What is Dogecoin and How to Buy Dogecoin?

Cryptocurrencies are thought to be all official and full of hassle tools. But what if I told you that a cryptocurrency that was started as a joke, has its logo as a meme, takes a tenth of transaction time as compared to bitcoin, and is currently among the top 12 biggest electronic currencies of the world. Sounds like a dream, right? Here we introduce to you DOGECOIN. This article is all about Dogecoin, how it started, how to buy dogecoin and highest price till now. Let’s get started with the main topic.

What is Dogecoin?

DOGE Coin or simply DOGE was initially released on December 6, 2013. The founders of this currency, Billy Markus and Jackson Palmer founded the digital currency as a joke, in order to mock the sudden hype of cryptocurrencies. As a part of the joke, they assigned the infamous Shiba Inu dog, which is part of many memes to be the logo of the brand. Dogecoin quickly developed into a well-established online community, reaching market capitalization of over USD 85 million. The company promotes itself as the “fun and friendly internet currency”, again a reference to its “joke” origins. Dogecoin is based on the scrypt algorithm. As a peer-to-peer transaction network, it’s much easier to use as it takes a transaction time of 1 minute as compared to 10 minutes for bitcoin.

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All About Doge Coin Highest Price

The pricing of doge coin did not follow the conventional norms of other digital money forms from the very beginning. The founders did not launch a public sale like most other cryptocurrencies. They followed the launch pattern of another project called LuckyCoin. Following this, a total supply of 100 billion coins was set free for anyone with a laptop or smartphone, and a stable internet connection to mine. This strategy which allowed anyone to mine any number of coins was followed till 2014 post which a fixed block of 10,000 coins was followed for each mining procedure.

Thanks to its immediate reddit popularity, dogecoin enjoyed a high price range for its initial 4 years after release.

After its second hike in march 2017, dogecoin price came down to as low as USD 0.001.

Post this, Dogecoin experienced a prolonged period of lows, only before 2021, when SpaceEx, PayPal and Tesla owner, Elon Musk and some other celebrities showered support over this digital currency, which sky rocketed doge prices to all-time highs that surpassed all past records. Dogecoin reported an all time gain of 9,884% between January and May 2021. By the end of this cycle, the coin had reached its all time peak of USD 0.74.

The current price of each dogecoin is USD 0.13 which translates to INR 9.74 (as on February March 2022 at 2027 hrs).

Why Dogecoin Price Increased So Much?

Dogecoin has been all over the news lately. Since the start of 2021, support tweets from celebrity CEOs like Elon Musk have had a major hand in this. But Musk is not the only one. Other celebrities like Snoop Dog and Mark Cuban have also shown support to this meme currency. But no one competes to the love Elon Musk has for DOGE. After a string of tweets in its support, Elon Musk once even changed his twitter bio to “Former CEO Of Dogecoin”. Things seem to get a little too out of hand when Elon Musk declared that buyers would now be able to buy Tesla cars by paying Dogecoin. Seconds after release of this news, Dogecoin grew 22%, all the way from USD 0.156 to USD 0.195.

Use Cases Of Dogecoin

Starting with a very miniscule value, dogecoin was initially used for tipping users on twitter and reddit. But with the sudden rise of the meme currency, it can also soon be used as a payment option. As already stated, Elon musk also declared that buyers would be able to buy Tesla cars off doges after that Elon released that Tesla merchandising can be bought with Doge coin. He also added this payment option on its merchandise. A few merchants also welcome dogecoins as a payment mode, in order to buy food, household supplies or even website names.

How To Buy Dogecoin In India?

  • First and foremost, potential buyers of cryptocurrency in India to make an account on cryptocurrency exchange platforms that support transactions in dogecoin, as these platforms are the most convenient way of transacting
  • Some of the preferred platforms include WazirX, BuyUCoin, CoinSwitch etc
  • Users can do payment or add INR in their wallets via credit cards, debit cards or even online wallets
  • While in order to mine Dogecoins from scratch, the user needs to have either windows or linux or Mac on their computer device.
  • The get dogecoins in small quantities, some websites, referred to as faucets, that send out dogecoins to visitors for free could also be a highly preferred option.
  • In these faucet websites, users can dole out dogecoins every three hours by just clicking few buttons and filling up some captha code, as the bare minimum-security measure.
  • For professional miners, these sites could prove to be even more useful as they can perform payments for these coins.

Conclusion:

These is all you need to know about the popular Doge Coin. Currently Doge coin price is very low, if you have plan to invest in it. We suggest you to do your own research before investing.

FAQ’s

Ques 1. Which app is best to buy dogecoin in India?

Ans. As per user ratings, kraken is the best app to buy dogecoin in India.

Ques 2. Will dogecoin be banned in India?

Ans. Currently, there is no use on the ban of any cryptocurrencies in India, set aside the taxation policies

Ques 3. How can I buy dogecoin directly?

Ans. The whole method of buying a dogecoin is explained in simple steps above

Ques 4. Which cryptocurrency is the best?

Ans. As per the history of cryptocurrencies, bitcoin is the best available cryptocurrency.

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