Dogecoin Set to Gain Momentum in India as Global Popularity Surges

Dogecoin, the meme-inspired cryptocurrency, is witnessing a resurgence globally, and experts predict its growing traction in India. Once seen as just a joke coin, Dogecoin has matured into a serious player in the cryptocurrency space, particularly after high-profile endorsements and community growth.

Recent developments have further fueled interest in Dogecoin. US President-elect Donald Trump recently announced the creation of the Department of Government Efficiency (DOGE), led by Dogecoin supporter Elon Musk and former Republican candidate Vivek Ramaswamy. While this department operates outside the US government, the nod to Dogecoin spurred a surge in its market activity.

Between November 10 and November 12, Dogecoin's trading volume skyrocketed from $6.24 billion to $28.32 billion, with its market cap growing from $35.15 billion to $63.08 billion, according to CoinMarketCap.

Currently, experts on cryptocurrencies in India are hopeful about Dogecoin. Speaking with Sidharth Sogani Jain, the Founder of Crebaco, who is also the CEO of Blue Aster Capital said that many individuals from India are adopting Dogecoin. Doge has become very acceptable and that’s why it has a very huge market cap, he said.

However, others are still skeptical. Balaji Srihari, Business Head of CoinSwitch, agreed that there is growing interest but stated that Dogecoin has less functionality and is volatile due to low retail participation. Musk-associated integrations and the performance of Bitcoins will decide whether DOGE hackers run or not however they should be careful.

On the same, Pranav Agarwal, Head of Investors at Foundership believes that within 1 to 1.5 years from now, Dogecoin will gain a lot more traction in India. He also emphasized that public interest in a new token named DOGE (Department of Government Efficiency) has achieved a circulating market capitalization of $400-500mm within three days.

The future outlook is positive so observe experts; reflective regulatory policies are still in a cloudy state in India. However, Jain goes further to say that free flow comes with its risks highlighting that “India requires a proper form of regulation of crypto-currencies to safeguard customers from potential huge losses as well as enhance transparency.”

More so, like any other crypto, its adoption in India will depend on regulatory laws, market trends and acceptance of the communities in the country.