Dogecoin, a meme-inspired cryptocurrency has been making headlines lately after it hit an all-time high price of 69 U.S. Cents recently. What began as a joke for crypto enthusiasts in 2013 has now turned into the fourth largest cryptocurrency by market cap behind Bitcoin, Ethereum, and Binance coin. Dogecoin has no doubt had a meteoric rise in recent days but how has it managed to gain year-to-date gains of fourteen thousand percent.
Buy DogeCoin Through Binance
Step 1: SingUp for Wallet
Step 2: Transfer or Buy Ethereum / USDT on Binance
Step 3: Trade Ethereum into USDT then USDT with DOGE Coin on Binance
Dogecoin is referred to as the most popular cryptocurrency on social media. These days it is coming in the list of top cryptocurrencies to buy. After the tweet of Elon Musk, it has become popular, now everybody knows the name of this currency. But not everyone knows what Dogecoin is? How does it work? How to buy Dogecoin? Where to buy Doge? This guide is especially dedicated to DOGE, in this guide you will get to know everything about this cryptocurrency.
Dogecoin is an internet currency that is so friendly to everyone. Dogecoin is a peer-to-peer digital currency that is available as open-source currency. It was launched in December 2013 as a joke on social media. The vision behind creating this cryptocurrency was to introduce a memorable and friendly cryptocurrency project that helps the general public to get a basic understanding of Blockchain. Since its launch, it has become an internet sensation and it has become the icon in the world of the internet-powered era. The logo of this crypto coin is very attractive; it has the face of a dog that attracts people.
Dogecoin is based on the same basic technology of Blockchains as other cryptocurrencies such as Bitcoin and Ethereum. However, the DOGE coin is more advanced in comparison to Bitcoin as it offers faster and affordable trading on the channel. It is very easy to trade in DOGE coins through any exchange that offers DOGE; because of its popularity, it is now available on almost every exchange.
DOGE transactions can easily transit on a Blockchain network from one person to another person over the internet. No intermediary is included while transacting in DOGE. There is no central authority; it is not regulated by any institutions so there is no intermediary like a bank or other institutions in passing the transaction on the internet.
People consider it as a joke; no one knows what DOGE is and how it works. People don’t know about the monetary policy of DOGE. The monetary policy Of DOGE is quite attractive and it is best for those who want to spend it in the short term. This cryptocurrency is not beneficial for those who are looking for a long-term opportunity.
Like others you have so many questions related to DOGE, several questions came to your mind. This guide is dedicated to DOGE; you will get the answers to all these questions. Here you will get full insights on how to buy DOGE.
Also Read: How to Buy SHIBA Inu Coin?
Brief History of DOGE
Dogecoin was introduced in the market in December 2013 as a joke on social media. The vision behind creating this cryptocurrency was to introduce a memorable and friendly cryptocurrency project that helps the general public to get a basic understanding of Blockchain. The logo of this coin contains the image of Shiba Inu that represents the doge meme of the internet; from here this cryptocurrency got its name.
Though DOGE was introduced in the market as a joke but soon it gained the pace in the market because of the presence of a vibrant and passionate online community. Since its launch, this coin remains in headlines and public stories. In 2014 it raised $50,000 funds to send the Jamaican Bobsled Team to the Olympics after they qualified but they didn’t have sufficient funds to attend the event.
Currently, DOGE stands at 13th position in the market when it comes to market capitalization. The current market capitalization of DOGE is recorded at $5.9 billion.
What is Dogecoin?
Dogecoin was created by software engineers named Billy Markus and Jackson Palmer in the year 2013. The reason behind introducing this coin in the market is to present a fun coin as an alternative to Bitcoin. The vision behind creating this cryptocurrency was to introduce a memorable and friendly cryptocurrency project that helps the general public to get a basic understanding of Blockchain. This cryptocurrency was launched as a meme overall fraud coins were increased at that time, for creating the meme takes the name and logo from the Shiba Inu meme. The logo of this coin contains the image of Shiba Inu that represents the doge meme of the internet.
Dogecoin is an internet currency that is so friendly to everyone. Dogecoin is a peer-to-peer digital currency that is available as open-source currency. DOGE is introduced in the market with a limited supply of coins like Bitcoin. More than 100 billion DOGE coins are already introduced in the market.
Difference between Dogecoin and Bitcoin
Dogecoin is based on the same basic technology of Blockchain Bitcoin. However, the DOGE coin is more advanced in comparison to Bitcoin as it offers faster and affordable trading on the channel.Dogecoin is a peer-to-peer digital currency that is available as open-source currency; it is traded over a decentralized crypto network. The main difference between DOGE and Bitcoin is that DOGE is created as a joke with a logo of the dog while Bitcoin is a digital currency that was originally introduced as Blockchain technology. Till the last year people were not taking DOGE seriously, after a tweet of Elon Musk the prices of this currency have rallied up, it is fueled on social media.
Where to buy Dogecoin?
Now you get to know what is Doge, its brief history, now the question arises where to buy DOGE. Several options are available in the market to buy Doge. The best way to buy DOGE through a crypto exchange, investors find it very easy and reliable to buy doge coins through global exchange. Several crypto exchanges are offering DOGE coins for buy, sell, or trade such as Binance, eToro, Kraken, Robinhood, and Voyager. Binance is the top exchange to buy Doge and other coins, here you can buy through credit card also.
There is some transaction fee imposed by these exchanges, every exchange has a different fee structure but these crypto exchanges are considered as the most trusted exchange of the market. Anyone can easily buy Doge coins through these exchanges. While purchasing doge coins you have to always recall the private keys of DOGE, if you forget the private keys then it will quite challenging for you to get your funds back from the coins. Some popular crypto exchanges that offer DOGE coins are as follows-
BuyUCoin is one of the most popular cryptocurrency exchanges on the market. It is serving in the market for several years now. This crypto exchange has listed almost all the top cryptocurrencies of the market that are doing well in the market; it offers all the top cryptocurrencies. It offers Doge coins for buying, selling, and trading. It is very easy to buy Doge through this exchange, you have to just follow the step-by-step method and you can easily buy the coins through this exchange like other exchanges. To use this exchange you have to create the account on this exchange, then select the platform from OTC and BuyUCoin EZ. You can easily manage the funding on this platform as several payment methods are available here. More than 100 payment methods are available on this exchange. Once the funding is done in your account you can buy Doge coins, no transaction fee is imposed on this exchange.
Binance is also a very popular cryptocurrency exchange of the market; it always comes in the top ten crypto exchanges of the world. Binance exchange was created in the year 2017. This crypto exchange has listed almost all the top cryptocurrencies of the market that are doing well in the market; it offers more than 200 cryptocurrencies on its platform. This crypto exchange is so popular as it is running in almost every country of the world. It allows the traders to buy and sell the coins on their preferences. It accepts payment in several modes; it accepts payment through traditional currencies also. To use this exchange you have to create an account on this exchange. Once the account is created you can open the site and click on Buy Crypto that exists on the top of the navigation bar. Once it is done you can select the payment method and buy DOGE coins as per your choices.
Kraken is also a very popular cryptocurrency exchange of the market; it also comes in the top ten crypto exchanges of the world. Kraken exchange was created in the year 2017. Since its launch, it is serving well in the market. Like other exchanges to use this exchange, you have to create an account on this exchange. You have to create the account on this platform and verify your identity, you have to first complete the preliminary steps before buying the coins. Once the account is created you can open the site and click on Buy Crypto that exists on the top of the navigation bar. Once it is done you can select the payment method and buy DOGE coins as per your choices. You can choose the payment method as per your preferences and buy the coins as per your requirements.
How to buy Dogecoin on Kraken?
Though several crypto exchanges are available in the market that offers Dogecoin investors find it easy to buy DOGE through Kraken exchange. Kraken is a global exchange that doesn’t impose high fees and it is the most trusted in the industry.
You have to create the account on this platform and verify your identity, you have to first complete the preliminary steps before buying the coins. Once the account is created you can open the site and click on Buy Crypto that exists on the top of the navigation bar. Once it is done you can select the payment method and buy DOGE coins as per your choices. You can choose the payment method as per your preferences and buy the coins as per your requirements.
While purchasing doge coins you have to always recall the private keys of DOGE, if you forget the private keys then it will quite challenging for you to get your funds back from the coins. This trading exchange follows rigid security measures to safeguard the exchange from any third-party access. It delivers great services and high security on this exchange. Following are the steps to buying the DOGE coins through this exchange-
Sign up the account on the Kraken exchange
The very first step is to open an account for this exchange. To open the account you have to first visit the official site of Kraken where you have to register yourself for opening the account. Sign up and fill in the required information, it requires your name, address, email address, phone number, and photo id proof. Once it is done you have to create a username and password for your account for further login. Always put a strong password to protect your account.
Verify the account
This trading exchange follows rigid security measures to safeguard the exchange so it has a rigid verification process. Before activating the account it verifies all the information that you provide on the exchange. Once the verification is completed it activates the account. Here you can buy DOE coins in both ways either you can buy Doge coins with cryptocurrencies like LTC and DASH or you can also buy DOGE through fiat currencies like USD and EUR. It verifies your identity with the government ID proof that you provide. It has two-factor verification processes.
Ensure funding in your account
You can buy Doge coins with cryptocurrencies like LTC and DASH as well you can also buy DOGE through fiat currencies like USD and EUR. If you want to buy DOGE coins through fiat money then you have to deposit the fiat money in your account. You can deposit the funds in several ways. Several deposit options are available on the exchange. You can make deposits through credit card and wire transfers also. It solely depends on your location. You can also deposit the cryptocurrencies in the account if you have already.
Once you ensure the funding in your account you can proceed further to buy the Doge coins. Once the balance is reflected in your account you can buy the coins, you can access the advanced charting tools, here you can also utilize the margin trading features. This advanced trading feature helps the traders to experience a wonderful trading experience. Here you can place the different types of orders such as market order and limit order. If you want to place the order at the current market price then you can place the order at market price and the broker will execute it on the market price. If you want to place the limit order then you can specify the limit price on which you want to buy the coins. The broker will execute the trade when the prices will reach your limit. This exchange offers 24/7 customer care support to the traders for their queries.
Get a wallet
Once the transaction is executed the crypto coins will be reflected in the balances. Though Kraken exchange also provides wallet services it is not safe to store the coins on the exchange because several people access the exchange. Hackers and scammers can easily attack the exchange. To store the coins you have to buy an e-wallet for storing the coins. Digital wallets are also known as e-wallets. E-wallets are created to store the cryptocurrency with private and public-key encryption. Wallets are of two types- hardware wallet and software wallet. A hardware wallet is the best wallet to store the coins. You can transfer your doge coins from the Kraken exchange to these safe private wallets for security purposes.
Where to store Dogecoin?
It is important to keep your coins in the safest place. Though Kraken exchange and other exchanges provide the wallet for storing the coins it is not safe to store the coins on the exchange because of the visibility of the exchange. If you are buying coins for the short term then you can keep them on the exchange but if you are buying coins for the long term then you have to keep your coins in the safest place.
The safest place to store digital coins is e-wallets. E-wallets are created to store the cryptocurrency with private and public-key encryption. Wallets are of two types- hardware wallet and software wallet. A hardware wallet is a wallet that stores your coins in USB devices that is accessible in offline mode also. While software coins came in a software application that is accessible on mobile phones also.
The hardware wallet is the best wallet to store the coins. You can transfer your doge coins from the Kraken exchange to these safe private wallets for security purposes.
Dogecoin Price Prediction
The price of Dogecoin (DOGE) slumped by nearly 40% by Tuesday, May 11, after reaching all-time highs of $0.76 on Saturday, May 8. This price fall followed Elon Musk’s appearance in Saturday Night Live (SNL), where the billionaire and DOGE-enthusiast referred to the meme coin as ‘a hustle’ in a response. DOGE’sprice had sharply risen in anticipation of Musk’s headlining appearance at the comedy sketch show. Many crypto enthusiasts hoped that Musk’s SNL appearance would take DOGE to new markets, eventually driving up its demand.
No Clear Trend Yet
After taking a hit on Saturday, the DOGE price gradually fell through Sunday to $0.42 then bounced back to $0.50 on Tuesday. Before reaching the $0.50mark, the price of the Shiba Inu-inspired coinhad significant gains through Monday, even rising to $0.57. This is against the backdrop of an 800% jump in under one month,as DOGE broke the $0.1 ceiling back in mid-April. During this time, DOGE’s market cap rose to nearly $100 billion and currently stands at about $60 billion.
These massive fluctuations in just under 72 hours have stoked fearamong DOGE lovers, as harsh critics of the coin take center-stage to rub salt on the wound, calling it an eventual bubble burst. Critics argue that although the crypto markets are known to be highly volatile, DOGE’s sharp price fall is unique given the general bullish trend in crypto today. After outperforming all cryptocurrencies in the month leading to May 8, DOGE is now falling off the cliff in a possible price reset. DOGE’sprice trend is not quite predictable, more volatile, and generally vague.
The Dogefather at the Wheel
Preceding this latest hype and Musk’s February 14 tweet saying, “Dogecoin is the people’s crypto,” the DOGE hardly barked. Musk’s first tweet alone regarding DOGEsaw the coin’s price spike 75%. Multiple tweets and memes of dogecoinfollowed, drivingits price even higher.
The DOGE community has made the Tesla chief it’s head honcho, listening carefully to each bark and tail wagging by the Dogefather, as Musk refers to himself. After confirming his scheduled appearance at SNL, DOGE spiked to an all-time high. However, as the show went on, Musk’s comments when asked if the coin was “a hustle” resulted in falling prices as enthusiasts sold off.
DOGE Price History
Since its launch in 2013 DOGE’s value remained quite stable until the bullish crypto market of late 2017. During this period, DOGE rose from $0.0003 to $0.0132 before slumping to $0.0022 by mid-2018. Throughout 2019, DOGE fell to $0.001 before picking pace in 2020 as crypto markets gained from increased adoption. That year, DOGE’s value reached $0.0046.
2021 looked set to be DOGE’s year to reach the moon. As crypto markets blew up and Bitcoin (BTC) led the charge, DOGE closely followed the trend in the months of January and February and reached $0.0797 before leveling off at $0.05. In April, DOGE gained upwards of 9,000% in value and exchanged at $0.45. Many outside influences like Elon Musk andbillionaire Mark Cuban triggered the DOGE fans to buy more. Since then, DOGE soared to rank fourth among cryptos, by market cap. By Tuesday, May 11, the coin’s value had dipped to $0.48 from a high of $0.76. Will the dip last?
A Corrective Course
DOGE has made multiple comebacks from a falling position. Even after taking the hit on Saturday, the coin’s fast falling price seems to be in a corrective mode, eliminating the hype train that had joined the DOGE community just before Musk’s SNL debut. Despite the dismal performance by DOGE, the coin’s price did not fall beyond the pre-SNL levels, a week or so earlier. DOGE has rebounded quite steadily and more hype from Musk will likely release the DOGE to the moon.
A Crypto for The People
More people have started to embrace DOGE for payments and even as an investment. What’s more, companies too are adding DOGE to their list of accepted payment methods. For instance, Cuban’s Dallas Mavericks, airBaltic Airlines, and Kessler Collection now accept DOGE. Musk also asked the community if they’d want Tesla to start accepting DOGE as payment, following the announcement that Tesla would be accepting BTC.CoinFlip, which operates crypto ATMs, also added DOGE to its network of nearly 2,000 ATMs across the United States.
DOGE has been billed to be the crypto for all people since its creators made it jokingly and not for profits. Given the hype surrounding it, the coin will gain more loyal fans as days go by. Its intact community which has a heavy social media presence and active forums remain on course for the $1 barrier which could be broken sooner than we can ever think. The DOGE community is regrouping to take control of its journey to the moon. And, learning from the GameStop Stock incident in early 2021, communities are pivotal in controlling stocks, even crypto.
Dogecoin’s top seven accounts with most coins hold a significant amount of the token. For instance, one address holds over 36 billion DOGE out of the 129 billion in circulating supply. This centralized power remains of concern for a community that aims to bring control of dogecoin to the people. Various blockchain statistics have raised red flags on large DOGE holders whose grip on the network is about 65%. Also, many users do not hold DOGE as long as they would other assets like BTC, ETH, or BCH. For DOGE, 21% held the meme coin for less than one month.
Will DOGE Keep Climbing?
Many crypto experts see DOGE’s upward trend as a result of endorsements by celebrities and adoption by many companies. Its critics view the cryptocurrency as having no real utility or value. Contrarily, its community believes the coin is destined for the moon. Taking either group’s word for it could be wrong as their opinions may be biased. For DOGE, reaching $1 in 2021 is highly possible as early as July or August, given that the coin has rebounded quickly from Saturday’s hit.
Generally, the coin’s price will gradually rise following the price correction over the weekend. After breaking the resistance at $1, DOGE will aim at $5 or even $10, and go for it. WalletInvestor, an algorithm-based price prediction service provider lists $0.35 as DOGE’s price for 2021, with the coin set to be stable above $0.5 by 2023. Digitalcoin predicts a bullish DOGE with the coin closing 2021 above $0.73.
While DOGE’s trend may sometimes be erratic against crypto market trends, the coin will slowly but surely be on the upward trail as the rest of crypto.