3 months ago 2 min read

India's CoinSwitch, Dogecoin is Now Most Widely Used Cryptocurrency

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The community supports Dogecoin and it is very well-liked. Shiba Inu meme coins as well as other meme coins are all granted the same license.

For cryptocurrencies in general, 2022 did not turn out to be the best year. Despite this, Dogecoin experienced growth in the month that followed Elon Musk's acquisition of Twitter. The rise didn't last very long because the protracted bear market wiped out much of the earnings. Despite its very volatile price, this token has a devoted following all around the world, particularly in India.

One of the major cryptocurrency exchanges in India, Dogecoin has grown to become one of the assets that are owned by the greatest number of people. In 2022, DOGE will be one of the top three most owned cryptocurrencies on CoinSwitch, along with Bitcoin and Ethereum.

The coin meme has changed considerably since it originally surfaced online. It's amazing how far DOGE has come from its beginnings as a meme to where it is now. 53 percent of DOGE owners are profiting, according to the most current data from IntoTheBlock. More than 70% of its owners still have it after a year or more.

One of Dogecoin's leading developers has refuted reports on social media that the cryptocurrency may transition to a proof-of-stake architecture that uses less energy, comparable to Ethereum's long-awaited merger in September. To barely less than $0.07, Dogecoin's price has declined 13% over the past week and 6% over the past 24 hours. Fears about prospective modifications to the cryptocurrency's current, energy-intensive proof-of-work mining mechanism caused the notoriously unstable meme coin to fall this week.

One of Dogecoin's key engineers has denied that any significant change is on the horizon in response to social media rumors that the cryptocurrency may switch to a more energy-efficient proof-of-stake design, similar to Ethereum's long-awaited merger in September. Dogecoin is the second-largest proof-of-work cryptocurrency by market capitalization, after Bitcoin, which has a market value of $316 billion.

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