Dogecoin is the most searched cryptocurrency on Google in India this month, ahead of Sensex, Nifty, Bitcoin, and Mutual Fund, according to the country’s main financial daily The Economic Times.
Breathtaking and amazing cryptocurrency rallies are nothing new, but the growth of Dogecoin has been phenomenal, even by cryptocurrency standards.
For the majority of its history, Dogecoin, which began as an internet fad in 2013, has largely been an insignificant me-too coin with a half-cent worth.
Dogecoin, unlike other cryptocurrencies, does not have a hard cap. Rather, 5 billion new Dogecoins are created every year. Dogecoin was always expected to be cheap at that rate.
The reality, however, has altered considerably this year, thanks to Elon Musk’s unwavering support, which has brought his interest in Dogecoin to ahead. In little than 5 months, the digital asset went from $0.01 to $0.07. This was only the start, as the investors finally recognized a coin that was ready to fly to the moon, both literally and metaphorically.
Over the next few weeks, the value of Dogecoin continued to rise, surpassing the $50 billion market cap and showing no signs of slowing down. This was exactly the type of opportunity that Indian investors were looking for. Dogecoin allowed them to enter the market with a small amount of money and profit handsomely.
In 2021, the coin saw a stunning surge of 5,500 percent before plummeting by nearly half after Tesla CEO Elon Musk removed Bitcoin as a form of payment for Tesla cars just weeks after permitting it.
The currency, which has a Japanese Shiba Inu dog as its emblem and Elon Musk as one of its supporters, has returned about 10,000 percent to its investors in the last year. According to analysts, the majority of Dogecoin investors in India are young. Elon Musk, with his SpaceX and Starlink initiatives, is a huge role model for these kids. Musk’s status as the world’s second-richest man is also boosting his popularity among Indian youngsters.
Unconfirmed reports circulated in February that an unknown entity controlled roughly 28% of all dogecoin in circulation. There are no rewards for guessing who this mysterious entity is!
Dogecoin may be traded on WazirX, India’s largest cryptocurrency exchange. It had a single-day trading record of $350 million on May 7. Musk was scheduled to appear on Saturday Night Live the next day. According to a report published by the Economic Times, WazirX observed extraordinary investor interest in Dogecoin.
Musk plans to deploy Tesla vehicles in India later this year. But, even before his automobile makes its way into Indian roads, his pet Dogecoin is already a major popular among the locals, particularly the youth.
