Wondering how to buy Dogecoin? You can buy DOGE by opening an account with trusted crypto exchanges such as eToro, Robinhood and Coinbase.
Dogecoin, known as the people's currency or underdoge, has sparked both optimism and skepticism in the cryptocurrency world. Despite gaining mainstream attention in 2021, its future remains uncertain in 2022 after the depegging of Terra. While Dogecoin has not reached its all-time high prices, reaching $1 is a possibility when the cryptocurrency market picks up again.
Regardless of whether you view Dogecoin as a meme coin or a potential financial game-changer, it's crucial to understand the risks associated with investing in cryptocurrency. Take the time to educate yourself about the crypto markets and consider starting your investment journey with DOGE today. Benzinga breaks down the process on how to buy Dogecoin in three simple steps to get you started.
How to Buy Dogecoin in 3 Steps
With its low price and growing popularity, more and more people are interested in purchasing Dogecoin. In just three simple steps, you can start investing in this popular digital currency.
1. Create an Account
The first step to buying Dogecoin is open an account with a reputable cryptocurrency exchange where you can buy, sell and trade DOGE. Sign up for an account using your email address or phone number. You will be asked to provide your personal information and verify your identity. The verification process usually takes a few days.
Some popular cryptocurrency exchanges that support DOGE include Coinbase, eToro, Robinhood and Kraken.
2. Deposit Funds to Your Account
Once your account is verified, you will need to fund your account through wire transfer or ACH transfer. A wire transfer transfers money directly from your bank account to the brokerage account, while an ACH transfer can be done through a third-party application. You can also fund your account through a credit or debit card depending on the exchange's rules and regulations in your area.
3. Buy Dogecoin (DOGE)
To purchase, open the trading platform of your chosen crypto exchange, check the current price of DOGE, place a buy order at a suitable price. Though the prices of cryptocurrencies always change, you can expect to pay near the market rate — you may want to track the price of DOGE over time, and learn how it’s moving to ensure that you don’t overpay for your coins.
Where Did the Dogecoin Come From?
Dogecoin is a digital currency introduced in 2013 as a more memorable and fun alternative to other cryptocurrencies. It was created by software engineers Billy Markus and Jackson Palmer in the early days of crypto, soon after major players like Bitcoin and Litecoin. It started off as a joke based on the popular "Doge" meme featuring a Shiba Inu dog. DOGE is built on similar technology as Bitcoin but offers faster and more affordable transactions. It quickly gained a following and has become a popular cryptocurrency in its own right.
Is DOGE a Good Investment Right Now?
Investing in DOGE can be risky as it is a highly volatile cryptocurrency with no intrinsic value. It has the potential to be a sound investment option for those comfortable with managing market fluctuations. Given that crypto price is determined by market supply and demand, it is crucial to proceed with caution. Prior to making any purchase, it is important to evaluate how it aligns with your existing investment portfolio and be mindful of the potential risks.
What is the Best Exchange to Buy Dogecoin?
Check out some of the top cryptocurrency exchanges that support Dogecoin below.
| Crypto Exchange | Pros | Cons |
| Coinbase | Easy to use platform Wide variety of cryptocurrencies available for trading Mobile and desktop app offers comprehensive features | Higher fees compared to other exchanges |
| eToro | Allows social trading Offers a free demo account for practice trading | Limited customer support options |
| Robinhood | User-friendly interface No minimum account balance required Offers commission-free trading | Lack of detailed research tools and analytics |
- Best For:Buying & selling DogecoinVIEW PROS & CONS:securely through Robinhood Crypto's website
How to Store Dogecoin Safely
Storing Dogecoin on a cryptocurrency exchange is easy but requires trust in the exchange's security. To truly own your crypto, consider using a software or hardware cryptocurrency wallet, which allows you to have full control over your digital assets and use blockchain apps to earn interest on them.
Best Hardware Wallet: Ellipal Titan
The Ellipal Titan is a hardware cryptocurrency wallet that offers users a secure way to store and manage their digital assets. With features such as air-gapped technology, multiple layers of encryption, and a user-friendly interface, the Ellipal Titan is designed to provide peace of mind for users looking to protect their investments in the volatile world of cryptocurrency. Ellipal is a great choice hardware wallet for any Ether tokens, and it also supports Bitcoin, XRP, Cardano, Litecoin and over 10,000 other cryptocurrencies.
Best Software Wallet: Dogecoin Wallet
The fun and friendly internet currency also offers its own simple, intuitive wallet option for both desktop and mobile. Getting started with the Dogecoin Wallet takes about 5 minutes. Simply click on your operating system, download and execute the cryptocurrency wallet and start safely storing your DOGE online. You can also download the Dogecoin Wallet for free on the Google Play store.
Should You Buy Dogecoin?
Cryptocurrency as an asset class is riskier than other more traditional investments. Investing in cryptocurrencies based on memes or hype, like Dogecoin, is even riskier than investing in established digital assets with strong fundamentals. That being said, there's strong community support for DOGE and buying well below all-time high prices may present a good opportunity. If you decide to invest in Dogecoin, be sure to only invest money you're willing to lose, as much of Dogecoin's price is determined by speculation.
Frequently Asked Questions
Is Dogecoin a scam?
Dogecoin is not a scam, but it is considered by many to be a bubble. Its value comes from user adoption and utility, but investing in it should be approached with caution due to its volatile nature.
Why is Dogecoin so cheap?
The per token price of Dogecoin is cheap solely due to the enormous supply of Dogecoin in circulation. Since there are over 130 billion DOGE in circulation (compared to just 21 million bitcoin) the per token price is lower. When investing in crypto, a cryptocurrency’s market capitalization (token supply x token price) is much more telling of whether or not a cryptocurrency is “cheap.”
Can you make money with Dogecoin?
You can make money with Dogecoin, but you will likely not get rich off Dogecoin as the token doesn’t have the supply or potential to offer massive gains.
Can I directly buy Dogecoin?
Yes, you can directly buy Dogecoin from various cryptocurrency exchanges or platforms that support Dogecoin trading. Just make sure to do your research and choose a reputable and secure platform to make your purchase.
How much does it cost to buy one Dogecoin?
The cost of buying one Dogecoin can vary depending on the current market price, but as of current estimates, one Dogecoin is worth around $0.15 USD.
About Sarah Horvath
Sarah Horvath is a prominent freelance senior copywriter renowned for her expertise in cryptocurrency. As one of the leading voices in the industry, Sarah’s insightful analysis and comprehensive understanding of cryptocurrency trends have made her a sought-after contributor to major finance sites. With a focus on providing clear, accessible information, Sarah empowers readers to navigate the complex world of cryptocurrency with confidence. Her dedication to delivering high-quality content has established her as a trusted source for cryptocurrency enthusiasts seeking valuable insights and guidance.