Dogecoin, the popular meme cryptocurrency, was born as a cheerful joke by a few engineers in 2013. Without any revolutionary efforts, unlike bitcoin and other leading cryptocurrencies, it has reportedly shot up 5500%until now, despite having reduced its value during last week. Dogecoin is a digital cryptocurrency that symbolizes a Japanese breed of dog, Shiba Inu on it. It is popularly known as Shib and is supported by the founder and CEO of Tesla, Starlink, and SpaceX.
The popularity of the Dogecoin has taken off in India since the start of April. Some interest has built up among new traders by the reports that linked the returns of the digital currency to more than 10000% per year to date, something exceptional in the world of traditional investments. Most Indians are searching for the famous meme currency “Dogecoin” on google search, trends data showed on google. The increase in the popularity of Dogecoin has been an upward slope, which helped to overtake the popular search terms in the Indian investment landscape as Nifty and Sensex. Indian Industry specialists said that adults and young investors, who are the passionate admirers of tesla’s founder Elon Musk, operate all the interests that are shown on the meme currency – dogecoin.
Musk’s participation has been crucial in the development of some of the more revolutionary 21st-century cryptocurrencies. For example, WazirX, the largest exchange platform of cryptocurrency trade in India, reported one of the highest trade volumes of $350 million on May 7, one day before the appearance of musk in the show. Some observers from the industry suggested that was caused by the large number of traders driven by the massive popularity of Dogecoin.
Even though dogecoin weighs almost half of its value earlier this week, the increasing interest depicts that traders and market analysts are looking at Dogecoin as a means of trade that brings in returns as the popularity grows. According to many market traders and analysts, Dogecoin is a significant gamble to invest in, as it has no fundamental values backing up the trade. Moreover, the trade of Dogecoins does not have a steady supply in the market, one of the significant factors in the popularity and rise of Bitcoin. As Elon Musk, the second richest man in the world is all in with his support, the cryptocurrency trading market trends follow, and so does the Indian trading community, leaving Sensex, Nifty and Mutual Funds behind.