What is Dogecoin? How to Buy in Dogecoin in India?

Snapshot: 

• What is Dogecoin?
• An introduction to How Dogecoin works?
• Dogecoin Basics – Things to know before investing
• Key Features of Dogecoin
• How to buy Dogecoin?
• Bitcoin vs Dogecoin

What is Dogecoin?

Dogecoin (DOGE) is based on the popular ‘doge’ internet meme with the picture of a Shiba Inu logo on it. It was created out of fun by the developers’ Billy Markus, Oregon, and Jackson Palmer. It was forked from Litecoin in 2013 with the intention of creating it in abundance; unlike crypto assets like Bitcoin. It was created for a fun and light-hearted cryptocurrency audience since it was based on a meme. Dogecoin gained massive recognition in 2021 when Twitter was flooded with Doge tweets, following the ones by the Tech mogul, Elon Musk who announced this as a favorite social media token.

Basics of  Dogecoin

Dogecoin’s price latest by 8th February 2022 is $0.1649 with a total market capitalization of $21,870,762,385(top meme token by market capitalization). The crypto is massively supported by its dedicated community and also by the crypto space due to its abundance. A total of 10,000 DOGE are mined every minute, where only around 12.5 (approx) BTC are mined every 10 or more minutes! There is no maximum limit to the supply of Dogecoin, but the current circulating supply of dogecoin stands at 132.6 billion. The crypto reached its all-time high in 2022 so far, at the value of $0.19 in January. The commonly referred meme-coin is yet to reach its potential, according to its dedicated Reddit forums and various financial analysts!

Also Read: Top 10 Crypto to Invest

How does Dogecoin work?

The primary use of Dogecoin is to tip the system on Twitter and Reddit to reward sharing of quality content or the creation of the same. Dogecoin is tipped to the user once he/she participates in a community that uses crypto for transactions. Users can even get dogecoin from a dogecoin faucet. Dogecoin faucet is just like a website that gives you a chunk of dogecoin as a free introductory gift that lets you interact in Dogecoin communities. 

Additional Read: Dogecoin Technical Analysis & Dogecoin Price Prediction 2023

Why is Dogecoin so popular? 

Dogecoin has also received a lot of limelight due to Elon Musk. In one of his tweets, Elon Musk also mentioned that his company Tesla will start accepting transactions in Dogecoin. This was one of the primary reasons why investors started to buy dogecoin in huge quantities and Dogecoin went up to be one of the top crypto assets in 2021. Experts believe that dogecoin which once started as a meme-coin has enormous potential to be actually traded and seen as a crypto asset. Following this, there is a surge in various meme-inspired crypto assets like Shiba Inu, which has started to become a part of the crypto ecosystem. Most of such dog name coins have spurged after Dogecoin hit nearly $1. 

Key Features of Dogecoin

• No minimum supply: The abundance of Dogecoin is what makes it stand out in the crypto market. Most of the crypto assets available today in the crypto ecosystem are capped at a certain limit. For example, there will only ever be 21 million BTC available in the market. As for Dogecoin, there is no maximum limit.
• Decentralized in nature: As any token on the blockchain technology, Dogecoin (DOGE) is also decentralized in nature. Any transaction taking place within the Dogecoin ecosystem is visible in a ledger.

Additional Read: Best 5 Cryptos in 2022 to Watch out For 

How to buy Dogecoin in India

The three-step process to buy Dogecoin on CoinDCX crypto app for beginners :

• Sign up to CoinDCX platform

The first step to buy meme token, Dogecoin on CoinDCX is to create an account on the platform using a valid email Id and strong password. A strong password ensures the security of your account. 

• KYC verification 

The most important step to buy Dogecoin on CoinDCX is KYC verification. This step ensures the authenticity of the users and takes less than 15 minutes. The user is required to submit the documents on the platform and wait for the approval. 

• Buy Dogecoin 

Once the verification is complete, the user needs to deposit the same amount of fiat currency for which he/she wants to buy dogecoin. Once the transaction is complete the same amount of Dogecoin is deposited in the user’s CoinDCX wallet. 

Additional Read: Bitcoin vs Dogecoin: Comparative Analysis of Top Cryptos