Dogecoin is a type of cryptocurrency inspired by a prominent meme called Doge, which is nothing but a picture of a Shibu Inu Dog combined with colorful Comic Sans Expressions meant to communicate its inner discourses.
The cryptocurrency- Doge was not very popular at the time when it launched. Dogecoin was almost started as a joke, but it’s performed as a peer-to-peer cryptocurrency. The performance of Dogecoin has been extremely influenced by some profoundly prominent personalities around the world. This cryptocurrency is said to be “People’s currency” due to its temperament and accessibility to the new technology.
Elon Musk, the CEO of Tesla, has been one of the most influential personalities who impacted the entire Dogecoin market worldwide. He remarked on Twitter that people should incline toward digital currency. This single statement had the power to change the entire cryptocurrency trend.
If you see here, the total number of transactions in Dogecoin increased at the beginning of 2021. Between January 28 and January 29, Dogecoin’s market price went 216 percent high to 0.023232 U.S. dollars, which is a massive figure for such a small duration. After this incident, Dogecoin rapidly became the most talked-about cryptocurrency around the world.
Looking for more information before acquiring the world’s most popular cryptocurrency? Keep reading this article patiently as we are going to reveal crucial details about Dogecoin – the modern-day digital currency.
Why Should You Buy Dogecoin?
The demand for cryptocurrencies around the world is increasing rapidly. It can be seen that Dogecoin’s market cap gained almost 6x increase in January 2021 after Tesla CEO Elon Musk tweeted about it online. As per the statistics, by February 2021, Dogecoin’s market cap had already doubled in comparison to both the Bitcoin market capitalization as well as the Ethereum market cap.
The meme-based cryptocurrency’s popularity is one thing to consider at the time of purchasing it. And becoming a Doge millionaire may not cost much, but it can be confusing if you are making choices based on information (small tips) available on the internet. There can be a lot more reasons to invest in Doge.
To emphasize more on investing in Dogecoin, we are going to list down the reason why you should enter into the popular meme-based cryptocurrency?
Also, remember that investing in cryptocurrencies is a highly volatile business, you should understand this aspect before you bid on one of the most popular cryptocurrencies in the world today.
- It is gaining popularity among the top businesses’ portfolios.
- The increasing profitability in the mining of Dogecoin also contributes to its absolute growth.
- Dogecoin’s valuation (in a stipulated period) is higher than other cryptocurrencies including Bitcoin and Etherium.
- In early 2021, it saw a growth of over 50,000 transactions in a single day.
- Dogecoin has seen significant growth in total trading volume.
Is Dogecoin Dead?
The meme-based cryptocurrency (Doge) is far from dead. As per a panel of profound crypto experts, the average dogecoin value could reach $1.21 by 2025 and $3
60 by 2030. You may hear a lot of comments running here and there over the internet, saying the Dogecoin is off, but they are not true if you see them through an authoritative view.
Although the prognostication does not guarantee, there is no absolute reason to say that this meme-based cryptocurrency, Dogecoin, is dead.
Is it good to buy Dogecoin now?
As stated earlier, Dogecoin was started as a joke by one of its founders Billy Markus. However, after some years, it started gaining uninterrupted popularity. Although it is still highly volatile, people are considering it as the future currency. \
As per the experts’ recommendation, you should focus on investing no more than 3% to 10% of your portfolio in cryptocurrencies. It’s a booming industry where the most influential personalities are investing their money.
3 Best Crypto Exchanges to Buy DogeCoin
We have analyzed what a Dogecoin is? And how it has gained so much popularity within a short time. It’s time to see what platforms are available for you to buy Dogecoin online safely?
Here, we will be discussing the top three platforms you can use to buy Cryptocurrencies Online.
Binance, founded in 2017, is one of the largest exchanges in the world in terms of the daily trading volume of cryptocurrencies. It is registered in the Cayman Islands. Changpeng Zhao, a developer who had previously created high-Frequency trading software, was the founder of Binance.
Coinbase is a growing crypto economy. As stated by Coinbase, they are a more fair, accessible, efficient, and transparent financial system enabled by crypto. This crypto exchange was established in 2012 with an idea to enable everyone to send and receive Bitcoin from anywhere around the world. Executing their idea, Coinbase has become one of the most trusted and easy-to-use platforms for accessing the broader crypto economy.
Robinhood first came into the minds of Baiju and Vlad, the co-founders of Robinhood, at Stanford. They both were roommates and classmates. After graduating from Stanford, they established two finance companies, where they were selling their software to hedge funds.
Robinhood was a product to empower every individual to enter the crypto market. The aim was to create a platform for everyone regardless of whether a person is rich or poor. And, they achieved their goal through Robinhood.
How to Buy DogeCoin in 2021?
Being something exclusive among the people, cryptocurrency trading is viewed as a “Humongous” task to do, but actually, it’s not. Here, we are going to show you the simplest way to buy DogeCoin through each of the aforementioned platforms.
First Option: Buying DogeCoin through Binance
First, you need to register yourself on Binance. Fill in all the necessary details required carefully. Also, link your account to transfer money to your Binance Account.
Once you have registered yourself on the platform, you will have a window like the one attached below. On that, you need to hover on the DogeCoin option. You can also choose any other currency if you want to trade in them.
Now, you will have an expanded dashboard to see the trading activities of Dogecoin. You need to scroll down.
At the bottom you see two options; Buy Doge or Sell Doge. You can click on the ‘Buy Doge’ option to continue your purchase.
Yes, that simple it is. Now, repeat the same process in case you want to sell your crypto holding.
Second Option: Buying DogeCoin through CoinBase
First, you need to set up your account on Coinbase. Add your payment details and connect your bank with your Coinbase account.
Once you complete your account, a new dashboard will open, which can be used to track the prices of different cryptocurrencies.
Search for ‘Dogecoin’ using the search bar.
When you click on the ‘buy’ option, a new window will appear to select the amount and payment option. Before moving through this step, add your desired payment options.
As we have put $50, now click on Preview Buy to see your final order before execution.
Here, you can get an overview of your purchase. Details like Payment options, Quantity, etc will be mentioned on the order preview. If everything looks sound, click on the ‘Buy’ option.
Booyah! You are done with the Dogecoin purchase. Click on the ‘View Transaction’ to get details of your order.
Third Option: Buying DogeCoin through Robinhood
Once you set up your account on Robinhood, you will land upon a dashboard like this.
You need to search ‘Dogecoin’ using the search bar above. Click on Dogecoin to move further.
Here, you can use that bar on the right-hand side to buy or sell the cryptocurrency. We are going to buy it. So, let’s see how to do that.
Put the amount that you want to invest in Dogecoin. And click on review order.
Reviewed? Let’s submit our order by clicking on the ‘submit buy’ button.
Now, you need to verify your account. Click “Continue” if everything looks fine till here.
Woohoo! We have purchased our favorite Dogecoin.
Where to Keep Your Dogecoin?
If you are wondering where to put Dogecoins that you have just purchased. Let’s tell you that there are several wallets available to park your Dogecoins safely online. Some popular Dogecoin wallets as listed below:
- Ledger Nano X Wallet
- Exodus Wallet
- TREZOR Model T Wallet
- Ledger Nano S Wallet
- Atomic Wallet
- Trezor One Wallet
- KeepKey Wallet
The Crypto Economy is booming in the world these days. Experts say that this could be the future of digital money. If you have read this article, you also believe in cryptos a little bit. Dogecoin, one of the cryptocurrencies, has accelerated its pace on crypto exchanges after a few tweets were fired by Elon Musk on Twitter.
Through this article, we have tried to help you with the process of how to buy Dogecoin safely through different crypto exchanges (Binance, Coinbase, and Robinhood).
Now, you have become wise. But don’t just run to invest your money in Dogecoin without having the right set of knowledge. Acquiring something wisely should be the priority to gain good returns in the long run. Thanks for reading!