How and Where to Buy Dogecoin (DOGE)
Buying Dogecoin (DOGE) is incredibly simple. Most major cryptocurrency exchanges offer the token. Once you have created an account with a crypto exchange you can deposit fiat currency or cryptocurrency and exchange it for DOGE.
Best Exchanges to Buy Dogecoin
How to Buy Dogecoin
What is Dogecoin?
Dogecoin is one of the most popular cryptocurrencies ever created. But should you buy Dogecoin? To answer that questions, it’s important to learn more about the blockchain and its native cryptocurrency.
Dogecoin is a peer-to-peer (P2P), open-source blockchain. It was launched in 2013 as an “accidental crypto movement that makes people smile”. Dogecoin’s blockchain technology is derived from Litecoin. Dogecoin is a proof-of-work (PoW) blockchain that functions using the DOGE cryptocurrency.
What is DOGE?
DOGE is the native cryptocurrency of the Dogecoin blockchain. DOGE is widely considered the first “meme coin“. Meme coins are cryptocurrencies with very little utility and few potential use cases. DOGE is infamous for its low price and unlimited supply. The coin is inflationary in nature. The DOGE token features a Shiba Inu as its logo.
Dogecoin tokens are created by the method of mining cryptocurrency. Computers compete to be the first to solve a complex mathematical problem, which helps to verify transactions and secure the blockchain. The first person/computer to complete the problem is rewarded with new tokens, in this case, DOGE.
DOGE can be spent at a range of merchants, including Tesla. Following Elon Musk’s Twitter takeover, there were suggestions that Dogecoin would be integrated as a payment method on the social media platform. Users buy DOGE because they’re able to make payments with it. Dogecoin has a transaction per second (TPS) speed of around 30, surpassing the TPS speed of Bitcoin.
For those interested in buying Dogecoin, it’s important to understand the tokenomics. As mentioned above, there is no limit to the number of Dogecoin tokens in circulation at any one time. The cryptocurrency is earned from mining rewards. The greater the number of blocks mined, the lower the reward earned by miners. The rewards are as follows:
|1 – 100,000||1,000,000 DOGE|
|100,000 – 145,000||500,000 DOGE|
|145,000 – 200,000||250,000 DOGE|
|200,000 – 300,000||125,000 DOGE|
|300,000 – 400,000||62,500 DOGE|
|400,000 – 500,000||31,250 DOGE|
|500,000 – 600,000||15,625 DOGE|
At the time of writing, there are over 130 billion Dogecoin tokens in circulation. 5 billion DOGE are minted every year.
DOGE Price History
The price of Dogecoin is incredibly volatile, even when compared to the general cryptocurrency market. DOGE’s price has been seen to be influenced by relatively minor events, including tweets from Tesla CEO, Elon Musk.
In Spring 2021, Dogecoin saw its biggest rally to date. On April 8th, the price of DOGE was $0.0588. One month later, on May 8th, the Dogecoin price hit its all-time high of $0.737, a percentage increase of 1154%.
Dogecoin’s price fell quickly afterwards, trading at around $0.12 in the middle of July of that same year. Since then, Dogecoin has seen some impressive price movements – although none that compare to what was seen in early 2021. For the majority of 2022, Dogecoin traded downwards and sideways, in correlation with the rest of the cryptocurrency market.
In October 2022, the price of DOGE spiked over 100% within a week, in a move not reflected by other cryptocurrencies at the time. This price fluctuation demonstrates Dogecoin’s incredibly volatile nature.
Where to Buy Dogecoin
For users looking to buy DOGE, it’s imperative that research is done before signing up to an exchange. Each exchange offers different fees, security and complexity levels. Take a look at some of the best cryptocurrency exchanges before you decide where to buy Dogecoin online. Two of our most recommended and secure exchanges are Kraken and Binance.
Kraken is perhaps the best site to buy Dogecoin from. Users can purchase DOGE with very low fees, safe in the knowledge that the site is incredibly secure.
Binance, perhaps the most highly rated exchange in the world, is also an excellent option for purchasing Dogecoin. Because of its popularity, it’s possible to buy Dogecoin at a range of exchanges, including Coinbase and CEX.io.
How to Store DOGE
There are a number of excellent options for storing Dogecoin. Finding the right storage for any cryptocurrency is really important. There are two different types of cryptocurrency storage: hot and cold.
Hot storage involves keeping your DOGE tokens in a wallet or storage solution that can be easily accessed. This is the best option for Dogecoin holders that are looking to trade, spend or sell DOGE. Cold storage is best for those interested in holding their cryptocurrencies long-term. This is an offline storage that has an added layer of security but is less accessible for a user.
There are a number of great storage options after you buy Dogecoin. Here is a list of some of the best-known:
History of Dogecoin
Dogecoin was launched in November 2013. It was initially created as a joke by Jackson Palmer, who was interested in poking fun at the popularity of cryptocurrencies. However, the idea generated interest on social media, which led to Palmer purchasing the dogecoin.com domain.
Billy Markus, an IBM-software developer, helped Palmer to launch the Dogecoin token, DOGE. The code utilises that of Luckycoin, a Litecoin derivative. Originally, miners were rewarded with a randomised reward for mining a block in the Dogecoin blockchain. This was later changed to a static reward in early 2014. DOGE was launched on December 6th, 2013.
Jackson Palmer left Dogecoin in 2015, due to issues with the cryptocurrency’s community. The coin was listed on Binance in 2019 and has continued to see increasing adoption over recent years.
Future and Roadmap of Dogecoin
The future of Dogecoin is determined almost entirely by its community. The community decides which projects the network gets involved in. This helps to maintain Dogecoin’s status as a decentralised entity.
The Dogecoin Trailmap details the projects that Dogecoin is working on or towards. In August 2022, the Dogecoin Foundation signed The Dogecoin Manifesto. This was designed to capture the Dogecoin community’s intention for the future of the network. The manifesto highlighted the fact that, moving forward, Dogecoin would become “useful”, “personable”, “welcoming” and “reliable”.
As part of this, the Trailmap highlights some of the areas that the Dogecoin Foundation are working towards:
- Dogecoin.com – a makeover for the dogecoin.com website
- Dogepedia – a resource for people to learn about the project
- Libdogecoin – a library of Dogecoin building blocks
- Dogecoin Standard – a whitepaper-equivalent
- GigaWallet – an open-source initiative that will allow developers to quickly enable Dogecoin transactions on their platform