Dogecoin (DOGE) Market Resurgence Witnessed Globally, Experts Predict 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

Meme-coin Dogecoin is seeing a resurgence globally with experts predicting its growing traction in India.

Once dismissed as a joke coin, Dogecoin has evolved into a significant player in the cryptocurrency space, thanks largely to high-profile endorsements and community growth.

Recent developments have further spurred interest in Dogecoin. US President-elect Donald Trump recently announced the formation of the Department of Government Efficiency (DOGE), to be headed by Dogecoin proponent Elon Musk and former Republican candidate Vivek Ramaswamy. Though the department exists outside the US government, the nod to Dogecoin led to a surge in its market activity.

According to CoinMarketCap, Dogecoin's trading volume soared from $6.24 billion on November 10 to $28.32 billion by November 12, while its market capitalization increased from $35.15 billion to $63.08 billion.

Now, cryptocurrency experts in India are expressing optimism about Dogecoin.

“Many people from India are adopting Dogecoin. Doge has become very acceptable and that’s why it has a very huge market cap,” Sidharth Sogani Jain, Founder of Crebaco and also the CEO of Blue Aster Capital, told Jain.

However, some remain skeptical.

CoinSwitch Business Head Balaji Srihari acknowledged the growing interest but noted that Dogecoin has less functionality and is volatile due to low retail participation. Musk-related integrations and the performance of Bitcoins will decide whether DOGE “hackers” run or not but they should be careful.

“We are also seeing interest in a new token named DOGE (Department of Government Efficiency) which has managed to achieve a circulating market capitalization of 400-500mm within 3 days of its creation,” Pranav Agarwal, Head of Investors at Foundership, said on the same.

Meanwhile, Agarwal believes that Dogecoin will gain a lot more traction in India within 1-1.5 years from now.

“The future outlook is positive however observe experts; reflective regulatory policies are still in a cloudy state in India,” the report noted.

Jain further highlighted the risks associated with the free flow, stating that “India requires a proper form of regulation of crypto-currencies to safeguard customers from potential huge losses as well as enhance transparency.”

Ultimately, the adoption of Dogecoin in India, like any other cryptocurrency, will depend on regulatory laws, market trends, and the acceptance of crypto communities in the country.

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