Elon Musk once said that his rocket company Space will launch “DOGE-1 Mission to the moon” in Q1 2022. That along with some other tweets shot the price of Dogecoin to the moon literally going up 11,000% since its founding in the shortest period of time.
What started as a cosmos-sized joke playing on the “doge” meme has become one of the most valuable cryptocurrencies.
Back in 2013, Jackson Palmer created Dogecoin (DOGE) based on a popular Internet meme – Shiba Inu. Doge is a peer-to-peer cryptocurrency made to make fun of those involved in crypto exchange and investments.
It gained people’s attention especially as Tesla & SpaceX CEO Elon Musk joined the lively community. That made it rapidly ascend to its all-time peak price point of $0.68 in May 2022.
The interesting story behind the rise of Dogecoin
In December 2020, Dogecoin’s price went up by 17%, from $0.0039 to $0.0046 just after one tweet from Elon. Although he was talking in jest, his commentaries carried weighty significance on the crypto industry.
In line with his humorous gesture, he was thereafter nicknamed the Dogefather. However, Dogecoin’s inflation was just starting the bullish rally.
More amateur and professional traders and investors alike went in on Doge. By the middle of the month of April 2022, Dogecoin hopped into the list of top 10 cryptocurrencies by market cap.
It gained more validation that even billionaire Mark Cuban had announced that his basketball team Dallas Mavericks would begin acceptance of the crypto as a payment method. And oh yes, the price of Doge saw a spike of hundreds of pips for the bulls.
As aforementioned, Dogecoin reached its highest price following yet another cryptic tweet from Elon Musk in May 2022. Also, his announcement as the host of Saturday Night Live made enthusiasts place huge countless buy orders of Doge.
The price of Dogecoin skyrocketed by more than 225%, and later that month reaching a ceiling level price point of $0.73. Thus, the market cap of this cryptocurrency was about $54 billion and counting. But the hype going around Dogecoin and the crypto industry couldn’t last.
Why buy Dogecoin?
The general crypto market has been highly volatile even after a series of tweets by Elon Musk. At a point, all cryptocurrencies including Dogecoin was trading at around $0.20, a 72% drop from their peak price.
Nevertheless, it is currently higher than its pre-April 2022 price range which revolved around $0.05. Dogecoin’s price has picked up, rose, fallen a bit, and corrected to continue its bullish run to the upside in the long run. This is typical of all financial assets.
It fluctuates with news and reports affecting the cryptocurrency but long-term appreciation of this monetary asset is assured. The capital gain it has obtained within just a year from publishing this article is incredible.
So did that get you excited about buying Dogecoin? Read on to find the simple steps on how to buy Dogecoin and where to buy Dogecoin.
How to Buy Dogecoin
Buying any kind of financial asset in today’s world has become easier now than ever before. Similarly, buying Dogecoin is a very simple process.
Dogecoin is a cryptocurrency that offers superfast transactions and very low transaction fees.
Follow our expert guide in buying the precise amount of Dogecoin you want in your digital wallet.
1. Register with a cryptocurrency exchange platform and create an online account.
The first step to buying Dogecoin is to head over to a cryptocurrency exchange platform of your choice. Several platforms support the buying and selling of DOGE.
You can choose from Coinbase, Binance, eToro, Gemini, SoFi and the list goes on.
Once you signup on to their website, you will be granted access to your own account from where you can buy Doge and store it into your digital wallet.
Depending on what exchange firm you choose, you may be required to verify your identity with a government-issued ID before getting an active account.
Interestingly, some agents may offer a few units of free bitcoins so that you get familiar with the crypto exchange or trading. But be careful that you create an exchange account only with well-recognized platforms like the ones listed above.
2. Fund your new account
After you’ve opened both your exchange account and your digital (crypto) wallet, you’re now free to deposit into it.
You’ll need to deposit some fiat money into your new online account before buying Dogecoin that will reflect in your crypto wallet. You can deposit from your bank-issued credit card, or from third-party sources.
Once you input the amount you want in US dollars, the exchange platform will fund your online account even converting the US dollar equivalent of any local currency you use.
3. Make your purchase.
After adding funds, you can simply scroll to the Buy/Deposit button and place a buy order to purchase DOGE. It is highly recommended that you first take a look at the current price of DOGE buying hitting Buy.
This will give you a clear perspective on deciding how many units your balance can buy from your account. Though the prices of cryptocurrencies may change frequently, you’ll most likely pay near the market rate.
Many professional crypto traders and investors watch the price charts on the trading exchange platform to observe and analyze cryptocurrencies like DOGE.
It may be helpful if you learn to track the price of DOGE and how it’s moving to ensure that you buy coins at the right time for maximal profitability.
The best exchanges always offer a wide array of order types to select from. You will do well to get to know the basics of the commonest types of financial trade orders before you invest. If you’ve traded in the past, you’re likely going to be familiar with the basic order types already.
Put simply, you will be required to choose a buy order type and calculate how much DOGE you want to buy. Your purchase decision will be based on your available balance and the latest market price.
You can type in the units you want and hit the Buy button as your broker will fulfill your order on your behalf.
Immediately you see your bought DOGE reflect on your exchange wallet, then it means your order was successful. If your exchange broker cannot fulfill your buy order, they will certainly cancel its end and your ledger balance will still be intact.
Where to buy Dogecoin?
There are several platforms from which you can buy Dogecoin.
Dogecoin is available to buy at cryptocurrency exchange platforms such as Binance, Coinbase, Luno, Robinhood, Gemini, eToro, SoFi, and Webull. all of these platforms offer user-friendly access to their wallet via mobile app.
From there, you can conveniently trade cryptocurrencies. You can buy & sell DOGE; exchange DOGE with other cryptocurrencies; send or receive DOGE to and fro another wallet respectively.
While buying Dogecoin, you should know that every broker has their own minimum order amount that they accept. For example, Binance, US accepts a minimum of $20.
Also, the transaction fees or percentage commission that your exchange broker charges should be considered. Although the fees are usually very low and negligible, you should still ask about it before buying so that you don’t overpay for your coins.
As aforementioned, you will be provided with a cryptocurrency wallet once you register an account with your broker.
A crypto wallet often carries a set of keys (or hash code) that only you can have access to use to store your DOGE. This helps keep your digital currency safer from the reach of hackers or cyber thieves.
For security reasons, it’s recommended you use a digital wallet that lets you control your own private key. Some cryptocurrency exchange platforms like Coinbase, Gemini, and eToro will provide access to send and receive funds from their respective online crypto-wallets.
To better understand cryptocurrency wallets, there are divided into two broad classes:
Read: How Do Banks Make Money
Hot Software wallets & Cold Hardware storage wallets.
Software wallets are free digital wallets. The only quirk with it is that users must be connected to the internet to access their investments. More than two-thirds of investors (both professionals and amateurs) use this.
Hardware wallets on the other hand store crypto coins off the exchange platform for maximum security. Your wallet is affiliated with them but it’s offline. The only quirk with it is that it may cost up to $50.
Will Dogecoin rise more by 2022?
The hard truth is that Dogecoin has headed southward near $0.10 as of mid-September 2022. It is the third major time that DOGE has dropped to a ‘lower low in 2022 and analysts say it shows little bullish uproar.
With regards to the question of whether DOGE will raise in the following year, the answer is Yes. Crypto experts say that after DOGE bears stay briefly, the bulls will counter and raise the price of Dogecoin in the coming years ahead even beyond 2022.
Statista.com accurately shows that Dogecoin’s price has increased about 100 times more than its initial price in February 2019 (founding date).
Frankly, its rapid inflation is attributed more to the hype of social media influencers than actual economic value. But there is no denying that Dogecoin’s impressive growth since its founding by Billy Markus has increased its current market capital and future valuation.
DOGE is already on the roadmap to higher asset valuation in 2022.
As of the time of writing this article, Dogecoin is trading at $0.21. This is a very low price and at one of its lowest points since 2020.
This presents an opportunity to buy the dip and hold it in the coming 2-5 years for a huge profit.
As a disclaimer, all information dispatched here is not concrete financial advice for anyone to base their decision on.
You must do your market analysis and consult your advisor before including Dogecoin in your portfolio.
FAQs on How To Buy Dogecoin
Dogecoin has risen by more than 200% since last year alone. This sharp increase in the price of DOGE may aggressively continue or decline. But one thing is sure, the percentage change in price is faster and more volatile than the slow increase of crypto-coins like Bitcoin.
Very few brokers offer free Dogecoins to attract new potential traders. You have a higher chance of getting free altcoins than getting free DOGE. This is simply because the supply or mining of Dogecoin has been suppressed as the coin’s popularity and Crypto value has been fairly achieved.
You can mine Dogecoin by means of a Dogecoin miner. A Dogecoin miner is hardware that powers the miner node which makes complex mathematical calculations that solve problems in the Dogecoin. You should be aware that these days, there’s little to no reward for mining Dogecoin.