Is dogecoin a good investment? Will it reach 1$; How and where to buy

New Delhi: It all started with a joke or you can say a meme and now the joke appears to be on the people who didn’t take Dogecoin seriously. Elon Musk’s favorite meme cryptocurrency ‘Dogecoin’ came into global prominence when celebrities like Musk, rapper Snoop Dogg and rock band Kiss’ bassist Gene Simmons took to Twitter to talk about it.

The digital token, symbolized by the Shiba Inu dog breed, shot up to a six-week high after a tweet by Tesla and SpaceX CEO Elon Musk.

Since then Elon Musk wouldn’t stop tweeting about it. On February 1 he expressed his support for Dogecoin in an interview and said it is a ‘good thing’.

“An investment that’s worth thousands of dollars today might be worth only hundreds tomorrow. And, if the value goes down, there’s no guarantee it will go up again,” the federal body says.

The graphic below, provided by Statista, shows the price changes of selected cryptocurrencies in 2021.

How to buy Dogecoin in India?

Buying crypto can be a complicated process, but there are crypto exchanges that make buying crypto fairly easy for a layman. In India, people can buy Dogecoin through many exchanges such as Coinswitch Kuber, WazirX, CoinDCX. Follow the given steps to buy Dogecoin.

• Install Indian crypto exchange such as Coinswitch/WazirX/CoinDCX/Bitbns/Zebpay.
• Make sure you do your research before you settle on choosing an exchange.
• Set up your account by registering and verifying your KYC. Make sure you enable 2 Factor authentication.
• Add your bank details/UPI details to the app. You can add money to the exchange once your bank details/UPI are registered.
• Once the money has been deposited into exchange, you can use it to buy Dogecoin, or any other cryptocurrency available for purchase.