Dogecoin significantly expands its user base in India, overtaking Bitcoin and Ethereum as the most popular cryptocurrency.
Because of Elon Musk’s tweets about Dogecoin being the “people’s crypto,” the digital currency’s popularity has increased significantly. Other well-known supporters have included Mark Cuban and Snoop Dogg. In addition to Musk’s frequent tweets endorsing Dogecoin, he once modified his Twitter bio to read “Former CEO of Dogecoin.” Elon Musk, the creator of Dogecoin, also caused a stir last week when he revealed that Tesla was considering allowing customers to use Dogecoins to purchase certain goods. After the reveal, the meme token soared 22% to $0.195 from $0.156.
You must create an account on cryptocurrency exchanges that handle Dogecoin if you want to purchase Dogecoin in India. One such website that enables users to purchase, sell, or exchange Dogecoin is Coinswich. Once you’ve made the decision to invest in Dogecoin, you need to locate an exchange that has a reputation for offering a secure and convenient platform for cryptocurrency trading.
The leading cryptocurrency buying and trading software in India, CoinSwitch, announced on its Twitter account that Dogecoin was one of its customers’ most-held assets of the year. Ethereum and Bitcoin (BTC) joined DOGE at the top (ETH). Around 20 million people, according to CoinSwitch, are active users of the app.
A sizable chunk of the 70% of DOGE addresses with tokens kept for longer than a year, as reported by IntoTheBlock, are now known to be located in India. Considering that 53% of Dogecoin holders are currently making money, the move was obviously the right one. Therefore, 2.23 million of the almost three million non-zero Dogecoin wallets have a positive PnL on DOGE.
Deeper research reveals that the majority of those successful addresses, with the exception of the very old DOGE whales, purchased the cryptocurrency at values between $0.00132 and $0.058. As a result, even those investors who purchased Dogecoin in June 2022 would likely now be making money.
At the same time, the fact that DOGE became a key focus when Elon Musk acquired Twitter explains why it is one of the few cryptocurrencies that has made money, even for latecomers. One could argue that Dogecoin is an exception to the rule.
The popularity of Dogecoin and other cryptos are on the rise. Over 15 million individual investors in India have reportedly made cryptocurrency investments, according to a Nasscom survey. A step forward would undoubtedly be indications that the government is moving toward enacting new regulations for the unregulated bitcoin business.
Due to its popularity and relatively stable pricing, Dogecoin is one of the cryptocurrencies that stands to gain the most. Dogecoin, unlike Bitcoin, has the support of well-known public figures but is still vastly undervalued.