How to Buy Dogecoin (DOGE)
Tesla CEO Elon Musk's 'fav cryptocurrency' Dogecoin is back in the news. You can invest in Dogecoin today with our simple tutorial for beginners to crypto.
Do you want to be able to immediately get the solution? Do you have DOGE available for purchase on Robinhood, eToro and Uphold!
People's currency. The underdog. Some believe Dogecoin will never be prevented. Some say it's bound to crash. The cryptocurrency that has been criticized for its volatility has almost 50 % in value, but the digital asset recently dropped by less than half of its historical high. Since the time, it's been a part of the market for cryptos in general. Dogecoin is still under it's all-time high prices, and it's not out of the question to expect DOGE to reach $1 when the crypto bull market reopens.
When you decide whether Dogecoin is a meme currency or the next frontier in finance -- or both -- it's important to know what risks you face when investing in cryptocurrency. Learn more about the crypto marketsand discover what you can do to invest in DOGE today.
What is DOGE?
In its marketing, it is described as the "fun and friendly" internet currency, Dogecoin has been an open-source, peer-to peer digital currency introduced in December of 2013. Dogecoin was created in the early days of cryptocurrency, shortly after the major players such as Bitcoin as well as Litecoin. The initial idea behind Dogecoin was to make a appealing cryptocurrency that could help people understand the science behind blockchains. Since its creation, the Dogecoin coin has been a symbol of the internet-powered retail investor era which we're living in now. The symbol of the meme coin's logo that is The Shiba Inu, has been impossible to miss until 2021.
Dogecoin is built on the same basic technology as other cryptocurrencies like Bitcoin. However, DOGE introduces a few improvements to Bitcoin's technology to let users access quicker as well as more cost-effective transactions. However, this isn't the only case some other cryptos offer better options, with more advanced solutions to lower transaction costs. Dogecoin isn't groundbreaking by any manner, but Dogecoin customers aren't betting their money on the cryptocurrency's technology. Instead, the so-called "Doge Army" is betting on the thriving community surrounding DOGE.
Brief History of DOGE
While it has seen a rise in demand in 2021, Dogecoin ranks among the oldest cryptocurrency that has made it to the market. Dogecoin was developed as a joke back in 2013 in order to increase public awareness regarding the advantages that blockchain technologies offer. The dog's mascot, Shiba Inu mimics the beloved "doge" internet meme, and is the source from which the cryptocurrency gets its name. The co-founders Billy Markus and Jackson Palmer whipped up Dogecoin in just a handful of hours. Markus said in an interview that much of the time they spent developing Dogecoin was changing its font to Comic Sans.
Billy Markus was a developer trying out cryptocurrencies for his own entertainment. Billy created Bells an online cryptocurrency that is that is a derivative of what is known as the Animal Crossing currency. When Billy came across a posting from Jackson Palmer about a "doge" coin He contacted Jackson Palmer to make it happen. Billy took a hit with Bells and made some minor updates to the underlying software. Naturally, it was the end of the story.
DOGE is among the most significant cryptocurrency projects as measured by the total market capitalization of DOGE, which is the market capitalization of more 20 billion dollars.
How to Buy Dogecoin
- Open an account on the internet.
The initial step in buying Dogecoin is to open an account on an exchange that supports DOGE. Dogecoin can be purchased on Coinbase, eToro , Robinhood, Gemini, SoFi and Webull.
SoFi is a fantastic option with a couple of advantages. Customers who join SoFi get free bitcoin for a time period that will allow you to experience cryptocurrency , without the need to put the funds of your own. Plus, SoFi let's investors purchase and sell assets including IPOs and trade traded funds.
- Fund Account & Make your purchase.
Once both your wallet as well as your exchange account are open, you can place an order for purchase of DOGE. The first step is to open the account's trading system and then take to look at the present price of DOGE. Even though the cost of cryptocurrencies vary, you can expect to pay near the market rate -- you could want to monitor the cost of DOGE as well as how it's moving to ensure that you aren't paying more than you should to get your money.
The best exchanges will offer you a wide range of types of orders to pick from. If you've ever traded stocks previously, you're probably comfortable with the basics of transactions. If you haven't, be certain to acquire a fundamental acquaintance with the main kinds of orders before investing. Choose an order type and then calculate the DOGE you'd like to purchase in accordance with your funds and current market prices.
Your broker will handle filling your order for you. When you see your DOGE within your wallet for exchange It means the order is complete. If your broker cannot fill the order to meet the specifications you have provided, they can decide to cancel your order before the end of the trading day.
- Buy a wallet (optional)
A cryptocurrency Ency wallet offers keys will allow you to protect your DOGE off of an exchange. This can help to make your investment safer in the event that your account is targeted by theft or hacking.
Robinhood does not currently offer users access to send or receive their assets to another wallet. If you're looking to manage your own currency, choose an account that allows you to control your own private key. Coinbase, eToro and Gemini are all able to allow users to transfer and receive funds from their respective exchange wallets. To ensure the highest level of security ensure that you have a wallet that allows you to manage your own private password.
There are two main types of crypto wallets: hot software wallets and cold hardware storage wallets. Software wallets are free, however they need to be connected to the internet to connect to your money. Hardware wallets store your coins offline for maximum security but might cost upwards of $50. Think about our top software and hardware wallets when making your decision on how to store your DOGE.
Best Crypto Exchanges & Brokers for DOGE
Take a look at the top exchanges that support Dogecoin below. If you're located in the United States, it's a good idea to use an established and reliable trading platform in the U.S, such as Gemini or Webull. Gemini has recently announced Gemini Earn, allowing investors to earn interest passively on the digital assets that they own on its exchange. If you're a long term investment, earning interest on your cryptocurrency is an excellent opportunity to collect more coins in the course of time.
Dogecoin Market Update: What Will 2022 Hold?
Q1 and Q2 were two of the most significant months for Dogecoin. it grew by several times its value. The cryptocurrency reached a high of $0.70, Dogecoin is now trading at around $0.17 several months after the fact. While Dogecoin has dropped significantly since its all-time highs, some investors believe that DOGE could still be a good candidate for each coin to surpass the highly sought-after $1 milestone. There are many factors that is required to occur for Dogecoin to achieve $1 per coin. Markets for cryptocurrency need to recover and important cryptocurrency like Bitcoin and Ethereum will need to reach the highest levels ever recorded in order for DOGE to have a shot at climbing higher.
Best Crypto Wallets for Dogecoin
While most major exchanges have a high degree of security, the best way to secure your cryptocurrency is to use your own cryptocurrency wallet. It is especially true in the event that you intend to store crypto for a long time. Central exchanges maintain custody over investors' funds in the event of security breaches it could result in the loss of the entire value of your investment. Certain exchanges, such as Coinbase which holds the majority of your cryptocurrency in an actual wallet. This makes it extremely safe. But, in order to fully own your cryptocurrency, you'll need to keep your digital assets in your own wallet.
Best Hardware Wallet: Ellipal Titan
The Ellipal Titan is a multicurrency wallet that works with DOGE, Bitcoin, Ethereum along with over 7,000 more digital assets. The Ellipal Titan features a large touchscreen that makes it easy to monitor your accounts with no need to connect to WiFi. Since your wallet isn't linked with the Internet, it's difficult for hackers on the internet to take your assets. For the transfer of your money to your account, scan the QR on the device's screen for sending crypto in a matter of moments. Equipped with a sleek, straightforward interface and an easy setup procedure Ellipal Titan is a great choice for cryptocurrency investors. Ellipal Titan is a great option for investors in cryptocurrency.
The Ellipal Titan usually comes in at a premium over others, because it offers a number of top functions that can improve the user experience. But, the wallet is currently available for sale, so you can make a saving of 30 percent on the Ellipal today.
Best Software Wallet: Dogecoin Wallet
The casual and fun internet currency is also available as a basic, easy-to-use wallet on both mobile and desktop devices. Getting started with the Dogecoin Wallet takes about 5 minutes. Just click on the Operating System, then download and execute the wallet, and begin conserving your DOGE online. The wallet can be downloaded as Dogecoin Wallet to download for free from the Google Play stores.
Trade or Sell Your Cryptocurrency
If you've spotted your DOGE balance in the exchange account You will must decide on how are going to get a return for your money. There are two main strategies you can take:
- Long-term holding: Investors who think that Dogecoin's price could be held for months or even years for a period of time. If this is your strategy make sure you transfer DOGE into your wallet as soon as you are able to do so to keep your investment safe.
- Short-term scalping: The investors who invest in short-term scalping capitalize on price fluctuations that are small by buying and selling DOGE whenever it's profitable for them.
If you are planning to become a short-term investor, it's important to find a reliable and fast-executing trading platform.
BlockFi: Leverage Your Crypto and Earn Interest
The cryptocurrency market is always searching for ways of reducing the tax burden, particularly those in the United States where capital gains tax rates could soon increase due to a new The bill was proposed. BlockFi is the most efficient way to make use of your crypto profits without having to pay capital gains.
BlockFi allows loans to be made without authorization by asking for cryptocurrencies like Bitcoin as collateral. As long as you pay back the loan and pay it back, you'll be able return your Bitcoin. This is perfect for holders who have faith that their chosen token will work well because they can use the funds earned from loan while still having the potential exposure they need.
Certain BlockFi customers use their loans for buying more cryptocurrency, which allows them to leverage their position even further, however this may be risky for volatile assets. Customers with lower risk tolerance in BlockFi could opt to just keep their investments in BlockFi's high interest bearing accounts, which earn up to 10% of the interest. If you think any of the BlockFi's offerings is for you, take a look it out and set up your account so that you can earn!
Pionex: Auto-Trade Your Crypto Assets
Pionex is an exclusive auto-trading app that helps you organize the crypto portfolio when you have no time or want to make a passive income with minimal effort. Sign up for free for an account to start your journey. It is possible to choose one of the 18 trading bots Pionex has developed, and have to pay only taker and maker fees in the amount of 0.05 percentage and the robots control everything else.
The bots that trade include:
- Grid Trading Bot permits buyers to purchase at a low price and sell at an outlined price range.
- The Leveraged Grid Bot gives up to 5x leverage.
- Spot-Futures Arbitrage bot aids retail investors create passive income at moderate risk. The expected return of this strategy is 15~50 APR of 15 percent.
- Martingale robot performs DCA buyand one-time sale to take advantage of fluctuating profit.
- Rebalancing Bot helps to hodl up the coins.
Plus it, the Smart Trade terminal allows traders to establish stop-loss stops, make profit and trailing within one trade.
The most appealing feature to this app is that it lets you connect to your exchange, invest in Dogecoin as you'd like, decide if you prefer to hold, make a quick profit or generate money passively. You can even trade manually if you prefer.
If you have a portfolio that is greater than $300,000, there is an option called the Market Maker program. With the Market Maker program, you never pay maker fees, and your taker costs remain at 0.5 percent. The Pionex app is very powerful, easy to use and lets you control your portfolio on the go.
Current Dogecoin Price
Price of cryptocurrencies has been all across the board in 2021 with prices ranging from under $30,000 per Bitcoin from January through $68,000 in October. As of December 20, 2021, Bitcoin was able to correct its price under $50,000, but it is now back to this level. Smart contract blockchains like Ethereum, Solana, and Terra Luna have been the subject of discussion lately due to these cryptocurrency's beating the market. For the most up to the minute prices of cryptos take a look at the chart below.
Is Investing In Dogecoin Worth It?
A class of assets called cryptocurrency is riskier than conventional investments. The risk of investing in cryptocurrency based on the latest hype or memes, like Dogecoin and Bitcoin, is much higher risk than investing in solid digital assets that have strong foundations. There is significant community support for DOGE, and purchasing at a price that is lower than all-time highs may provide a great opportunity. If you decide to buy Dogecoin, be sure to only invest money you're willing to risk, since a large portion of the Dogecoin price is determined by speculation.