India has seen a significant increase in dogecoin’s popularity (which was named after a meme depicting the Japanese dog breed Shiba Inu) from the beginning of April. According to Google search statistics, there were more searches for the word Dogecoin on Google than there were for the terms Bitcoin, Ethereum, and other cryptocurrencies combined.
Disregarding conventional knowledge, thousands of young people and millennials have chosen meme coins over more stable and fundamentally sound altcoins such as Matic, which is a cryptocurrency that is only available in India, according to CoinDesk.
The fact why there is such a flurry of dogecoin popularity in India may be attributed mostly to the Tesla Founder’s remark on a famous US comedy programme. Dogecoin is becoming more popular among Indian youths and millennials, which has resulted in an increase in interest in cryptocurrency. In addition, Musk’s tweet about sending Dogecoin to the Moon drew the attention of young people who are interested in this joke currency, Dogecoin.
The ease with which people may access trading platforms, the lack of knowledge about cryptocurrency technology, and the support of Dogecoin by well-known figures like Elon Musk have all contributed to the rise in dogecoin’s popularity in India.
Musk’s Twitter account is very popular, yet it has also been the subject of controversy. Even he had admitted in his dogecoin news that Dogecoin was nothing more than a meme currency. Young people were sceptical at first, but as he began to make serious statements about Dogecoin being the currency of the future and that it had enormous potential, they began to believe that it must be good since Elon Musk was tweeting about it.
Such widespread interest in Dogecoin has the effect of destabilising the cryptocurrency market’s structure, like many cryptocurrency exchanges in India, such as WazirX, we’re unable to keep up with the overwhelming volume of orders.
Dogecoin Gain Its Popularity in the Indian market before the beginning of April. Reports claiming that digital currency has generated returns in excess of 10,000 per cent year to far have sparked a great deal of curiosity, something that has never been seen before in the world of conventional investment.
As of January 1, 2021, a $1,000 investment in Dogecoin would have yielded about $85,000 in current value. Because cryptocurrency has historically been so volatile, it is impossible to predict how high the price of bitcoin may climb in the future. With a little luck, you may be able to profit from your investment today. It’s essential to note that Dogecoin is not likely to be a viable long-term investment opportunity. Decide to treat it as a pleasant experiment if you decide to put money into it.
Investing in Dogecoin is not a terrible option if you have some extra cash and want to try your hand at investing for fun – after all, you never know what might happen with cryptocurrency and about Dogecoin popularity in Indian Cryptomarket.