Dogecoin Is Now The Most Popular Cryptocurrency On India’s CoinSwitch

Key Points:

• Dogecoin has a devoted following around the world despite its volatile pricing, particularly in India.
• DOGE joined Bitcoin and Ethereum as one of the top three most owned cryptocurrencies on CoinSwitch in 2022.

Dogecoin enjoys great popularity and has the backing of the community. The same permission is afforded to meme coins in general, including Shiba Inu meme coins.

The year 2022 did not turn out to be the best one for cryptocurrencies in general. Despite this, Dogecoin had a positive month around the time that Elon Musk was buying Twitter. The lengthy bad market wiped out much of the profits, which meant that the rally didn’t last very long. This token has a dedicated following all around the world, notably in India, despite the fact that its price is highly erratic.

Dogecoin has risen to become one of the assets that are held by the most people, according to the most recent tweet from CoinSwitch, one of the main cryptocurrency exchanges in India. On CoinSwitch, DOGE joined Bitcoin and Ethereum as one of the top three most owned cryptocurrencies in 2022.

Since it first appeared online, the coin meme has undergone significant development. The journey that DOGE has taken from the standpoint of a meme to where it is now is very incredible. According to the most recent findings from IntoTheBlock, 53 percent of DOGE holders are making money. More than seventy percent of its holders have held onto it for a year or more.

Coincu News reported on December 31 that rumors on social media that Dogecoin may switch to a more energy-efficient proof-of-stake design, similar to Ethereum’s long-awaited merger in September, have prompted one of Dogecoin’s top engineers to deny that any big change is imminent. Dogecoin’s price has dropped 13% in a week and 6% in 24 hours to slightly less than $0.07. The notoriously volatile meme coin fell this week over fears about potential changes to the cryptocurrency’s existing energy-intensive proof-of-work mining algorithm.

Rumors circulating on social media that Dogecoin may transition to a more energy-efficient proof-of-stake architecture, akin to Ethereum’s long-awaited merger in September, have prompted one of Dogecoin’s major engineers to deny that any significant change is imminent. Dogecoin, with a market cap of almost $9.3 billion, is the second largest proof-of-work cryptocurrency, trailing Bitcoin’s market worth of $316 billion.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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