How To Buy Dogecoin
How To Buy Dogecoin
DOGE is the native coin of the Dogecoin network.
Step 1: Choose A Wallet
If you want to store your DOGE coins in your own wallet, you’ll need to choose a compatible wallet like Coinbase wallet (mobile), Exodus, or Guarda wallet. Ledger and Trezor hardware wallets also support DOGE.
Step 2: Choose a Crypto Exchange
Select an exchange where you can buy DOGE, such as Coinbase. Follow your exchange’s instructions to connect your bank account or debit card to your exchange account.
Step 3: Decide On The Amount You Want To Purchase
Place a market order or limit order to buy DOGE on the exchange you chose. Limit orders typically have lower fees.
Step 4: Store, Transfer, Or Use Your DOGE
Your exchange can hold your DOGE in a custodial wallet, although many DOGE investors choose to use a self-custody wallet, like those mentioned in Step 1 above.
Where To Buy DOGE
Several popular exchanges offer DOGE.
DOGE Crypto Overview
| Token | Network | Founders | Key Individuals | Year Founded | Investors |
|---|---|---|---|---|---|
| DOGE | Dogecoin | Billy Markus Jackson Palmer | Jens Wiechers Michi Lumin Timothy Stebbing Max Keller Vitalik Buterin (advisor) | 2013 | Independent investors: Elon Musk Mark Cuban Snoop Dogg Gene Simmons |
Why Does Anyone Buy DOGE?
While the Dogecoin project started as a joke, it soon became an everyman’s alternative to Bitcoin, a peer-to-peer cryptocurrency for the masses. Today, Dogecoin ranks in the top 10 cryptocurrencies by market capitalization, bolstered by icons like Elon Musk and Mark Cuban.
Investors choose DOGE for several reasons.
- Dogecoin is fun. The project mascot, a Shiba Inu dog, brings a grin to all but the most starch-collared traders. DOGE’s community is fun and friendly, with a light-hearted splash of irreverence.
- DOGE is accessible. Buying a whole Dogecoin costs a fraction of a dollar, much less than the cost of a Litecoin, upon which Dogecoin was based.
- Dogecoin is a trader’s dream. DOGE holders hope the price will eventually reach $1 or more, but many enjoy trading the ample opportunities to swing trade until that day comes.
- DOGE has merchant adoption. A growing number of merchants, like GameStop and Newegg, accept DOGE for payment.
- DOGE is well-established. With a history dating back to 2013, DOGE has proven its staying power.
- DOGE has celebrity support. One tweet from Elon Musk can send DOGE soaring. Other well-known supporters include Mark Cuban and Snoop Dogg.
- Dogecoin is money. In some ways, DOGE is better at being peer-to-peer money than projects like Bitcoin due to its lower cost. Many DOGE holders use DOGE to make purchases, send money to friends, or tip online creators.
Is DOGE Being Used?
At the time of this writing, DOGE has $521 million in daily trading volume.
- Payments for products: You can’t buy a Tesla vehicle with Dogecoin (yet), but Tesla, along with many other merchants, accepts DOGE for many products.
- Payments for services: VPN providers, web hosting services, and streaming services lead the way in accepting DOGE as payment for services.
- Sending money to family and friends: Dogecoin’s low transaction fees make DOGE an ideal way to spit the bill with a friend across the table or send money to family across borders.
- Online gambling: Online casinos like BitStarz bring a treasure trove of amusement, with over 3,000 games on tap, powered by Dogecoin and other cryptos.
- Tipping: One of the most common uses for DOGE is tipping; send some DOGE-love to your favorite online creators.
Key Events For DOGE
- December 2013: Dogecoin was founded.
- January 2014: Dogecoin community raised $30,000 for the Jamaican bobsled team.
- June 2014: Dogecoin Foundation was founded.
- April 2020: DOGE market cap reached $50 billion, topping automaker Ford.
- April 2021: Tech retailer Newegg begins accepting DOGE.
- April 2021: Elon Musk says SpaceX will put a Dogecoin on the moon.
- May 2021: DOGE reached its all-time high of $0.69.
- August 2021: Dogecoin Foundation was “re-established” to promote the ecosystem.
Discover Similar Tokens
- Litecoin (LTC): Litecoin shares the same (Scrypt) hashing algorithm with DOGE and is often used for payments or sending money.
- Shiba Inu (SHIB): Often touted as an alternative to DOGE, the SHIB Ethereum-network token brandishes a similar Shiba Inu dog mascot.
- Bitcoin (BTC): Bitcoin trades for far more than Dogecoin, but both coins can function as peer–to–peer money.
- Bitcoin Cash (BCH): Bitcoin Cash evolved as a hard fork of Bitcoin after some miners chose to run a version of code that brought bigger block sizes and lower fees.
Frequently Asked Questions
Dogecoin has maintained an enthusiastic community and is accepted as payment by a growing number of merchants. However, the futures of all crypto projects remain uncertain.
As of this writing, Dogecoin has a circulating supply of nearly 133 billion coins. At $10 per coin, Dogecoin would have a market capitalization of over 1.3 trillion dollars, more than the market cap for the entire crypto market. In the short term, a move to $10 is unlikely.
DOGE reached $0.69 in 2021.
DOGE enjoys growing adoption, but future gains are uncertain. Price changes of 15% or more are common, however, making DOGE a popular coin for active traders.
Inflation contributes to DOGE’s low price relative to similar projects like Litecoin. Dogecoin increases its supply by 5 billion coins each year. Over a longer period of time, this fixed number of additional coins represents a decreasing inflation rate, but the total supply is not capped.
Yes. Kraken lets you use a credit card for DOGE purchases.
Yes. Well-known exchanges, including Uphold offer debit-card funding for DOGE purchases.
Yes. For example, Coinbase allows PayPal deposits, which you can use to buy DOGE.
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