Cryptocurrency News

Understanding Dogecoin and Is It the Right Time to Invest in Dogecoin?

The digital coin Dogecoin initially came about and was made as a joke, with the Reddit board’s decision to use it as GameStop’s complementing coin leaped over 800%. The cryptocurrency originated in 2013 with the famous dog meme as its inspiration, which was a Shiba Inu dog. 

Like all altcoins, even dogecoin is inexpensive and is a good investment for buyers who care to make use of short-term market variations. The fans wanted to bring Dogecoin to $1 for a long time. How it came in the past few days was SatoshiStreetBets from a Reddit forum put up a poster of a Dog portrait, which some users on Reddit took as a renaissance in favor of the protest. Elon Musk’s tweet of the image replicating Vogue put the dog in a magazine cover as “dogue”. So, let’s start to know more about Dogecoin’s price momentum. Is it worth investing in Dogecoin?

How to get Dogecoin, and what you can do with it?

To get a Dogecoin, one needs to get a wallet. One of the safest wallet kinds is the hardware wallet, as they provide offline private keys that one can maintain in a physical device. Software wallets come free. After getting the dogecoin wallet, the next step is to get the address. 

The next step would be to find a good exchange. Only a few of the regularized exchanges allow you to buy dogecoin for Euros or dollars. One of the most prominent services of Dogecoin is that it is used as a tipping service. To post users for contributing posts, which is more impactful.

How to invest in Dogecoin?

People can sell and buy Dogecoin like any other cryptocurrency via the crypto-exchanges. Many of the shares do not currently aid DOGE, and some exchanges do not allow fiat money deposits. A user may purchase through two independent exchanges.

If the user wants to purchase funds with a bank transfer or using a credit card, then purchasing a cryptocurrency like bitcoin that serves as a DOGE intermediate is one option. The user may further transfer the intermediate cryptocurrency to another exchange which may be transformed to DOGE later.

How to buy and sell Dogecoin?

Traders can buy Dogecoin and get an idea of price changes through trading offshoots, like CFDs. One can trade DOGE or Dogecoin through Exchanges and purchase and sell Dogecoin with fiat currency or using a cryptocurrency one owns. One can use fiat currency like the US dollar, or bitcoin from an exchange.

Kraken is a US-based crypto exchange. Traders can easily buy and sell cryptocurrencies like Ethereum and Bitcoin.

Coinbase is yet another crypto exchange that a trader may use fiat currency to buy a cryptocurrency in a digital wallet. Coinbase is used in more than forty countries and has gained popularity with most people. It offers a wide variety of currency pairs, and you can use your debit or credit card to buy it. If one purchases a Bitcoin BTC, one will pay 3.99% fees on their credit or debit card. One can register using one’s ID verification, a procedure used by all crypto exchanges. Reliable exchanges as CoinBase prevent any type of money laundering and other criminal activities. 

It is noteworthy that most of the crypto brokers and CFD do not as yet offer DOGE trading. This is chiefly due to the significant risk of losing money because of leverage. More than 50% of traders end up losing money while trading with CFDs. Local regulation does not allow CFDs in the US, and brokers who are regulated don’t take US residents or citizens clients. CFDs are not available to retail traders in the UK either.

Crypto Trading through Peer-To-Peer is another way to buy DOGE. LocalBitcoins platform allows a user to buy a cryptocurrency with any fiat currency. Users must read reviews of exchange before venturing out to trade, as it will notify a user of any scams. Some people meet personally to exchange cryptocurrencies.

Why is 2021 the best time to invest in Dogecoin?

The value of Dogecoin is on the increase since the beginning of 2021, so it is the right time to invest. The value will remain on the increase and soon even cross Litecoin. As per Elon Musk, as cited in Coindesk, Dogecoin has gone beyond Bitcoin that has a market value of $700 billion, to become the most prominent cryptocurrency on Twitter. It has gained 45% this year and is six percent more than Bitcoin. Though DOGE faired well in 2020 with a 13% rise, Bitcoin rose to 300% and Ether to 460 %, even though Dogecoin is less common than the other two cryptocurrencies. It went up in the stock market by 2.5%.

Is Dogecoin Risky?

Blockchain technology is safe, and Dogecoin’s blockchain remains safe and unhacked. All blockchains, including Dogecoin, can face an assault, only if 51% of blockchain is owned by an individual or a group of people. The lowest price for DOGE was $0.002, and it went as high as $0.082 in 2021.

Conclusion

Dogecoin has popularized and leaped over 800% with a push on Reddit by SatoshiStreetBets. It is being used as a tipping service online to honor people who put up posts. DOGE can be bought on reliable crypto exchanges online through bank transfer or credit or debit card. Since the DOGE prices are on the rise, it is the right time to buy.

John Franklin
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John Franklin

About author
John Franklin has completed his MBA with specialization in finance. He has keen interest in finance news writing and leads our finance news team. He loves reading finance magazines.
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