One factor which controls product impact on the market is advertising, especially if the marketing strategy is humorous. Customers love getting their funny-bone tickled and are more inclined to invest in products if the advertisements are funny. This idea proved to be true about cryptocurrencies too, when in April 2021, the value of Dogecoin skyrocketed. The name Doge struck in the minds of the Indian youth as the meme in which the lethargic cryptocurrency market in India picked up.
What initiated Dogecoin’s rise?
The engineers who created Dogecoin as a joke didn’t expect the currency to reach the fame it has garnered. What led to Dogecoin becoming so successful? It was due to one person – Elon Musk. The Industrialist who is known to make controversial tweets, barraged about the cryptocurrency which led to its value skyrocketing.
What led to Dogecoin’s rise in the Indian Crypto Market?
Indians following Elon Musk were quick to take note of the fabled cryptocurrency. They saw that for the first time, a popular cryptocurrency with a high chance for profit was cheap and affordable. A word about the currency spread like wildfire. Influencers, meme page administrators, and the public started taking interest in cryptocurrency. They advised others to buy it as the risk factor was little compared to more expensive cryptocurrencies.
What came out of the whole Dogecoin fiasco?
Dogecoin’s effect on the Indian crypto-market was huge as it showed people a way to invest apart from the stock market and SIPs. It also led to an increase in the number of Crypto trading apps like WazirX, Coinswitch Kuber, Coinbase and paved the way for mass public exposure to the world of cryptocurrency.