Dogecoin is a cryptocurrency based on the “doge” meme which was developed as a joke in 2013. It is an Altcoin, a form of virtual currency similar to Bitcoin and Ethereum. The coin's price is rising continuously since the start of this year similar to the other cryptocurrency but hugely because Elon Musk keeps mentioning the coin in his tweets.

The digital token was created by two software engineers Billy Markus and Jackson Palmer as a fun alternative to Bitcoin. It was a joke cryptocurrency, a funny take on various cryptocurrencies popping up at that point in time because of Bitcoin's popularity. 

Here are some interesting facts about Dogecoin

• The Shiba Inu, a Japanese dog breed popular as a meme is associated with the coin and considered as the face of the coin.
• The community backing the coin is active and supports many causes such as sponsoring Jamaica’s bobsled team at the 2014 Winter Olympics and funding a Nascar driver.
• Unlike Bitcoin who has a 21 million upper limit, Dogecoin does not have any upper limit and currently has more than 100 billion dogecoins in circulation.

So why is this sudden rise in Dogecoin?

The main reason behind the sudden rise in price is similar to that of Bitcoin and Ethereum, it is because of the listing of Coinbase the most popular virtual currency exchange platform in the US. This listing has made it official that cryptocurrencies are here to stay. It also means that from now on it will be a part of more traditional investment means. Coinbase’s market cap barely reached $100 billion after it went public on Wednesday and which in turn further increased the prices of Bitcoin and Ethereum while also helping Dogecoin.

Dogecoin is also supported heavily by Elon Musk and he has mentioned it in his tweets many times. On Wednesday, April 28, 2021, he tweeted “Dogefather” and that alone increased the value by 20%. Other celebrities such as Snoop Dogg and Gene Simmons have also promoted it on social media.

But be aware investing in Dogecoin is a risky business. This is a bubble because all the buyers are here to make a quick profit and they do not see meaningful long-term value in the coin. As it is the cryptocurrency markets are very volatile and they can go up and down very rapidly. There are no regulations when it comes to cryptocurrency therefore the market can be manipulated by few big investors according to their interest.

If you are still interested in trading this coin you can try using Dogecoin supporting crypto exchanges such as WazirX, BuyUcoin, and CoinSwitch. These exchanges allow Indian traders to trade in various cryptocurrencies.