Dogecoin closed at a 26% high at 30 INR as the crypto trading market looks to recover from the recent blow received by the entire fraternity the previous month. With the giants, Bitcoin and Ethereum, still looking for ground to cover, most experts have predicted that the newer cryptocurrencies are the way forward.
Alongside Dogecoin, Matic and Cardano have shown an enormous rise in their trends as well—recording prices of 140 and 126 INR, respectively. Matic, especially, was the most obvious winner in the game because even though the crypto market crashed the previous year, the Polygon crypto gained insurmountable amounts, recording a 100% rise.
Although Matic and Cardano have become the face of the young juggernauts of the crypto market, they still have not been able to overthrow the ultimate juggernaut of the market. It’s not Bitcoin or Ethereum, but Dogecoin.
It started as a meme and then stayed on to become one of the best performing cryptos in the market. And, the best time to buy it is now.
What Is Dogecoin?
Dogecoin was the first and (probably) the only cryptocurrency that was devised as a meme or a joke version of Bitcoin by Billy Markus and Jackson Palmer. The general canker regarding cryptocurrency and digital transactions, in 2013, led to its formation as Bitcoin began to gain heat.
As is customary to the cryptocurrency market, the initial rise of Dogecoin came with Tesla CEO, Elon Musk’s, tweet in July 2020 terming the crypto as “inevitable.” As can be seen, it really was inevitable.
Dogecoin enables P2P transactions or peer-to-peer transactions, just like Bitcoin, and with the decentralized sphere of crypto, Doge has made for an affordable crypto for beginners. Its affordability depends on its tantamount rise and fall spectrum on the crypto scale as it rose to 30 INR in the previous close.
The affordability of the coin inculcates upon investors the false impression of it coming up with lax capital revenue. Taking that into account, it may come as a surprise to many that it accounts for about $90 billion in total capital revenue.
How To Track And Purchase Dogecoin In India?
In India, the entire system of cryptocurrency is perceived with extreme caution as most of us still can’t fathom the idea of virtual currency not regulated by a particular entity. Cryptocurrency has often been dubbed as the currency of the future and the currency by the people, for the people.
Also Read: How to choose the best cryptocurrency exchange?
The overall ambiguity concerning the crypto market exists because of a lack of sensitization about the same. It makes the general populace more hesitant in dealing with cryptos.
The Indians who perceive any form of financial risk or adventure as a major red flag, have been terrified to scratch the crypto market, although the younger generation has been braver.
The Indian crypto market, in general, has essentially remained untapped. However, with the 2020 pandemic, the younger populace had taken to speculating on both stocks and the crypto market. In essence, the stock market and the crypto market function in similar ways.
Most financial experts have gone so far as to call cryptocurrency just a “glorified form of penny stocks”. Thus, much like penny stocks, even cryptocurrencies require a place to facilitate trade, and in India, Dogecoin has claimed the game for itself.
What Are The Crypto Exchanges In India?
The Indian market can buy dogecoin through CoinSwitch Kuber, CoinDCX, and WazirX.
CoinSwitch Kuber is one of the leading cryptocurrency exchanges in India, with $5 billion worth of trading done in India itself. The potential of each and every other currency is well established and framed on the network.
As seen on their homepage, they pool the rates of the currencies in both India and worldwide to provide the customer with the best rates, making it the pioneer in this aspect.
WazirX is probably the go-to crypto exchange for beginners as it is extremely simple and easy to understand owing to the consumer-friendly interface. It is India’s most used crypto exchange with every rise and fall of the trade tracked.
Having the prices slated alongside the currency’s rate of growth or decline makes it instrumental in knowing the future of your target cryptocurrency. They also have their own cryptocurrency.
CoinDCX is probably your safest bet when it comes to the crypto trade, with a wide array of cryptocurrencies spread in front of you. The moment you get a hang of this exchange, you won’t have much to complain about, as it has the largest and the most secure array of cryptos in India. So much so that you will never be left wanting.
The only thing you will have to do to make yourself a part of the crypto world is a KYC and a verification of your bank account on your choice of crypto exchange. You will be set right there and then.
It’s time to buy Doge as it will rise again. Make yourself a part of the crypto market, and you won’t be disappointed. Honestly, when you can buy crypto for a meager 30 INR, why stay away?
Image Source: Google Images
Sources: Livemint, Economic Times, Times of India
Connect with the blogger: @kushan257
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