New Delhi: Dogecoin is a popular Cryptocurrency. It has a fun and friendly brand picture on its surface. This is a different picture from other coins. The coin gets its popularity in 2021 and it holds its position as the fifth-largest cryptocurrency in the market for a long period.
What is Dogecoin?
Billy Marcus and Jackson Palmer, two software engineers made this Dogecoin, in late 2013. Jackson created the logo by using a meme. The word “doge” describes a Shiba Inu dog. It was created as a part of the nonchalant joke for crypto enthusiastic people and took the name from a popular meme of that time.
Early days of 2021, Dogecoin was gaining its status on Reddit’s WallStreetBets message board, and today Dogecoin is not a part of the joke. It has gained a value of more than 5000% in 2021. Elon Musk, CEO of Tesla told that Dogecoin is his favorite cryptocurrency and he will plant it physically on the moon.
Working Procedure of Dogecoin
Similar to Bitcoin and Ethereum, Dogecoin is also run on blockchain technology. This technology is a secured digital ledger that stored all the transaction history by using a decentralized digital coin.
In this transaction process, every holder carries a different identical copy of the blockchain ledger. It is continuously updated after all transactions by using cryptocurrency. People called that for solving the complex mathematical equations of transaction miners are using the computer. They can earn additional Dogecoin which they can sell on the open market.
Usage of Dogecoin
Dogecoin is used to purchase something from the market or payment procedures. But it is not so much an efficient store of worth. There is no stable rate on the value of Dogecoins. Miners are got many rewards every day from the blockchain for creating a lot of new Dogecoins. They hold up the coins over time and that’s why the price value of the coin comes into a challenge.
How Can You Buy a Dogecoin
From cryptocurrency exchanges like Binance or Kraken, you can buy your Dogecoin. For buying the exchanges are necessary to build and fund an account with U.S. dollars or cryptocurrency. Then they can purchase and exchange Dogecoin. Like the other cryptocurrencies, if you buy Dogecoin then you can move it into your crypto wallet. You can secure the wallet with a strong password. It is an extra security protection system from hacking.
Dogecoin and Its Increasing Value
Elon Musk is tweeted that Dogecoin’s value is increased and bitcoin’s retreats nowadays. Dogecoin leaped by the rank of fifth. It downs before some days. Then it jumped 20% from its current value. Now it is too much popular and profitable than Bitcoin. Musk told on Twitter that on the Binance exchange, Dogecoin’s value is increased from $0.43 to $0.52.
Any Indian crypto investors can unfold their account on any Dogecoin-supported crypto exchange such as Wazirx, BuyUcoin, etc. Interested people can get Dogecoin by using their debit card, credit card, and bank transfer, etc.