Dogecoin Price Prediction For 30th March 2022
The current price of Dogecoin on 29th March 2022 (10:35 AM IST) is INR 11.0171 with a change in +1.83%. Dogecoin price forecast for 30th March 2022 will be between INR 10.6372 and INR 12.1568.
According to crypto trade analyst Michael Van De Poppe the crypto market is showing good strength and is worth investing besides Cash and Commodities as assets. Bitcoin could pass the $50,000 mark according to Laszlo Dobos of CyptoSlate. Even as BTC and ETH are faring well, other cryptos witnessed gains too. Yet it’s recommended to buy the dips as long as it is profitable. Meanwhile crypto taxes will be implemented in India from April 01 2022.
What is Dogecoin?
Denoted by a ‘Ð’ Dogecoin is one of the more popular amongst Meme-coins and Alt Coins. It all started out as a joke really. Also considered the first ‘dog coin’ it is the first Meme Coin ever. The token features a meme image of a Dog in its logo. Post its arrival in 2013 the meme coin took the online community by a storm! The crypto is based on Scrypt algo. Unlike Bitcoin that takes about 10 minutes per transaction, a Dogecoin’s processing time is a mere 1 minute!
The recent mad rush for Dogecoin has been endorsed by tech titans like Musk. One single tweet by Musk sent the Crypto market trading into a frenzy. Elon’s very first tweet about the coin was a mere one word ‘Doge’ that spiked the value of Dogecoin by 20%. Musk has tweeted multiple times about the coin.
Other high profile celebs who endorse Dogecoin are Snoop Dogg (yeah we get that!) and Mark Cuban.
Unlike most cryptos, Dogecoin doesn’t have scarcity of tokens. There is no lifetime cap on the crypto. Everyday fresh tokens are released. This is one reason it is rather inexpensive compared to other popular coins.
Who created Dogecoin?
Dogecoin was created by Billy Markus (former IBM Software Engineer) and Jackson Palmer (former Adobe Software Engineer) in 2013. It was supposed to be a satire on bitcoin and other cryptos. However, ironically it gained popularity and achieved a $85 billion market cap in 2021!
The token went live on Dec 06 2013. Within 30 days of the launch the Dogecoin website saw a footfall of over million visitors.
Dogecoin is also involved in charities and projects, especially related to climate change. Dogecoin has also raised funds for Jamaican Bobsled Team, that qualified but had no means to travel for the Sochi Winter Olympics 2014.
Thank You #DogeCommunity.
Much Wow! pic.twitter.com/rEUvvwJvBR
— Dogecoin (@dogecoin) January 5, 2022
Like all cryptocurrencies Dogecoin is also very much in a developmental phase. Current developers are Billy Markus (who goes by Shibetoshi Nakamoto), Michi Lumin and Ross Nicoll.
How does Dogecoin work?
Like Bitcoin and Ethereum, Dogecoin runs on Blockchain. It uses the ‘Proof of Work’ consensus mechanism. In a PoW mechanism, the transactions are validated by mining. A Proof of Work mechanism also prevents ‘Double Spending’. Miners who participate in the process earn token Dogecoins as reward.
The crypto is based on Litecoin’s design that uses Scrypt algo. Hence unlike Bitcoin the miners cannot use SHA-256 mining tools. Dogecoin requires dedicated FPGA and ASIC devices to do the hectic mining.
It’s worth noting that Dogecoin cannot interact with smart contracts and hence by itself cannot access a DeFi network. However Ren Project enables the token to use the Ethereum Blockchain. Ren enabled Dogecoin is called a renDOGE. Thereby Dogecoin can access DeFi apps and DeFi exchanges.
Dogecoin went live with a supply limit of 100 billion coins initially. In Feb 2014, one the founder Jakcson Palmer announced that the cap on the coins will be fully removed.
How to use Dogecoin?
You can buy Dogecoin from crypto exchanges like Binance or Coinbase too. These exchanges will enable you to open a wallet with them. Once your account is set up, you can buy as many tokens via wire transfer. Viola! It’s that simple. You don’t necessarily have to be a crypto miner to mint the coin of your choice.
However the easiest way to procure a Dogecoin is from the token’s website itself.
It’s a simple walkthrough. All you gotta to do is
- Pick one of the wallets from Dogecoin’s wallet section showcased on their website.
- Download and configure your wallet by following the guide mentioned in the website.
- Grab some Dogecoins and get going!
Dogecoin can be used for payment of goods and services wherever the crypto is sanctioned. You can even buy a Tesla merchandise with Dogecoins! Besides Tesla there are over 2000 plus merchants listed at the Cryptwerk that accepts Dogecoin.
Top platforms and apps in India to trade Dogecoin
What’s So Special About Cryptocurrencies? Cryptos are global, highly secure, private and irreversible. About 20 million Indians currently hold cryptocurrency. 60% of the total crypto investors are between 18-34 year old.
India is also the second in fastest adoption of cryptos followed by Vietnam. Although the Indian government has introduced 30% taxes on all forms of VDAs (Virtual Digital Assets), Cryptos still doesn’t have a legal status in the country. However with growing consensus and further amendments, digital currencies will become a norm.
If you are looking to make an investment in Cryptos then the best way is through a Crypto Exchange.
Here are some of the top crypto exchanges available in India.
- CoinSwitch Kuber
Explore Dogecoin at https://dogecoin.com/
Cover Image: Pixabay