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2023 is considered to be the best year for cryptocurrency since its inception, and Dogecoin is no exception. It has come a long way from a parody cryptocurrency of Doge meme to one of the most popular ones. If you have heard stories or seen headlines about people earning life-changing profits from this cryptocurrency and want to buy, then it's critical to understand all the associated benefits and risks. That's why we have come up with this article that will help people, especially beginners, who want to buy Dogecoin. So, without any further ado, let's learn about buying Dogecoin together.
Dogecoin is known as a people’s cryptocurrency that was created back in 2013 as a joke coin. The founder first shared the idea in a tweet by joining two of the famous internet trends (cryptocurrency and Shiba Inu meme). Just like most cryptocurrencies such as Ethereum and Bitcoin, Dogecoin is also based on groundbreaking blockchain technology. However, it comes with some additional features to provide users with affordable and faster trading. Because of its unique concept and benefits over other cryptocurrencies, Dogecoin became very popular and reached the market capitalization of 89 million US dollars within a couple of months.
Dogecoin History
Dogecoin was founded by a couple of software engineers Jackson Palmer and Billy Markus, in 2013. They modified the source code of Bitcoin by increasing the total supply and decreasing the block generation time. Thanks to its passionate and vibrant internet community, Dogecoin started gaining momentum.
The dogecoin community donated 30,000 Us dollars’ worth of Dogecoins to the Jamaican Olympic team, 11,000 US dollars’ worth of dogecoin for the “well” development in Kenya, and 55,000 US dollars’ worth of dogecoins to sponsor Josh Wise, a NASCAR driver. Because of the active, passionate and vibrant community, Dogecoin continued to grow gradually, and in 2017 it reached the market capitalization of one billion US dollars.
Dogecoin Performance in December 2017
By the start of 2023, almost all the cryptocurrencies started experiencing the biggest surge of all time in their values. But Dogecoin wasn't performing the same until Elon Musk, the CEO of SpaceX and Tesla, started tweeting about it. Resultantly, the Reddit GameStop community also started taking an interest in Dogecoin, and its market capitalization reached a staggering 88 billion US dollars.
Dogecoin Performance in January 2023
Dogecoin Profile
Ticket
DOGE
Max supply
N/A
Total supply
130,063,646,536
1-year price low
$0.0074524
1-year price high
$0.68144
Current Price
$0.16
Market cap
$0
Markets
Binance, Huobi Global, Coinbase
Should You Buy Dogecoin?
Investing in Dogecoin can bring high returns, but it's important to keep in mind that it isn't risk-free, and it started as a joke. It's an extremely volatile crypto asset, and you need to consider the following before investing in Dogecoin (DOGE).
Opportunities
Active Project with Passionate Community: One of the biggest reasons why you should invest in Dogecoin (DOGE) is that it’s a highly active crypto project. Moreover, it has one of the most enthusiastic and passionate online communities. Not only does it improve the value of cryptocurrency, but it also allows you to monitor the active chats and feeds to determine where its price is headed.
Crypto World is Still Developing: Cryptocurrency as a whole is still a developing industry that has the potential to enable economic growth across the globe. Dogecoin is one of the most popular cryptocurrencies, which means that the overall growth of the crypto market will most probably bring mileage to Dogecoin (Doge).
Friendly and Humanitarian Feel: Dogecoin (DOGE) has a friendly feel to it because it’s involved in countless humanitarian causes such as sponsoring sportspersons and helping communities. Participating in such projects draws the attention of more investors and traders to cryptocurrency.
Listed on Many Exchanges: Dogecoin (DOGE) has already been trading on almost all the famous crypto exchanges. Moreover, many online brokerages have also added it to their platforms. According to the development team of Dogecoin, more partnerships with exchanges and brokers are in the pipeline. Therefore, the future of Dogecoin (DOGE) in this regard appears bright.
Dogecoin Price Surged Due to Active Support from Elon Musk: The continuous support from Elon Musk, the CEO of Tesla and SpaceX, is one of the biggest pros of Dogecoin. His interest in this cryptocurrency led many exchanges to list Dogecoin (DOGE). So much so that Elon Musk’s tweets increased the Dogecoin trade volume by 6.9 billion within the span of 24 hours.
Cons
Dogecoin (DOGE) isn’t Based on Innovation: Dogecoin, as mentioned earlier, started as a joke with no innovation and planned to fill any market gap. It mainly relies upon its fun nature and offers no fundamentals that back its value.
Associated with Pump and Dump: Dogecoin (DOGE) is strongly associated with pump and dump schemes which aren’t strictly speaking legal on regulated exchanges. In this scheme, a large number of investors buy cryptocurrency (Dogecoin) or any other asset in massive quantities. Resultantly, the asset price increases substantially. Then they sell it to the new interested buyers at higher rates to earn huge profits, and suddenly the price of the asset decreases. Whether Dogecoin is involved in pump and dump schemes or not, it’s still a highly volatile cryptocurrency that increases the risk factor.
Unlimited Supply: Most popular cryptocurrencies have a max supply cap, but that's not the case with Dogecoin. The initial supply (100 billion DOGE tokens) was mined in about two years, and the development team added five billion more coins to the max supply. Currently, there are more than 130 billion Dogecoins in circulation which also means that this cryptocurrency doesn't have any economic fundamentals to define where the future lies.
Where to Buy Dogecoin (DOGE) at the Best Price?
Choosing the right online platform is one of the most critical decisions that you need to make to buy Dogecoin. You can either choose a traditional online broker or a crypto exchange depending upon your needs and objectives. We have listed the best options for both types below that you can choose to buy Dogecoin (DOGE).
Webull is one of the most popular online brokerages that allows you to trade in Dogecoin. It's a highly trusted and low-cost online trading platform that you can use to buy and sell several cryptocurrencies, including Dogecoin.
Webull Profile
Properties
Criteria
Trading Fee
Doesn’t charge any fee to trade crypto (100-basis point spread on both sides of the trade).
If you're looking for a crypto exchange for a long-term investment, then there is no better option than Binance. It's the largest crypto exchange out there in terms of trading volume, and it supports more than 500 cryptocurrencies, including Dogecoin. The process of opening your account and buying Dogecoin (Doge) is also very simple, and it charges only a 0.1 percent spot trading fee.
How to Buy Dogecoin (DOGE): a 3-Step Algorithm
Once you have made your mind and selected the online platform, the next step is to actually buy Dogecoin. Consider using the following steps to achieve it without facing any unwanted scenario.
Market Analysis
The first and probably the most important step that you need to take before buying Dogecoin (DOGE) or any other cryptocurrency is to perform a comprehensive market analysis. It’ll allow you to make sure whether it’s the right time to invest in the cryptocurrency you’re interested in or not. In this case, you’ll need to read Dogecoin’s historical data along with its current market performance. You can achieve it by going to any reputable price tracking website such as CoinMarketCap. The following image shows the overall market performance of Dogecoin (DOGE) since its inception.
Buy Dogecoin on Webull
If you've chosen Webull, then the first step is to download and install the Webull application and follow the steps listed below to get started.
Register Your Account
After installing, you’ll need to open the Webull application and create your account by providing your personal information. It’s important to note that you might also need to provide your bank information, source of income, and financial status in order to start your Dogecoin (DOGE) trading.
Fund Your Account
Webull usually takes 24 hours to verify the new user’s account. Once your account has been verified, you’ll need to fund it by going to your account payment setting. The system will ask you to enter your bank account details and the amount of money you want to deposit. You might also need to provide your social security number in order to complete the process.
Select Dogecoin
You’ll need to determine how much Dogecoin (DOGE) you want to buy. We recommend you to buy a few coins by spending the money that you can afford to lose, especially if you’re a beginner. It’ll allow you to understand how Dogecoin trading works.
Once you have determined the number of DOGE coins you want to buy, all you need to do is to write “DOGE” in the search bar available on the top of the main page. Here you'll need to enter the DOGE coins quantity and tap on the "Buy" button. Your order will be executed instantly, and you'll be able to see the bought DOGE in your account.
Buy Dogecoin on Binance
If you want to buy Dogecoin (DOGE) using Binance, then consider following the steps mentioned below.
Register Your Account
The first step is to create your Binance account, and you can literally achieve it within a couple of minutes. All you need to do is to go to the official Binance website or install the smartphone application. After that, you'll need to click/tap on the Register Now button and enter your email address or phone number and a strong password to finish the registration process.
Account Opening on Binance
Funding Account
On Binance, you can fund your account using both cryptocurrency and fiat currency. You’ll need to go to the “Wallet” option and choose the “Fiat and Spot” as shown below.
Funding Account on Binance
Now you’ll need to choose the “Deposit” option.
Funding Account on Binance
On the next page, you'll need to click on the "Deposit Crypto" option if you want to fund your Binance account using your already owned crypto. The system will then ask you to enter the information of your crypto wallet to complete the funding account process.
Payment Method Selection on Binance
On the other hand, you can simply choose the currency that you want to use along with the bank and click on the “Continue” button if you want to fund your account with fiat currency. The system will ask you to attach your bank account details to complete the process.
Fiat Currency Selection on Binance
Buying Dogecoin (DOGE)
Once you have funded your account, you'll need to open your Binance application on mobile to buy Dogecoin (DOGE). From the main page, you'll need to tap on the yellow trade button with double arrows, as the following picture shows.
How to Buy DOGE on Binance
Then the system will take you to another page where you’ll need to choose Dogecoin (DOGE) and tap on the “Continue” button. Then you’ll need to choose the “Cash Balance” in order to buy Dogecoin by using the funds that you’ve already added to your account and tap on the “Confirm” button.
How to Buy Dogecoin on Binance
Direct Method to Buy Dogecoin (Doge)
You can also simplify the whole process if you want to use fiat currency by opening the Binance web app and going to the "Buy Crypto" option. Then from the dropdown menu, you'll need to choose the "Credit/Debit Card option, as shown below.
How to Buy Dogecoin on Binance by Debit/Credit Card
Now you’ll need to choose DOGE from the list of available cryptocurrencies and enter the fiat currency amount that you want to use. After that, you’ll only need to proceed by clicking on the “Continue” button.
How to Buy Dogecoin on Binance by Debit/Credit Card
Here the system will ask you to attach your bank account details and proceed. After the verification, the desired amount of Dogecoin will be added to your Binance account.
Where to Keep Dogecoin (DOGE)?
You can use multiple ways to store your Dogecoin, and the most common ones are listed below.
Cryptocurrency Exchange
If you're planning to buy or already have bought Dogecoin using a crypto exchange such as Binance, then you'll have the option to store them on your Binance account as well. But it might not be the best option. That's because crypto exchanges are centralized online platforms where everything is controlled by a single authority. If such a platform falls victim to a cyberattack, then you can lose all your Dogecoins. That's why it's advisable to store only those funds on crypto exchanges that are necessary for trading.
Hardware Wallets
Hardware wallets are known to be the most secure and safest way to store your cryptocurrency. A hardware wallet stores all the information such as public and private keys related to your Dogecoins and keeps it offline. It means that the information that hardware crypto wallets store can't be hacked, and the stored assets can be accessed anytime.
The following are the best hardware wallets for Dogecoin (DOGE)
Ledger Nano S: Best for Beginners
Trezor One: A great all-rounder
KeepKey: A good alternative
Online Wallets
If you are looking for a secure way to store Dogecoin that allows you to access your assets quickly, then online wallets will suit you the best. An online crypt wallet is a web service or software solution that allows you to store your dogecoin. You can access your online wallet from any device with internet connectivity.
Some of the best online wallets to store Dogecoin (DOGE) are:
My Dogechain Info: Web app
Coinomi: Android and iOS
Exodus: Android and iOS
Dogecoin (DOGE) Performance
Dogecoin (DOGE) has managed to secure its position as one of the most popular cryptocurrencies with impressive performance. Its popularity is growing day by day as more and more people are joining the community. But at the same time, it's important to note that Dogecoin (DOGE) still remains a very volatile asset, just like almost all the cryptocurrencies. The following chart shows the performance of Dogecoin over the course of last year.
Dogecoin Performance
As you can see that the asset is highly volatile that also elaborates that along with the possibility of high gains, investing in Dogecoin is also highly risky.
DOGE
1m return
3.44%
1y return
178.19%
Top 10 Best Cryptocurrencies to Invest In
If you want to invest in cryptocurrency, then the first step is to find the assets with the highest probability of potential returns. It can be very challenging because you need to perform an in-depth market analysis of multiple cryptocurrencies. Not only does it require time, but you also need to have a specialized set of skills in order to read complicated technical indicators to predict future market trends. For your convenience, we have compiled a list of the ten best cryptocurrencies with the help of our advanced methodology that you can choose to invest in. Our specialized criterion to rank crypto assets includes studying and examining the technology, popularity, historical data, and current market performance of each cryptocurrency.
Dogecoin undoubtedly started as a joke, but now investors and traders around the globe have started taking it more seriously. If you decide to invest in this cryptocurrency, then the most important thing you need to keep in mind is that it’s a highly risky investment. We recommend you only invest in Dogecoin the amount of money that you can easily afford to lose, especially if you're not financially stable. Another important factor to note is that the crypto market isn’t largely regulated. Therefore, the price of any asset can decrease dramatically at any time. We hope this guide will help you to understand how to buy Dogecoin (DOGE) and educate yourself about this cryptocurrency. The best broker that you can use for trading Dogecoin (DOGE) is Webull, where you can perform free crypto trading.
FAQs
Is Buying Dogecoin Difficult?
No, buying Dogecoin is very simple and easy, thanks to online platforms such as Webull and Binance. All you need to do is to open your account, fund it and start Dogecoin (DOGE) trading.
What is the minimum investment required for Dogecoin trading?
The minimum investment to start trading Dogecoin depends upon the broker or crypt exchange that you choose. If you select Webull, then you don’t need to deposit a single penny to open your trading account. So, you can choose the desired initial investment in that case.
Are there any risks in investing in Dogecoin?
Dogecoin (DOGE) has allowed many people to earn huge profits, but at the same time, it’s a highly risky asset as well because of high volatility. It’s important to note that investing in Dogecoin (DOGE) is mainly based on individual opinions and speculations. Thus, you must not use the money to buy Dogecoin that you can’t afford to lose.
Why is Dogecoin (DOGE) cheap?
Because of the massive supply of total Dogecoin (DOGE) in circulation, the price per DOGE token is very cheap. Currently, there are more than 130 billion DOGE tokens in circulation, which is more than six times higher than Bitcoin, which only has 21 billion tokens.
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.
