Cryptocurrency is full of surprises. Today’s hot topics are the rise of Dogecoin and understanding the crucial difference between crypto coins and tokens. Once a meme, Dogecoin has evolved into a critical player in the market, while grasping the distinction between coins and tokens can help sharpen your investment strategy. This guide will explore how to buy Dogecoin using the Plena Super App and break down the differences between coins and tokens.
The Rise of Dogecoin
Dogecoin (DOGE) started as a joke back in 2013, inspired by the Shiba Inu meme, but its growth is no joke. It’s now a top-ten cryptocurrency with a market cap of around $15.6 billion in 2024. So, what keeps Dogecoin relevant today? Here are a few things that set it apart:
- Community-Driven: Dogecoin boasts one of the most active crypto communities. Its supporters have built a fun and engaged community by funding charitable causes like the Jamaican bobsled team at the 2014 Olympics to Doge-sponsored missions to the moon.
- Inflationary Supply: Unlike Bitcoin, which is capped at 21 million, Dogecoin doesn’t have a maximum supply. About 10,000 DOGE are mined every minute, with an annual increase of roughly 5 billion coins. While some argue this constant supply dilutes its value, it has also contributed to its utility in micropayments and tipping.
- Tipping Culture: Dogecoin thrives as an internet tipping currency, particularly on platforms like Twitter and Reddit, where users reward content creators for posts or comments they enjoy.
How to Buy Dogecoin (DOGE) in India Using the Plena Super App
Buying Dogecoin is straightforward with the Plena Super App. Here’s a step-by-step guide:
- Download the Plena Wallet App: Install it from your app store and set up your account.
- Access the Buy Section: Tap on the “Buy” button within the app.
- Select a Payment Method: The app integrates with multiple providers for easy transactions.
- Choose Dogecoin: Select DOGE from the list of cryptocurrencies available for purchase.
- Enter Purchase Amount: Specify how much DOGE you want to buy in INR or DOGE.
- Review & Confirm: Double-check the transaction details before confirming. Your DOGE will appear in your wallet after the purchase.
Understanding Crypto Coins vs. Tokens
Navigating the cryptocurrency market means understanding the difference between crypto coins vs tokens.
Crypto Coins
Coins operate on their own blockchain and serve as the native currency of that blockchain. For instance:
- Bitcoin (BTC) runs on its own blockchain as a medium of exchange and store of value.
- Ethereum (ETH) is primarily a platform for decentralized applications, but it also has ETH as its native coin for transactions and smart contract execution.
Characteristics of coins include inflation control mechanisms and a network of validators or miners who maintain the blockchain.
Tokens
On the other hand, Tokens are built on top of existing blockchains like Ethereum and serve different purposes. They can represent anything from assets to access within a platform. Common types of tokens include:
- Utility Tokens: Provide access to a platform’s product or service. For example, Binance Coin (BNB) powers transactions on the Binance exchange.
- Security Tokens: Represent ownership in an asset or company, subject to securities regulations.
- Stablecoins: Pegged to fiat currencies like the U.S. dollar to reduce volatility, such as Tether (USDT)
Advantages of Using the Plena Super App
The Plena Super App is designed with a user-friendly interface and offers several features for crypto enthusiasts:
- Self-Custody: Full control over your private keys means your assets are entirely in your hands.
- Wide Range of Cryptocurrencies: With access to over 150 decentralized applications, you can diversify your portfolio easily.
- Advanced Security: Plena uses encryption and multi-factor authentication to safeguard your assets.
Conclusion
Dogecoin, once a meme coin, is now a crypto powerhouse driven by an enthusiastic community and its utility in online transactions. Buying DOGE through the Plena Super App is an efficient way to get involved. Understanding the difference between coins and tokens is crucial to making informed investment decisions as you explore the crypto world. The future of finance is here, and wallets like Plena make it easier than ever to be a part of it.
