Dogecoin Dominate The Indian Crypto Market
Shiba Inu and Dogecoin account for over 13 percent of trading volume on Indian crypto exchanges. India has more than 100 million crypto holders, more than any other country in the world. The two coins have become popular because of mentions on Twitter by Mark Cuban and Elon Musk.
India currently has more than 100 million crypto holders
According to Broker Chooser, India currently has more than 100 million crypto holders, which is more than any other country in the world. The majority of cryptocurrency traders in India are under the age of 35. Users claim that if enough people assign value to the cryptocurrency, the token eventually becomes valuable for that community and use cases emerge. I don’t want to sell my DOGE coins no matter what said, said Ramesh Phakathi, a 42 year old engineer working for a multinational corporation who began investing in cryptocurrencies this year.
Fear of missing out on the thrill of owning a meme stock, as well as Elon Musk’s heavy influence, are driving many new traders into Dogecoin. Even if they don’t fully understand blockchain technology. Prions you’re seeing a 19 year old biotech student from Kanpur hopes to use his profits from the Dogecoin rally to eventually invest in more stable coins like Ethereum and Bitcoin.
Dogecoin has benefited greatly from diamond hands
Long term supporters of crypto’s future and blockchain technology argue that Dogecoin distracts people from the true value of crypto by emphasizing quick returns. Dogecoin, on the other hand, is not inflationary, but millions of Dogecoin are mined every few minutes. This means that the supply is nearly limitless. It’s also worth noting that its creators regarded it as a joke coin from the start.
Dogecoin has also benefited greatly from diamond hands. The majority of the funds entering Dogecoin have come from Robinhood. As a result, if the buy option had been disabled, the price of Dogecoin would have plummeted. However, with hodlers remaining strong, the price remained stable.