Friday, May 20, 2022

Dogecoin’s Popularity Soaring In India

Dogecoin, which was introduced as a meme in the market, has escalated 5500 percent in 2021. Although in the past few weeks the value of this light-hearted joke coin halved a little, it did not affect Dogecoin’s performance much in the market.

Billy Markus released this internet meme coin in 2013. It has a Japanese Shiba Inu dog as a logo to attract the meme generation towards itself. The meme coin has got great support from the founder of Tesla, Elon Musk. 

As the news breaks out that Musk is supporting Dogecoin, its value sky-rocketed.

In April 2021, before the market interest of Dogecoin reached zero, its demand started increasing among Indian investors. 

A report published recently claimed that the yearly return of meme coin is more than 10,000 percent to date. This also helped in attracting more investors towards Dogecoin.

According to data released by Google, on May 14, the term Dogecoin was searched more by Indians than Bitcoin and Mutual Funds. 

It appears that the growing popularity of cryptocurrency is becoming a threat to investing landscapes like Nifty and Sensex.

As per the industry watchers, Dogecoin’s popularity in India is mostly driven by young investors. Most of these young investors are avid admirers of Elon Musk because they have faith in his futuristic ideologies.  

A week ago, Tesla’s founder made his appearance in the popular American comedy show, Saturday Night Live, where he called cryptocurrency a ‘hustle’ and claimed most of them are suspicious. This led Dogecoin’s value to half, however, the comment did not affect the popularity of the meme coin. 

Notably, before Musk’s appearance in the show, a huge number of Indians started taking interest in Dogecoin, because of which many Indian cryptocurrency exchanges crashed.

On May 07, WazirX, India’s largest cryptocurrency exchange, recorded the highest single-day trading volume of Dogecoin, which was $350 million. 

Ever since Musk made a goof-up, he has been trying to correct his mistake. He recently announced the launch of his moon mission, DOGE-1. This mission would be entirely funded by Dogecoin. 

The CEO of Tesla also prepared a Twitter poll, earlier this week, asking his audience whether the company should accept the payment in Dogecoin or Bitcoin. Later, he announced that his electric vehicle company would not accept the Bitcoin payment anymore because of environmental concerns.

“…if Elon Musk is able to improve some of its technical flaws as he said, that could help it gain long-term value,” said Vikram Rangala, the chief operating officer at Zebpay.

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