Back in February 2021, Elon Musk had tweeted, “Dogecoin is the people’s crypto.” Ahead of this tweet, Dogecoin’s value went up by 75 percent!
Mr. Musk recently tweeted yet again about Dogecoin, “A literal Dogecoin” on the “literal moon.” And now, it seems like everybody is talking about DOGE.
DOGEmania is on the Rise – Dogecoin News
In the last few days, Dogecoin’s market capitalization increased exponentially to reach about $90 billion!
Dogecoin is one of the most talked-about altcoins on social media currently. And the Dogemania doesn’t just end here! In terms of valuation, Dogecoin has surpassed many popular global companies like Honda, Dell Technologies, and Colgate Palmolive Moderna.
Dogecoin is currently giving a return of over 8000 percent, which is the highest among its peers. Amongst all the buzz, DOGE has quickly become the fifth largest digital currency in the world.
WazirX, one of India’s top bitcoin and cryptocurrency exchanges, witnessed a jump of 123 percent in terms of active traders in the last few days. And now that Elon Musk is going to make an appearance on Saturday Night Live show, May 8, there is likely to be an unprecedented surge in terms of traffic. Even the world’s largest trading app, Robinhood, crashed for a few minutes as the Dogecoin demand surged by more than 50 percent.
What is Dogecoin?
Dogecoin is an open-source cryptographic money. It is a digital currency or altcoin, popularly used for peer-to-peer transactions. With a fun and friendly brand logo, Dogecoin started as a light-hearted joke against popular cryptocurrencies like Bitcoin in 2013.
The idea was to make the public aware of the concept of cryptocurrency in a fun manner. However, over the years, it has acquired more than five thousand percent in terms of value.
Dogecoin is quite popular as an altcoin and has one of the largest communities in the world. Dogecoin is different from Bitcoin in the sense that the former has no upper limit. As a result, currently, there might be billions of Dogecoin in circulation across the world.
How Much Is Dogecoin Worth?
The market cap of DogeCoin is over $67.258 currently. It reached an all-time high of $93.38 billion recently. The value of 1 DOGE is 0.5156 USD.
How to Buy Dogecoin?
You can trade for Dogecoin using your local fiat currency or cryptocurrencies like Bitcoin in India. In addition, people can buy Dogecoin through many crypto trading exchanges like WazirX, CoinDCX, Coinswitch Kuber, Bitbns, and Zebpay.
Here is a step-by-step tutorial about how to buy Dogecoin in India.
Step 1- Install A Crypt Exchange App
Install any of the crypto exchange apps like WazirX, CoinDCX, Coinswitch Kuber, Bitbns, and Zebpay on your device.
Step 2- Create a Crypto Trading Account
Register yourself and create an account to start doing crypto trading. Use your email ID to start the registration process.
Step 3- KYC and AML
AML and KYC are compulsory compliance for everyone investing in crypto trading. Fill up all KYC details for account verification.
Step 4- Two Factor Authentication Details
2FA or google authenticator details is another mandatory step. All you have to do is click on the link of your profile page, add a password and move on to Google Authenticator. Then, switch on the Security tab by clicking on it.
Read all instructions carefully, and now you would be directed towards the Google Authenticator image. It’s a QR code that needs to be scanned using the scanner on your device. As you scan, enter the 2FA code when it is asked for. The 2FA setup is complete.
Step 5- Update Your Bank Details
This is the final step where you need to provide bank details like account and IFSC number.
You are now ready to buy Dogecoin in India with the help of your credit or debit card, IMPS transfer, net banking, eWallet, and BHIM.
How to Mine Dogecoin?
Dogecoin mining is done to receive new Dogecoins in return for verifying transactions on the Dogecoin blockchain. Only one miner can win the reward at a time which depends on the computer specifications being used to work on the same transaction block.
Dogecoin’s mining or hashing algorithm is Scrypt, which requires less computational power and is a lot quicker than Bitcoin’s SHA-256. As a beginner, you should prefer joining a pool over solo mining. The steps for mining Dogecoin are:
Step 1: Fulfill the basic hardware & software requirements
- PC with either Windows, OS X or Linux operating system
- 24/7 stable and dependable internet connection
- Low-cost electricity
- Heat management (e.g. cooling system, fans)
- A Dogecoin wallet like Dogecoin Core
- Mining Hardware like SAPPHIRE Pulse Radeon RX 580 GPU or Innosilicon A2 Terminator Scrypt ASIC Miner. (For profitable mining, use ASICs as they beat GPUs and have in-built mining software too.)
- Mining software like CGMiner or EasyMiner to estimate your mining profits before getting started. This will depend on factors like Dogecoin’s current price, electricity costs, mining pool fees, mining difficulty, hash rate of your miner and pool, among others.
Step 2: Set up your equipment for ASIC & GPU
- Connect your mining hardware to both, internet router and power supply unit
- For ASIC, select a Dogecoin mining pool based on factors like pool fee, reward system, trustworthiness, support for INR, and so on. Some examples include Aikapool and Prohashing.
- Search for the ASIC’s IP Address under the DHCP client list of your router
- To log in to the Web Interface, enter the retrieved IP address, username and password. By default, username and password are rooted unless otherwise stated in the documentation.
- After you log in, go to miner configuration and enter pool information (URL and password). Enter the Dogecoin wallet address in the Worker field to ensure that you mine Dogecoin. You can add information of more than one pool to ensure continuous mining during the downtime of one of the pools.
- Click Save and Apply. You will notice a hash rate in the Miner Status tab which indicates you did everything correctly.
- You can set up a GPU mining rig for GPU if you are not satisfied with your computer’s GPU.
- Then download software like CGMiner which is suitable for GPU-based mining. The choice depends on what graphics card you are using.
- You will need to enter details like stratum address, port number, worker name, worker password, and username to get started.
What is Cryptocurrency Exchange Software?
Cryptocurrency exchange software is used by companies to manage the process related to exchange cryptocurrency and perform altcoin trading for fiat money.
Along with altcoin, cryptocurrency exchange software also facilitates the exchange of Bitcoin, Litecoin and Reddcoin. Cryptocurrency exchange software also helps in building a diverse portfolio of cryptocurrency and order books.
How to Sell Dogecoin?
Once you create an account on a crypto exchange platform that lists Indian currency, you can sell your Dogecoins on the platform. You can sell it on any Indian Exchange where it is listed in exchange for USDT or INR. The general procedure is as follows:
Step 1: First, enter the amount in Dogecoin and choose the desired payment method. Click Next.
Step 2: Enter your personal details for the chosen payment method (for example, bank details for bank transfer) Click next.
Step 3: You will be asked for your mobile number and email ID. Enter them.
Step 4: Verify your order when you receive the OTP on your entered mobile number and email.
Step 5: Make the necessary payment after receiving Dogecoin address.
Step 6: You receive money in your bank account or digital payment wallets like PayTM once the transaction is confirmed.
- What are the trusted Dogecoin wallets to store Dogecoin?
Light wallet: MultiDoge
Software wallet: Atomic
iOS wallet: Dough wallet
Full node wallet: Dogecoin core
Hardware wallets: Ledger, Trezor
- How can you pay in Dogecoin?
Payments in Dogecoin can be made using debit and credit cards. Other available modes for making digital payments include BHIM, IMPS, bank transfer, and wallets.
- Why is Dogecoin known as meme cryptocurrency?
Dogecoin was started in 2013 for instant payment among peers and has the logo of the Shiba Inu breed of dog. The Dogecoin logo has been used in many memes over time. However, Dogecoin became a popular cryptocurrency type with time and has a valuation of $80 billion by April 2021.
- Is it legal to buy Dogecoin in India?
Dogecoin is not illegal. However, there is no legal framework to govern its functioning currently. Although, the Indian government is planning to have regulations for all cryptocurrencies including Dogecoin.
- What is the safest way to buy Dogecoin?
The safest and easiest way to buy Dogecoin in India is to set up a crypto exchange account. You can choose any popular exchange platform in the market that supports Dogecoin. One such example is Binance Holding’s India-based platform WazirX.
- Where can I buy Dogecoin?
You can buy Dogecoin on any cryptocurrency exchange & trading platform in India like CoinDCX, BuyUcoin, CoinSwitch and WazirX. Anyone with an active account on these platforms can buy Dogecoin from Indian Rupee with credit and debit cards, e-wallets like Paytm, MobiKwik, Bhim, Bank Transfer, among other payments options.
- What is Dogecoin share price?
The dogecoin share price is 0.5156 USD.
- What is Dogecoin stock price?
The dogecoin stock price is $67.258 currently.
- How much is 1 dogecoin – dogecoin to INR?
At the time of writing the article, 1 DOGE = 37.76 INR. The day’s range is 36.768 – 41.562 INR. The value of Dogecoin keeps on fluctuating just like other cryptocurrencies. It witnessed a surge recently. You should check the price before investment.
You can also read, 20 Best Cryptocurrency Exchange Software Companies for Crypto Trading