Dogecoin rallied 5,000% in just 111 days. Find out all about this crypto

What is Dogecoin?: Do you know a cryptocurrency has just turned Rs 10,000 to Rs 5 lakh in just 111 days of 2021? Dogecoin, which is now the six-largest cryptocurrency on basis of market capitalisation, is on a tear in the cryptocurrency market. It has rallied 5,776% to Rs 24.68 from just Rs 0.42 on January 1. On the other hand, it has delivered an 8,150% return in dollar terms during the same period. On the other hand, bitcoin has jumped 95% during the same period.

Dogecoin, which was originally created as a joke, grabbed the attention of billionaire Tesla CEO Elon Musk. For example, in one of his tweets on February 4, 2021, he said: “Dogecoin is the people’s crypto”.

What is Dogecoin?

Dogecoin is a cryptocurrency based on the popular “Doge” Internet meme and features a Shiba Inu on its logo. The currency began its journey as a meme and now existed for nearly seven years. The market capitalisation of Dogecoin is nowhere near the popular virtual currency bitcoin. Data available with coingecko.com showed that the market value of Dogecoin was hovering at around $42 billion as against bitcoin’s $1037 billion on April 21. Created in 2013 by software engineers Jackson Palmer and Billy Markus, Dogecoin was created to make fun of all the crypto craze that time led by Bitcoin.

How can you buy Dogecoin?

Investors in India can buy Dogecoin through cryptocurrency exchanges like WazirX, BuyUcoin, bitbns, among others. You have to fill a simple form and submit your bank details, PAN card, Aadhar card to open your account with these exchanges.

How can you use Dogecoin?

According to coinmarketcap.com, Dogecoin has been used primarily as a tipping system on Reddit and Twitter to reward the creation or sharing of quality content.