The people's currency. The underdoge. Some say Dogecoin cannot be stopped. Others say it's destined to crash even further. This controversial cryptocurrency reached mainstream attention in 2021, but the direction of the digital asset market in 2022 remained uncertain as it simply couldn’t take hold in 2023 after the depegging of Terra. Dogecoin is still under it's all-time high prices, but it's not out of the question for DOGE to reach $1 when the cryptocurrency bull market resumes.
Whether you think Dogecoin is a meme coin or the future of finance –– or both –– it's important to know the risks of investing in cryptocurrency. Learn more about the crypto markets, and find out how you can start investing in DOGE today.
How to Buy Dogecoin
- Open an online account.
The first step to buying Dogecoin is to open an account with a cryptocurrency exchange that supports DOGE.
Dogecoin is available on the beginner-friendly Coinbase, the trader-focused eToro, and with no fees on Robinhood.
Kraken is also a great option for those who want to invest in Dogecoin and access this side of the crypto market—dipping their toes into the memecoin market.
- Fund Account & Make your purchase.
After both your wallet and your exchange account are open, you can place a buy order to purchase DOGE. First, open your exchange's trading platform and take a look at the current price of DOGE. 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.
Once you chose an entry price suited to your uncertainty tolerance, your broker will take care of filling the order. When you see your DOGE in your exchange wallet, it means that your order has been completed.
- Buy a wallet (optional)
A cryptocurrency wallet provides you with a set of keys that you can use to store your DOGE off of an exchange. This helps keep your investment safer in the event that your exchange is targeted in a hack or theft.
Robinhood now offers some users access to send or receive their assets to another wallet. If you want to hold your own cryptocurrency, use a wallet that lets you control your own private key. Coinbase, eToro and Gemini all provide access to send and receive from their respective exchange wallets. For the best security, use a wallet that lets you manage your own private key.
Best Crypto Exchanges & Brokers for DOGE
Check out some of the top exchanges that support Dogecoin below. If you're located in the United States, it's a good idea to use a reputable trading platform based in the U.S, such as Gemini or Webull. Gemini recently launched Gemini Earn, allowing investors to passively earn interest on the digital assets they hold on its exchange. If you're a long term investor, earning interest on your crypto is a great way to accumulate more coins over time.
What is DOGE?
Branding itself the “fun and friendly” internet currency, Dogecoin is a peer-to-peer and open-source digital currency introduced in December of 2013. Dogecoin was created in the early days of crypto, soon after major players like Bitcoin and Litecoin. The original idea behind Dogecoin was to create a more memorable cryptocurrency project to help the public understand the technology behind blockchains. Since then, Dogecoin has become an icon in the internet-powered retail investor era we live in today. The meme coin's logo, the Shiba Inu, has been hard to avoid.
Dogecoin is built on the same basic technology as other cryptocurrencies like Bitcoin. However, DOGE introduces a few improvements to Bitcoin’s technology to enable users to access faster and more affordable transactions. While this is the case, other cryptocurrencies offer better, more innovative solutions to lessen transaction costs. Dogecoin isn't groundbreaking by any means, but Dogecoin investors aren't betting on the cryptocurrency's technology. Instead, the so-called "Doge Army" is betting on the robust community around DOGE.
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For an in depth look on what drives the price of Dogecoin, see Is Dogecoin a Good Investment.
Brief History of DOGE
Despite rising in popularity in 2023, Dogecoin is among the earliest cryptocurrencies to reach the market. Dogecoin was created as a joke in 2013 to help raise public awareness of the capabilities of blockchain technology. Its mascot, the Shiba Inu, replicates the popular “doge” internet meme, which is also where the cryptocurrency gets its name. Co-founders Billy Markus and Jackson Palmer whipped up Dogecoin in just a handful of hours. Markus noted in an interview that much of the time spent on creating Dogecoin was changing its font to Comic Sans.
Billy Markus was a developer experimenting with cryptocurrencies for his own entertainment. Billy created Bells, a crypto based on the Animal Crossing currency. When Billy stumbled across a form post by Jackson Palmer about a "doge" coin, he reached out to make it happen. Billy forked Bells and made some minor updates to the underlying software. Needless to say, the rest is history.
DOGE is among the largest cryptocurrency project when measured by total market capitalization with a market cap in the billions. This ranks Dogecoin in or near the top 25 most valuable cryptocurrencies most of the time, ahead of projects like Polygon and the Uniswap token.
Dogecoin 2023 Price Prediction
2021 was a monumental year for Dogecoin – the cryptocurrency appreciated multiple times over in price before crashing back down. After peaking above $0.70, Dogecoin is now trading at around $0.11 in 2022. While the token tried to recover in 2022, it was stung by the depegging of Terra and could not recover throughout 2023. While Dogecoin is down significantly from its all-time highs, some investors believe that DOGE still has the potential to each the coveted $1 mark. However, a lot will need to happen for Dogecoin to reach $1 per coin. The cryptocurrency markets will need to turn around and major cryptos like Bitcoin and Ethereum will need to reach new all-time highs for DOGE to have a chance at climbing higher.
Best Crypto Wallets for Dogecoin
Let's face it, the easiest way to store dogecoin is on a cryptocurrency exchange. While this is generally safe, you must trust these exchanges to hold your crypto safely. If you want to truly own your crypto, then you should consider using a software or hardware cryptocurrency wallet. Cryptocurrency wallets let you own your crypto and use it with blockchain apps to earn interest on your digital assets. Check out some of our favorite wallets below.
Best Hardware Wallet: Ellipal Titan
Since Shiba Inu is an ERC-20 token on Ethereum, you can store your tokens on any Ethereum compatible hardware wallet. Ellipal is a great choice hardware wallet for any Ether tokens, and it also supports Bitcoin, XRP, Cardano, Litecoin and over 7,000 other cryptocurrencies.
The Ellipal Titan is a sleek hardware wallet with a touchscreen interface that lets you view your portfolio directly from the wallet. While the Ellipal is usually more expensive than its competitors (for good reason due to all its extra features) it’s currently $30 off, making it competitively priced.
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 wallet and start safely storing your DOGE online. You can also download the Dogecoin Wallet for free on the Google Play store.
How to Sell Your Dogecoin
After you see your DOGE in your exchange wallet, you will now need to decide how you want to earn a return on your investment. There are 2 major strategies you can take:
- Long-term holding: Investors who believe that the price of Dogecoin may hold it for months or even years at a time. If this is your strategy, transfer your DOGE to your wallet as soon as possible to keep your investments safer.
- Short-term scalping: Short-term investors capitalize on small price movements by buying and selling DOGE when it's advantageous for them.
Regardless, eventually the goal for most investors is to sell Dogecoin for profit. While profit is not gaurenteed, if dogecoin appreciates in value you can then sell your holdings at a profit. To sell your position, simply transfer your funds back to the exchange you purchased DOGE on and click sell. Generally, you can choose to sell at the market price or set a limit order to execute your sale at a certain price, given the value of the token appreciates to the price you set.
BlockFi: Leverage Your Crypto and Earn Interest
Cryptocurrency investors are always looking for ways to lower their tax bills, especially in the United States where capital gains taxes may soon double due to a newly proposed bill. BlockFi provides the best way to make use of your crypto profits without having to realize them and pay capital gains.
BlockFi offers loans without approval by requiring cryptocurrencies like Bitcoin as collateral. As long as you pay back the loan, you will be able to reclaim your crypto. This is perfect for crypto holders who strongly believe their token of choice will perform well because they can use the cash from the loan while still having the exposure they want.
Some BlockFi users use the loan to buy more cryptocurrency to leverage their position even more, although this can be risky for volatile assets. Users with lower risk tolerance on BlockFi may instead choose to simply keep their assets in BlockFi’s high interest bearing accounts to earn 5% to 10% interest. If any of BlockFi’s services are for you, check it out and set up an account to start earning!
Pionex: Auto-Trade Your Crypto Assets
Pionex is a unique auto-trading app that helps you manage your crypto assets when you have no time or want to generate a passive income with little to no effort. It’s free to sign up for an account and get started. You can choose from 1 of the 18 trading bots Pionex has created, you only pay maker and taker fees of 0.05% and the bots handle everything else.
The trading bot selection includes:
- Grid Trading Bot allows users to buy low and sell high in a specific price range.
- Leveraged Grid Bot provides up to 5x leverage.
- Spot-Futures Arbitrage bot helps retail investors to make passive income with low risk. The estimated return for this strategy is 15~50% APR.
- Martingale bot performs DCA buy, one-time sell to capture fluctuation profit.
- Rebalancing bot helps you to hodl the coins.
- Dollar-Cost Averaging (DCA) Bot Sets repeated purchasing at regular intervals to offset the effects of volatility.
Plus, the Smart Trade terminal allows traders to set up stop-loss, take profit, trailing in one trade.
The best part of this app is that you can connect to your exchange, invest in Dogecoin if you like and decide if you prefer to hold, make a quick profit or generate passive income. You can even trade manually if you prefer.
For investors with accounts exceeding $300,000, there is the Market Maker program. With the Market Maker program, you never pay maker fees, but your taker fees stay at 0.5%. The Pionex app is very powerful, easy to use and allows you to manage your assets on the go.
Current Crypto Prices
Is Investing in Dogecoin Worth It?
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?
No, Dogecoin isn’t a scam. Dogecoin is a currency, so its value is derived from user adoption and utility. This being said, many investors agree that Dogecoin is a bubble, so you should still be weary of investing in a meme coin with a multi-billion dollar market capitilization. While there may still be room for Dogecoin to grow, there is certainly room for Dogecoin to fall in price.
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.
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