. In the next tweet, he wrote, 'No highs, no lows, only Doge'. What was it then, the price of this cryptocurrency jumped to 5 cents. Before Musk's tweets, it was trading at 3 cents. This isn't the first time that Musk's tweet has fueled Dogecoin's price. Earlier on December 20 too, he had tweeted One Word: Doge and its price had increased by 20 percent.
Investors have shown interest in cryptocurrencies in recent times. This has taken the market cap of cryptocurrencies to more than $2.25 trillion. From PayPal to Square, many companies have facilitated transactions in bitcoin on their systems. Wall Street companies like Morgan Stanley have started giving access to tokens to some of their wealthy clients.
Meanwhile, the world's oldest, largest and most popular cryptocurrency, Bitcoin, is losing its position in the crypto world. OKEX Insights analyst Robbie Liu, citing data from Tradingview, said bitcoin's dominance in the crypto world has dropped 28 percent since the beginning of this year. Bitcoin now accounts for less than 54 percent of the crypto market cap, its lowest level in nearly two years.
How to Buy Dogecoin in India?
Buying and trading of cryptocurrencies was not allowed in India till 2018. But in 2018 the Supreme Court changed this position. Since then there has been a huge boom in the crypto industry in India and millions of people have invested in crypto. Buying crypto is a very complicated process but it can be easily bought with the help of crypto exchanges. One can invest in Dogecoin in India through exchanges like Coinswitch Kuber, WazirX, CoinDCX.
Install a well known Indian crypto exchange like Coinswitch/WazirX/CoinDCX/Bitbns/Zebpay. Before selecting an exchange, do a thorough research on it. After verifying KYC, create your account. Enter your bank details/UPI details on the app. After the bank details/UPI is registered, add money to the exchange. Once the money is deposited in the exchange, you can use it to buy Dogecoin or any other cryptocurrency.
The demand for Dogecoin has increased significantly in recent times on Indian cryptocurrency exchanges. Due to this there has been a huge increase in traffic on these platforms. On Wednesday, Doge/INR trading of Binance company WazirX had to slow down its system due to record traffic.
The demand for Dogecoin has increased significantly in recent times on Indian cryptocurrency exchanges. Due to this there has been a huge increase in traffic on these platforms. On Wednesday, Doge/INR trading of Binance company WazirX had to slow down its system due to record traffic. The situation became such that soon the #WazirX scam started trending on Twitter. Users started complaining about Doge trades not being completed.
Dogecoin's volume on CoinSwitch Kuber, invested by Sequoia Capital and Tiger Global, has jumped 200 percent on a monthly basis. Out of this, 1300 percent jump has come only in the last 2 weeks. Dogecoin volume and price are at its peak all over the world. The reason for this is that Musk is going to appear on a TV show in America on May 8. He indicated that he might talk about Dogecoin in it. This is the reason why there is a competition among retail investors to invest in Dogecoin. There has been a 123 percent jump in the number of active traders on WazirX in April. Their numbers have grown rapidly on other platforms like CoinDCX as well.
WazirX Founder Nischal Shetty has said that the platform is being revamped keeping in mind the possibility of a huge spike in traffic on May 8. There may be double or triple the traffic on that day as compared to Wednesday. Shetty said that Dogecoin worth Rs 600 crore was traded on his platform in the last 24 hours. The average daily volume on CoinSwitch Kuber for the past two weeks has been Rs 100 crore. Most of the Indian crypto exchanges have listed this token.
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