A joke is best told when everyone is laughing or at least going home and doing googles. Impressive rallies in the world of cryptocurrency are not absurd, but the rise of the ‘doge’ has confused even the greatest of cryptocurrency lovers. Simply put, the Dogecoin is an Internet meme coin, a generation of memorabilia with the Japanese Shiba Inu dog identity, backed by the likes of Elon Musk, founder of Tesla, SpaceX, and Starling. Moreover, the Indians are conspiring.
The popularity of memory cryptocurrency has been increasing among Indians since the beginning of April. One of the unheard of in the world of traditional investment, most interests are driven by reports that boost digital currency returns by more than 10,000 percent a year.
More Indians searched the word ‘Dogecoin’ on Google on Friday than Bitcoin and mutual funds combined, data from Google search trends showed. The rise in the popularity of cryptocurrency threatens to overtake popular search terms like ‘Nifty’ and ‘Sensex’ in India’s investment landscape.
Industrial audiences in India, driven by all interest in Dujco, are avid fans of Elon Musk, who have given his image as a futurist and his involvement in the development of some revolutionary companies of the 21st century.
Following the comments made by the Tesla founder on the popular American comedy show earlier this week, Doug Coin reaffirmed the suspicion of many that cryptocurrency is nothing more than a ‘buzz’, despite giving almost half of its value.
Before Musk appeared live on Saturday night last week, interest in Dogecoin almost broke the roof for the cryptocurrency market because many cryptocurrency exchanges in India, such as WazirX, could not handle the deluge of orders.
WazirX, India's largest cryptocurrency exchange, recorded one of the highest single-day trading volumes of $ 350 million on May 7, a day before Muskin's appearance on the show. Some industry observers have suggested that Dogecoin is driven by high levels of investment.
Musk announced the launch of his SNL Coffee's first DOGE-1 lunar mission, which will be fully funded by Dogecoin. Also, his Twitter poll earlier this week on whether Tesla should pay in doc coin or pay in bitcoin coincided with a shocking announcement on Thursday that the electric vehicle company would stop paying bitcoin as payment due to environmental concerns.
The lack of core value of Dogecoin compared to other major crypto assets such as bitcoin and Ethereum has not been lost on cryptocurrency experts, who argue that it has no such characteristics as the popular standardized supply of bitcoin.
However, one can expect people to rely on the airwaves when the second richest person in the world is driving himself.