Dogecoin (DOGE) is a peer-to-peer decentralized cryptocurrency similar to Bitcoin (BTC) and Litecoin (LTC). Although it started out as a joke, the Doge coin has become one of the most traded cryptocurrencies in the world and as of this writing (May 2021), has a market capitalization in excess of $70 billion US dollars.
Buy DOGE in 3 steps
Create an account on an exchange that supports Dogecoin in three steps.
Step 1. Create an account on an exchange that allows you to buy DOGE
Find an exchange where you can buy DOGE. You can register by providing your email address and creating a password.
Note: Many exchanges also require your full name, contact information, and proof of identity before allowing you to buy and sell crypto.
Step 2. Fund your account
Most exchange platforms do not allow you to buy DOGE directly with Mexican pesos (MXN). This means that you will have few options to choose from, or you will need to purchase a cryptocurrency that is available in a DOGE currency pair, such as bitcoin (BTC), and then exchange it for DOGE.
Note: Some payment methods have higher fees, and credit card payments are usually the most expensive.
Step 3. Buy DOGE
Go to the markets section of your preferred platform and search for the DOGE currency pair you wish to trade (such as DOGE/BTC). If this is the case, enter the amount of BTC you wish to spend or the amount of DOGE you would like to purchase.
Note: Before completing the transaction, be sure to carefully review all the details — including the amount of DOGE you are purchasing and the total cost of the purchase.
How to sell DOGE
If you want to sell DOGE, you can do so by following a process similar to the one described in step 3, but looking for the “Sell DOGE” section. Please note that it may not be possible to exchange DOGE directly for the currency you wish to purchase.
What wallets can I use to store DOGE?
Unless you want to make a trade soon, it is not recommended to store your cryptocurrencies in your exchange account. Generally, it is much safer to move your assets into a secure wallet.
The official Dogecoin wallet available for Windows, Mac, Linux, and Android operating systems can be downloaded from their website.
How DOGE works.
However, behind the Dogecoin hoaxes lies a very popular cryptocurrency. Designed to offer fast and cheap online transactions, this open-source digital currency can be used as a form of payment for goods and services, can be exchanged for other currencies, and is also commonly used to “tip” other Internet users who create or share content.
Based on the LuckyCoin protocol, a fork of Litecoin, Dogecoin uses the Scrypt encryption algorithm. Dogecoin became instantly popular in the crypto community and two months after its launch, it had a market capitalization of $74 million US dollars. DOGE's value has seen several rises and falls since then, most recently in early 2021 when it reached a market capitalization of over $7 billion USD and an all-time price of over $0.07 USD.
Learn more about Dogecoin in our comprehensive guide.
Will Dogecoin reach the value of $1 USD?
No one can know for sure if Dogecoin will ever be worth $1, though its roughly 11,000% price increase over 2021 has many Reddit and other forum users hoping for more. Dogecoin has long been seen as a meme coin, which has helped cause its price to swing both up and down from celebrity tweets, unusual events, and the coming together of virtual communities. Given that about 150 million Dogecoin are mined every day, for the price to continue to rise and reach $1, many more episodes of massive buying would have to occur.
Key points to consider if you are thinking of buying DOGE
All cryptocurrencies are complicated and highly speculative, and there are many factors that can affect their value. It is essential to be aware of all the risks associated with cryptocurrencies before buying any of them.
If you are thinking of buying DOGE, make sure you first consider the following factors:
Availability. One of the main factors affecting the popularity of a cryptocurrency is its availability. DOGE is listed on a wide variety of cryptocurrency exchanges, making it relatively affordable compared to other less popular coins.
Community support. Dogecoin is something of a legend in the crypto world and is supported by a vibrant and active community (as its active Reddit page shows ). This level of support has seen Dogecoin continue to exist since 2013, which is a considerably long time for a digital currency.
Is it a joke or not? Dogecoin started as a joke, and a quick visit to its official website is enough to understand that this currency does not take itself very seriously. This has been a key factor in its success and survival. However, if you are looking for a coin to hold in the hope of long-term profit, you will need to consider whether DOGE is the right asset for that purpose.
future development. As for what the future holds for Dogecoin, it's worth considering what the coin's co-founder, Jackson Palmer, said in an interview with CoinDesk in March 2017: “There are no new features being rolled out to Dogecoin because there are no more features. active development. Eventually, it will become obsolete. And with that, the network will close organically.” Palmer left the Dogecoin team in 2015, but this still raises important questions about the coin's longevity.
Celebrity endorsement. Dogecoin's rise in 2021 is largely attributed to one person: Elon Musk. Thanks to Musk's influence, combined with his interest in memes and internet culture, he has been able to single-handedly drive the price of Dogecoin to historic levels, primarily through late-night tweets of Doge-related memes. If Musk were to suddenly change his mind about Dogecoin, or lose interest, the price could be negatively affected as a result.