Is it worthwhile to invest in Dogecoin? Let’s find out

cryptocurrency

Do you know the story of how Dogecoin was formed and established itself into a cryptocurrency? It is an interesting tale that begins as a joke. It was inspired by an image that misspelt the word ‘dog’ as ‘doge’ and the rest is history. Soon, the memes started pouring in, taking the internet by storm. Imagine something that started off as a meme or a joke and is now in the top 11 cryptocurrencies on the global scale! That is the power of Dogecoin and social media. Humour aside, it has made its way to be recognized as one of the many viable financial opportunities to people all across the globe. 

Why investing in DOGE is a good idea – Many people, including Indians, can invest in this cryptocurrency with ease as it is not very hard-hitting on the pockets. Currently, the price of Doge to INR is approximately 9.40 rupees which can rise or fall based on external factors and market trends. If you are someone who likes to be prepared, you can ensure to purchase DOGE when the prices are low and then sell it when the value increases. This method of trading can get taxing, of course, but it is an option that makes investing in Dogecoin worthwhile. Many experts believe that it may not be a good long-term investment, however, in the shorter period, you could go for it. 

Backing and support – Yes, millions of people who are into the financial sector have expressed their interest in Dogecoin. However, the snowball effect was created by the billionaire entrepreneur – Elon Musk – CEO of Tesla. His tweets and endorsement along with the plans of using cryptocurrencies in the buying and selling of goods and services at his company restored the faith of the laymen in this sector. Other celebrities like Snoop Dogg, Gene Simmons, Kevin Jonas, etc also publicly tweeted about and supported Doge. The hype also reached India as the price of Dogecoin also skyrocketed owing to these public figures. The value of other cryptos like BTC to INR also saw a significant rise. 

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How can you invest in Doge – One of the first major considerations would be the amount one would like to spend on certain cryptocurrencies like Dogecoin. Because the supply may be limited and the prices are volatile, this is a very important factor to take into account. Once this is done, here are the steps that you can follow to invest in Doge or any other cryptocurrency in India:

  • Decide on an exchange platform – To purchase any cryptocurrency, the primary task would be to open an account on any cryptocurrency exchange platform. Here is where the buyers and sellers find a meeting ground to exchange cryptos for fiat currencies. Choose platforms that offer a lower transaction fee and exit rate along with a user-friendly platform. Also, check whether the selected platform allows trading in the currency you prefer to invest in. 
  • Register and make an account – Each portal may have a different process however, a few guidelines would remain universal. The users would be required to complete a KYC verification as it is a requirement in India. Bank details, PAN and Aadhar details, a photograph, etc may be additional documents you can keep in handy for this process. Transfer the funds into the digital wallet to be able to effectively start purchasing and trading in cryptocurrencies. Place your orders based on the calculated value and investment you would prefer. In case of fluctuation of values, ensure that you are checking the real-time price against INR. 
  • Store or sell – Depending on your plan for investment (long or short term) you can decide to store the currencies on the wallet or sell them instantly. As seen, with Dogecoin, most people decide to sell it on a short-term basis after the prices spike. 
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Investing in DOGE would be a good idea in case your risk tolerance is low. It is a good beginning point for investment in this sector. 

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