How to Buy Dogecoin in Nigeria, Key facts as Dogecoin Surges Again

By Gbenga Last updated May 12, 2021

As the world makes further research on cryptocurrency, Nigerians have found a way around the CBN crypto ban through peer-to-peer “P2P” transfers which basically means transfer between users on a trading platform e.g Binance. The cryptocurrency is exchanged on the platform while fiat currency is exchanged ‘safely’ via normal bank transfers from crypto buyer to seller. ‘Safely’ means you will not disclose what the bank transfer is really meant for in your narration while doing the transfer to seller. Different platforms have different rules for this. This article is about the Dogecoin crypto and how to buy Dogecoin, this article is aimed to share some key facts about Dogecoin and how to buy Dogecoin from Nigeria.

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On Thursday 28th of January 2021, the value of Dogecoin, an underdog cryptocurrency created as a joke, surged over 5x its starting price. Reddit cryptocurrency traders were most invested in this move, as they made to largely cut off from popular meme stocks like AMC and GameStop. Billionaire Elon Musk’s attention was subsequently drawn to this monumental move as it happened.

BACKGROUND

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Reddit users were primarily excluded from trading meme stocks e.g AMC, on Thursday. This was because a ‘whale’ brokerage popularly known as Robinhood disabled their access to buy stocks. A lot of people use Reddit as their information tool, to help with informed their long and short decisions in realtime. Redditors and individual traders could not bet the market while the “big co.” hedge funds could. These Reddit users were both infuriated and frustrated by this move which they saw as ‘very unfair’. Although Vlad Tenev, the CEO at Robinhood, said on Thursday afternoon that the brokerage had made a “the correct decision” because of an unknown liquidity problem, but also mentioned that transactions should resume on Friday. Redditors were not having any of that.

KEY FACTS

Billionaire Elon Musk, a renowned cryptocurrency enthusiast, tweeted in support of Dogecoin using an image themed “Dogue” in the style of Vogue magazine at just 11:47 pm (WAT) on Thursday. The price of Dogecoin surged by over 50% within the hour that Musk tweeted. This is not the first time Elon Musk is tweeting about Dogecoin.

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Dogecoin went from $0.007681 at 8 p.m on Wednesday (27/01/2021) to over $0.049 at 7:30 p.m on Thursday (28/01/2021). Bear in mind that Dogecoin has traded for fragments of a cent since inception.
Reddit users are the major set of people whose inputs have surged the price of Dogecoin so high in 24-hours. Their aim is to frustrate hedge fund managers that have since sold their stocks as AMC and GameStop prices continue to decline.