Doge coin india

The Dogecoin mania has reached Indian cryptocurrency exchanges.

Named after a meme of the Japanese dog breed Shiba Inu and with supporters including Tesla’s Elon Musk, the cryptocurrency has risen over 10X in the last three months, with its market cap standing at almost $80 billion on Thursday.

INSTALL APP

ET

https://bb94765db1508cba1425b4e5e688dbf3.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html?n=0TECH & INTERNETRead on App

Dogecoin mania reaches Indian crypto exchanges

Illustration: Rahul Awasthi

Synopsis

Here’s an $80 billion joke too serious to laugh off now

By Apoorva Mittal, ETtechLast Updated: May 12, 2021, 12:56 PM IST4The Dogecoin mania has reached Indian cryptocurrency exchanges.

Named after a meme of the Japanese dog breed Shiba Inu and with supporters including Tesla’s Elon Musk, the cryptocurrency has risen over 10X in the last three months, with its market cap standing at almost $80 billion on Thursday.
Top 5

1 mail covering top tech stories in 5 minutes
ADVERTISEMENThttps://bb94765db1508cba1425b4e5e688dbf3.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html?n=0
Indian cryptocurrency exchanges are now witnessing record-breaking trading volumes of Dogecoin, causing massive surge in traffic on these platforms.

On Wednesday, Binance-owned WazirX’s Doge/INR trading slowed its system as the platform saw record traffic that it did not have the capacity to support.

Musk has hinted at discussing Dogecoin during his appearance on Saturday Night Live, driving retail investors to invest in the crypto asset.

Active traders on WazirX jumped by 123% in April and have been consistently growing on other platforms like CoinDCX.

Nischal Shetty, founder of WazirX, said the platform is being re-architected to deal with the expected surge on May 8 that could double or triple from Wednesday’s peak.

Shetty estimates that Dogecoins worth Rs 600 crore have been traded on the platform in the last 24 hours. On Coinswitch Kuber average daily volumes have been around Rs 100 crore in the last two weeks.

Most Indian crypto exchanges have listed the token, although some like ZebPay have steered away despite investor interest.

“We may list it, but first I’d like to be sure it isn’t just the Tulip Mania of the 21st century,” said Vikram Rangala, COO of ZebPay, referring to one of the most infamous market bubbles and crashes of all time in the 1600s.

Unlike other cryptocurrencies that are either in limited circulation – making them a storehouse of value – or have use cases like smart contracts, Doge’s use cases have been limited to tipping on Twitter and Reddit for quality content.

“I can’t really make any sense of what is happening with Dogecoin,” Kamath said. “With no checks in place, the risks of some of the currencies like Dogecoin being a pump and dump scheme is quite high. I think the best way to play it is by not allocating more than 1%-5% of your liquid net worth to assets where the speculative activity is quite high,” Kamath said.

The best way to protect investors from a risky asset class like Doge is to restrict trading of the asset to high net-worth individuals and blockchain experts, said Mathew Chacko, partner at Spice Route Legal.

The majority of crypto traders in India are under 35.

Categories: News