India might have not jumped straight into the trending global Dogecoin movement, but experts are bullish on the future of cryptocurrency in the nation. Although Dogecoin which started off as meme coin has gained a lot of traction internationally the trend is slowly expected to shift to India
Latest information from the CoinMarketCap reveals Dogecoin has experienced a massive pump in its market volume and market capitalization; where the volume rose from $6.24 billion on November 10, 2021, to $28.32 billion by November 12, 2021. It has also risen in the capacity for market value from $35.15 billion to $63.08 billion showing the demand for the token is on the rise. This brought the surge closer to US President-elect Donald Trump who affirmed the formation of the Department of Government Efficiency (DOGE) presided by dogecoin supporter Elon Musk and former Republican candidate to the presidency, Vivek Ramaswamy. The announcement triggered an increase in the price of the Dogecoin as it commenced the rally all over again.
Sidharth Sogani Jain, Founder of Crebaco and CEO of Blue Aster Capital, said that Dogecoin is now a cryptocurrency with its own movement and not just a meme anymore and is currently active in India. “People have embraced the usage of Dogecoin and they have interaction with it. That is why its market cap has gone up,” Jain did not fail to note, reminding his audiences that, On this premise, Jain argued that that has to be the reason. He compares the rise of Dogecoin to the growing utility of a phone: it attributes its value to the volume of individuals that join the network and identification of more individuals as value increases.Today Dogecoin is in 6 th position in the list of cryptocurrencies where its market value is more than $57.6B.
On the other hand, some experts are more pessimistic than others about such initiatives. Balaji Srihari, the Business Head of CoinSwitch says there is an emerging interest in Dogecoin in India but he is not too sure why. “Sustaining this momentum may be challenging due to its limited utility and retail-driven volatility,” he says. The cryptocurrency’s future in India will depend heavily on the performance of other major coins like Bitcoin and potential integrations led by Musk.
Still, Pranav Agarwal, the Head of Investors at Foundership, expects the Dogecoin story to play out positively in India over the next 12 to 18 months. Hell looks at the example of the new token called DOGE associated with the Department of Government Efficiency and its growth in terms of the market cap within several days. That is why Agarwal feels that this, in connection with the meme coin and the continued demand for Dogecoin, will stir interest in the Indian market.
However, Jain anticipates that India’s regulatory frame on crypto-utilizing will go a long way in determining Dogecoin’s fate in the country. He further calls for better rules in the processes that will protect the investors and validate the crypto exchanges.
As Dogecoin’s popularity surges globally, it seems poised to become a major player in India’s cryptocurrency space. But whether it can sustain this momentum will depend on both market dynamics and regulatory clarity.