Dogecoin And Its Rising Popularity Explained: How And Where To Buy Dogecoins?

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Elon Musk's Twitter seems all about Dogecoins. The Tesla CEO is in favor of Dogecoin, a meme cryptocurrency that touched its highest value on Friday, April 16. Elon Musk's attention and praise of Dogecoin has attracted everyone's attention on this particular cryptocurrency. Here's why:

Dogecoin And Its Rising Popularity Explained

 

Dogecoin Timeline

While Dogecoin is something that rose to popularity over the past few months, the cryptocurrency has been around for a while now. Back in 2013, software engineers Billy Markus and Jackson Palmer invented Dogecoin. The duo aimed to bring in an instant payments system that was free of the traditional banking fees and was fun to use.

Looking back, 2013 was a time where the Shiba Inu dog was a popular meme. The engineers decided to use the Shiba dog as their logo to make it fun, and so, Dogecoin was created. To note, the meme cryptocurrency has been something of a joke from the start, mainly because it was based on a meme.

Dogecoin And Its Rising Popularity Explained

Dogecoin And Elon Musk

However, more recently, Elon Musk seems to have earned Dogecoin's attention. The cryptocurrency emerged as one of the favorites of tech giants, social media influencers, and other big names across industries.

Particularly here, Elon Musk began tweeting about Dogecoin starting February 4, 2021, stating 'Dogecoin is the people's crypto'. The tweet was like an ignition to Dogecoin's value, which began soaring. In fact, the first tweet from Elon Musk shot its value by 75 percent. Plus, Elon Musk seems to be finding new and innovative ways to shower his support to Dogecoin.

 

On April 16, Musk used a painting of a Spanish artist titles Dog Barking At The Moon on Twitter handle. However, Musk got a bit creative and tweeted: Doge Barking At The Moon, referring to the Dogecoin crypto again. The tweet was enough to soar the Dogecoin's value to an all-time high.

To note, the Dogecoin's value jumped 112.89 percent on April 16, according to Coinbase. This means the value of the cryptocurrency is rising to USD 0.29 or 30 cents (around Rs. 21). It's interesting to note that Dogecoin had reached the value of 10 cents on April 14 and further surged in just two days.

Can You Buy Dogecoin In India?

Dogecoin And Its Rising Popularity Explained

Yes! You can buy Dogecoin from anywhere in the world, including India. There are several platforms like Coinbase, Kraken, Robinhood, and others where you can purchase Dogecoin. Also, you will need to download a cryptocurrency wallet that can be downloaded from the official website.

Some websites let you earn Dogecoin simply by clicking a button and completing a captcha code. Mining cryptos is also an option, but you need to be a pro to get Dogecoins as a payment. There's also an option of purchasing Dogecoin in small amounts, where websites hand out small amounts of free crypto to visitors.

What Can I Use Dogecoin For?

Dogecoin can be used for several transactions, which are accepted on several platforms. In recent news, Elon Musk's Tesla stated it would accept cryptocurrency as a form of payment. More such platforms are expected to follow suit. Dogecoin can also be traded for currencies, much like other cryptocurrencies. Presently, the market capitalization of Dogecoin is about USD 16.9 billion, making it a high-value investment.

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