Why is Dogecoin on the rise, and how can you buy it?
Dogecoin was founded as a joke by software engineers Billy Markus and Jackson Palmer in 2013, and it was never planned to become a popular cryptocurrency. It was based on a famous dog meme and was widely published as a joke for quite some time.
Cryptocurrencies have recently emerged as a choice of technology companies, social media influencers, and industry executives. “Dogecoin is the people’s crypto,” Musk, one of the most passionate fans of Dogecoin, tweeted on February 4, 2021. It’s worth increased by 75% as a result of the tweet.
Dogecoin can be used to buy and sell products and services on websites that support it. It may also be exchanged for fiat currencies such as the United States dollar. Since it is not supported by any official, its value fluctuates like that of other cryptocurrencies. Dogecoin Stock now has a market capitalization of 16.9 billion USD. Its increased value is because of its profitability and the long-running online humorous chatter around it.
Steps for buying dogecoin in India
Purchasing and selling cryptocurrencies in India was illegal before the Supreme Court of India voted to legalize it in 2018. Since then, India’s crypto industry has exploded, with millions of Indians investing in cryptocurrency. Although buying cryptocurrency is a complex task, there are crypto exchanges that make it relatively simple for a beginner. Crypto exchanges, such as Binance or Robinhood, are websites that allow ordinary people who aren’t familiar with trading to invest in crypto in a relatively simple way by using their fiat currency. Dogecoin stock can be purchased in India on a variety of exchanges.
To purchase Dogecoin, follow the steps given below.
- Install a well-known Indian cryptocurrency exchange. Before deciding on a trade, make sure you do your research.
- Register and check your KYC to set up your account. To make your app even more stable, make sure you allow two-factor authentication.
- Add your bank/UPI information to the app. Once your bank details/UPI are registered, you can add money to the exchange.
- You will use the cash to buy Dogecoin Stock available at https://www.webull.com/cryptocurrency for purchase after it has been deposited into the exchange.
Dogecoin technical analysis
The dogecoin map shaped a descending triangle around mid-February, accompanied by a steady pattern. We could see price movement upwards if the price breaks through the opposition. If the price break to the downside, it could fall to the 0.045 USD level. While the usual ups and downs will be present, the charts will have an uptrend to trade above the USD 0.12 limit.