Anyone on Twitter or with access to the internet must have heard of Elon Musk. If not anything else, most of the millennials and Gen-Z are aware of this billionaire entrepreneur and the impact he has made in the business as well as finance sectors. Lately, Musk has gained popularity not only for his technologically advanced cars but also for his investment ideologies. He has, on several occasions, tweeted about his investment plans and arenas. Dogecoin, popularly known as ‘meme coin’, has also become one of the hot topics due to Musk. It was mainly introduced as a joke cryptocurrency by Billy Markus who is a programmer in Oregon. Even though it was started as a joke, the market cap for this currency, which was about $1 billion in early January, rose to nearly $47 billion in June.

The beginning –

This coin is considered an open-source cryptocurrency and is based on the Litecoin code. The coin was inspired by the doge meme that was super popular on the internet around 2013. Considering the year-to-date basis of measurement, this coin has increased by approximately 7000% and it achieved its all-time high in May 2021 at $0.73. This was caused by the very optimistic tweets by Musk. It created a surge in the value and the buying of this coin all across the world. Individuals and investors were also looking at this as an opportunity to buy dogecoin in India. This was primarily by those expert individuals who were aware of the workings of the market and were looking to make a quick and short-term investment for a good profit.

Facts about DOGE –

Before making any purchase or big investments, it is always a good idea to research and know a little more about the product. Here are some interesting and fun facts about Dogecoin that just increase its popularity and appeal to the customers.

• It runs on an open-source peer-to-peer-based digital currency that is famous among Shiba Inus around the world.
• This Shiba Inu is a breed of dog that is commonly found in Japan and became popular online as a meme and is now associated with dogecoin.
• Slowly, this currency has become one of the most active and largest communities of cryptocurrencies.
• It is also associated with several charitable endeavors and ventures. They were also one of the biggest funding agents for a NASCAR race.
• Interestingly, this currency has no upper limit. This means that there can be an unlimited number of Dogecoins circulating in the mainstream financial sector ready for trading.

Its popularity –

The question ‘how to buy DOGE in India’ was among the top 10 searches on google in 2021.  Dogecoin was ranked 11^th in popularity early this year and has seen a 20% surge in the price in April post Musk’s tweets. He described the growth of this coin as inevitable and the rise seems virtually unstoppable. After its prices reached a new peak in the middle of this year, it also briefly replaced XRP as the 4^th largest crypto concerning the market caps. Currently, the value of 1 Dogecoin to INR is approximately 13.79 rupees. The coin is also gaining a lot of support from Robinhood dealers and this, along with the entrepreneurs’ increasing interest, has propelled this crypto into the mainstream market. At one point, the DOGE liquidations also topped BTC.

Investing in Dogecoin –

Even though buying cryptos can seem like an intimidating process and one that requires research and dedication. However, several crypto exchange websites and platforms have made it easy to buy and sell crypto even for a layperson. Apps and websites such as CoinSwitch guide their new users through the process of trading in cryptos using their country’s denominations (fiat currency). Here are a few steps that can be followed to invest in cryptocurrencies:

• Install or register on a reputed, safe, and genuine platform that would allow the exchanges of several different cryptos available in the market. Ensure that diligent research is conducted before installing such platforms.
• Set up the account by completing the KYC verification. This step is mandatory on most platforms and it is done for the security of the customers and to ward off scammers. Also, enable the two-factor authentication so that there is additional security added to your app and therefore your money.
• Complete the registration process by providing other details such as PAN and Aadhar.
• Add the bank details or UPI address to the app. This will enable the smooth transfer of money necessary for transactions.
• Once the money is deposited, the transfers can begin. Use it to buy any crypto of your choice and get involved in the trading.
• Most apps show trends, the highs, and lows and real-time values of the different cryptos on the medium. Use those as guiding factors along with expert advice and your research.

Most platforms have more than 100 cryptos present to enable their users to use them for trade. Investing can be daunting if not done well. These steps can be your guide to a safe and secure investment in dogecoin. Get an insight into the crypto market and begin investing at the earliest for maximum benefits. If you are new, make sure to keep a diverse portfolio and conduct a thorough risk assessment.