If you are a cryptocurrency enthusiast, then you might have heard of the term 'Doge to the moon', which is literally getting real now. Yes, there are much fancier and much expensive cryptocurrencies like Bitcoin and Etherium. Dogecoin has also made it into the list, as the value of the newest cryptocurrency has skyrocketed over the last few days.
At the time of writing, the value of a single Dogecoin was around 57 rupees. And just a few days back, the value of the Dogecoin was less than 30 rupees, which is definitely a phenomenal growth in value. In fact, just a month back, the value of Dogecoin was less than Rs. 5 in India.
Doge To The Moon
This is what happens when an influential person backs a cryptocurrency. Elon Musk, the world's second-richest man has tweeted about Dogecoin multiple times. Each time he does that, the value of Dogecoin skyrockets. However, that is not the only reason, as there are many enthusiasts, who are investing a lot of money into Dogecoin.
When most people invest in a cryptocurrency, the value of the coin or the currency automatically goes up. Similarly, when a lot of people sell off those coins, the value of the coin comes down. With the current trend, it now looks like a lot of people are investing in Dogecoin, hence the sudden surge in the value.
Another interesting reason behind the ever-increasing price of Dogecoin is the pump and dump technique. In this scenario, a person or an entity will buy the cryptocurrency in a large quality, which will initiate a positive trend, as more people invest in the same, these large traders will start selling, which will decrease the value of the Dogecoin or any other cryptocurrency. As there is no upper or lower limit, one can buy as many Dogecoins.
Though Dogecoin is expected to reach $1 value in the next few days, be careful while investing in any cryptocurrency, as they are very hard to predict, especially if you are planning to pump a large sum of money. Nonetheless, Dogecoin is currently one of the hot commodities, which is attracting a lot of investors across the world, including Indians.