What is Dogecoin and why it is in news

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    Dogecoin was introduced back in December 2013, which is a lesser-known cryptocurrency. It was developed by IBM software engineer Billy Markus and Adobe engineer Jackson Palmer as a new decentralised cryptocurrency for P2P payments. It got named on Japanese dog breed ‘Shiba Inu’ as the branding for Dogecoin.

    Recently Dogecoin got famous because of the high market cap and Elon Musk taking interest in it. Elon Musk tweet on February 7

    about dogecoin “Dogecoin is the people’s crypto.” led to over 50 per cent growth in cryptocurrency and brought it to the headlines across leading media outlets.

    Dogecoin is currently selling at Rs. 3.718 ($0.051), and touched its highest mark in mid-February at Rs. 5.21 ($0.071) However, it is significantly lower than Bitcoin and Ethereum — the two leading cryptocurrencies — that are available at Rs. 28,62,952.38 ($39,277.90) and Rs. 1,19,986.67 ($1,646.19), respectively.The market value of Dogecoin is currently$10 billion (approximately Rs. 72,901 crores) which stands on sixteen positions in market rank.

    Buyers can visit a dedicated Dogecoin wallet or website to get an insight into the company. A wallet can be accessed through a smartphone or a desktop. You can purchase Dogecoin in India via options including BuyUcoin, Bitbns, or Zebpay. These platforms often need a KYC process to regulate your account. You can register by providing your basic details to the Wallet.

    Over 128 billion Dogecoin units are already in circulation. But this could just be a beginning as investors have started showing their interest in the currency following the stimulation made by Musk. Dogecoin can soon be equal to 1$ as the expert says, till the end of the financial year 2021-22.

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    Recently two major developments are initiated by Dogecoin, where on Tuesday tweet by ATM provider CoinFlip said, Dogecoin can now be purchased with cash across its network, as the company makes the most of Dogecoin surging popularity. The developers announced Sunday evening they’ve released a new version of the protocol’s core that promises improved synchronization speed and reduced default mempool expiry time.

    Elon Musk currently holds 38.6 billion Dogecoin and has been buying since February 2019. The Journal notes that the account has also frequently bought 28.061971 Dogecoins.

    Recently, several cryptocurrency influencers predict that the dogecoin price will reach high in the upcoming years. According to Coinpedia dogecoin price prediction will rise and surprise everyone by taking its price to another level in future.