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Dogecoin rises by 20%; Is this the right time to invest? How to buy?

Dogecoin gained 20% in the past hours as the crypto world continues to recover from the meltdown of May 20 which also led to a massive crypto sell-off.

Published

1 year ago

June 2, 2021

Newsroom Staff

New Delhi: Dogecoin was one of the major victims in May 20’s meltdown which started after Elon Musk’s Tesla stopped accepting Bitcoin as a mode of payment. Even though Musk publicly backed the Doge, still its value fell by huge margins. But, it seems now that its on the way to recovery as the coin went up 20% in the past 24 hours.

The value of Dogecoin (2nd June May 2021) has fluctuated between a 24 hour low of $0.4002 and a high of $0.3123, at the time of writing. It had been on a steady incline since the starting of this year but its way to $1 was blocked by the massive cryptocurrency sell-off across the world.

The market cap for Dogecoin stood at $51.26 Billion, which is way low in comparison to when Forbes had placed it at $69 Billion, earlier in the May 2021.

So is this the right time to buy Dogecoin?

Yes, this is the right time to buy as the price is declining rapidly. Right now you can buy 33 Dogecoins for a sum of Rs, 1000, isn’t it great. You can also wait a little bit as the price is expected to go down.

How to Buy

If you are looking to buy Dogecoin or any other cryptocurrency in India, you can use these apps:

1. WazirX

Download the WazirX app and sign up for the account. Before you start investing in Dogecoin, you need to do eKYC and enable the 2 Factor authentication. You also need to add your bank details to add and withdraw money.

Once you have added your bank account and perform KYC, you can check the available list of coins for trading. Tap on the Buy button in front of Dogecoin and then enter the amount you want to invest in the Dogecoin. You can make payments directly through bank deposit, credit card, debit Carr or UPI.

2. CoinSwtich

CoinSwitch is another notable and safe cryptocurrency exchange in India that lets you purchase and trade Dogecoin in India. You need to install the app, signup using your phone number, and add your bank account. As the app deals with crypto trading, you also need to do KYC. Once you have added your bank account, you can purchase the Dogecoin using Indian currency.