Dogecoin, it is the trending talk among both savvy and newbie cryptocurrency investors. Currently, it is among the top five most popular cryptocurrencies after surpassing many giant crypto coins. At the time of writing this article, the price of Dogecoin has reached $0.65 which is an all-time high record. Doge is so dominant in the market right now, that other coins are losing market share to Doge. So what is this fuss all about? Is Dogecoin a good investment in 2021? Read on to find out.
About Dogecoin: The Meme Cryptocurrency
Dogecoin is an open-source peer-to-peer digital currency, favored by Shiba Inus worldwide. It is a cryptocurrency that was created as a joke — its name is a reference to a popular Internet meme. Despite this unusual origin story, it has exploded in popularity in 2021. According to market capitalization, it is currently the fifth-largest cryptocurrency in the world. It also shares many features with Litecoin. However, unlike Litecoin, there is no hard cap on the number of Dogecoins that can be produced.
The Dogecoin Rally
If you had bought Dogecoin worth Rs 1 lakh at the beginning of 2021, it would now be worth around Rs 1.3 crore worth of money. From our calculations, this is a gain of around 12,000% which is outstanding for crypto investors. To put it into comparison, other popular cryptocurrencies such as Bitcoin and Ether have seen a growth of just 95% and 369% respectively in the same period.
Tesla CEO, Elon Musk is among the few boosters who have assisted in soaring the price of Dogecoin in the market. He proclaims Dogecoin might be the future of cryptocurrency. From his official Twitter handle, he has made several tweets supporting Dogecoin, which in turn has helped push up its price. Not only Musk named Dogecoin as the “people’s crypto,” but also promised to plant a physical Dogecoin token on the moon. With this, there is no doubt that Dogecoin is his favorite cryptocurrency.
How to Buy from Nepal
Are you enthusiastic about buying Dogecoin but don’t know how? As you might notice giant companies are also investing in cryptocurrencies, the time seems right to be ahead of the herd and own your own currency like Dogecoin. Here is the simple beginners’ guide which will take you safely and step by step through the process of buying Dogecoin.
- Step 1: Create and secure an account. Binance is preferable as it is very transparent to buy Dogecoin on this platform. Other available platforms to buy cryptocurrency are
- Step 2: Decide how much Dogecoin are you willing to buy. It is wise to start small to get familiar with the process first.
- Step 3: Payment methods for buying Dogecoin. Simply select your currency (in your case from Nepal, probably Nepalese Rupee) and the payment method (credit card, PayPal) you want to use.
- Step 4: Trade or buy your first Dogecoin from Nepal.
- Step 5: Research more information and strategies on buying.
After hearing the phenomenal rise of Dogecoin, you must be thrilled to buy Dogecoin as soon as possible. However, before you buy dogecoin in hopes of capitalizing on the gains, it’s important to remember that popularity and reliability don’t necessarily go hand in hand, and many have warned of the bubble potential of dogecoin. When it comes to a token like Dogecoin whose value is extremely volatile, you must be wary of the timing you jump and leave the market.