Invest in Dogecoin in 2024

Dogecoin is a cryptocurrency based on the Doge meme, a Shiba Inu dog. At first, it was created as a mockery of cryptocurrency but has since risen to fame having been praised by the likes of Tesla CEO, Elon Musk.

Dogecoin has become one of the hottest cryptocurrencies in the market, ranking within the top 10 based on market capitalization. Its popularity and massive price gains have led many people to consider investing in the coin. This guide will tell you how to invest in Dogecoin, where to buy Dogecoin, how it works, and its pros and cons.

Also, if you want to learn how to buy in DOGE, check out our guide on how to buy Dogecoin online.

What Is Dogecoin?

Dogecoin General Overview:

• Often called “the people’s coin”, Dogecoin is a cryptocurrency described as fun and internet-friendly. It is a peer-to-peer, open-source coin created in December 2013 by Australian entrepreneur Jackson Palmer and software engineer Billy Markus.

Origin of Dogecoin:

• While it was initially created as a joke, it quickly gained interest from the crypto-community partly due to the coin’s logo, the Shiba Inu.

Dogecoin Key Facts:

• Currently, Dogecoin has a market cap of over $30 billion with more than 131 billion coins in circulation. Its current price is $0.24 per token and there are numerous trading opportunities in its markets.

Pros and Cons of Investing in Dogecoin

Famous Backers:

• Several popular figures have backed Dogecoin. However, the most famous of them and probably the individual with the most influence is Elon Musk whose tweets about the coin have led to dramatic price changes. Other famous backers include Snoop Dogg and Kiss singer Gene Simmons. The Gamestop craze and a dedicated Reddit community made Dogecoin’s popularization even more remarkable.

Famous/well-known Uses:

• Dogecoin can be used as a remittance or for trades. If you want to get into the middle of the action, it is important to understand what the coin is used for in the first place. Redditors use DOGE as a tip for bringing in quality content.

How Does Dogecoin Work

Dogecoin works just like some of the other top cryptocurrencies. We have broken down the relevant technical information regarding its functionality.

General Overview:

• Dogecoin was initially created as a meme coin to mock other cryptocurrencies in 2013. It uses the Scrypt algorithm and gets mined in one-minute blocks. Generally, it has a decent infrastructure and is currently among the top 10 cryptocurrencies based on market cap.

Purpose:

• Dogecoin provides fast, easy, and cheap value transfers for daily transactions. Miners run transactions involving complicated equations and when solved, record the findings on the blockchain in one-minute blocks.

Use:

• The coin is primarily used as a tipping system on Reddit and Twitter as a reward for the creation and sharing of quality content. Therefore, you can get Dogecoins for participating in communities that use them or from a Dogecoin faucet, a website that gives small amounts of the coin for free.

Mining/regular Releases:

• You can get DOGE through mining. Dogecoin uses proof-of-work mining – just like Bitcoin. It also uses the Scrypt algorithm, like Litecoin. This implies that mining Dogecoin is faster and less energy-intensive compared to Bitcoin.

Additional Forums:

• Reddit is the biggest forum for Dogecoin and there is a sub-culture among Redditors, who have played a huge role in its popularity through the constant tipping. The digital currency is often associated with a revolution-type phenomena.

Ways to Buy Dogecoin

Traders or investors can buy Dogecoin through various means depending on what they are comfortable with. There are different ways to buy Dogecoin. However, you would need to create a personal account to get started with any of the methods below. This section reveals the different ways you can buy Dogecoin for the first time. The most common ways to buy Dogecoin include:

Brokers:

• Buy futures, CFDs, or forex from online brokers like Coinbase. They allow owners to speculate price changes.

Exchanges:

• You can buy Dogecoin with fiat currency or another cryptocurrency on top exchanges like Binance and store them in your wallet.

P2P Marketplaces:

• Another option you have is to buy bitcoin and trade it on peer-to-peer crypto exchanges or individuals. Before choosing a p2p platform, ensure that you have verified its authenticity.

In-person:

• You can buy Dogecoin with fiat directly from persons or establishments that own the coin. Be sure to confirm that the parties are trusted.

ATMs:

• Although they are uncommon, Crypto ATMs allow you to buy bitcoin first before exchanging it for DOGE.

How to Invest in Dogecoin

There are different routes to investing in Dogecoin. Before deciding to invest in Dogecoin, you must be sure you completely understand the whole process of investing in Dogecoin. We have created a list of the different ways to invest in Dogecoin.

Dogecoin Brokers:

• Buy Dogecoin the fast and easy way with brokers that offer a user-friendly platform, low transaction fees, and excellent customer service.

Dogecoin Exchanges:

• Buy Dogecoin on major exchanges and trade with it.

Dogecoin ETFs:

• Exchange-traded funds make investments convenient and tax-efficient although they charge management fees.

Dogecoin Index Funds:

• Get market-average returns on your Dogecoin investments with index funds.

Dogecoin Mutual Funds:

• Crypto mutual funds have the potential to give higher-than-market returns on investments although they have higher fees and are less predictable than index funds.

Dogecoin Trusts:

• Use close-end strategies to invest in DOGE and other coins with trusts.

Dogecoin Debit Cards:

• Make instant purchases with crypto debit cards. Although it might be hard to find one that supports DOGE, you can always pay through debit cards to invest in Dogecoin on exchanges like Binance.

Dogecoin Apps:

• Tons of apps support cryptocurrencies on the play store. You can buy, sell, or trade Dogecoin on supported apps.

Dogecoin Wallets:

• These are simply online or offline software that allow you to transfer, store, or track Dogecoin in a quick and secure way. Depending on your needs, you can find a wallet that supports Dogecoin for investment. Examples include TREZOR One, KeepKey, Sugi, and Jaxx wallets.

Is It Safe to Invest in Dogecoin Right Now?

Ultimately, it boils down to the individual. Having discussed the pros and cons of the coin as well as the technical aspects of trading or investing with DOGE, you might have a clearer picture about Dogecoin investment being safe for you.

Currently, Dogecoin has a market cap of over $15.9 billion. Crypto enthusiasts and professionals have different opinions concerning the future of Dogecoin. Bear in mind that the coin does not seem to have much value or a strong team behind it. However, it has the support of a strong community, and it could be a fun way to diversify your portfolio. You could also benefit from sudden and potentially enormous gains from positive tweets by big names like Elon Musk. Unfortunately, the reverse is also true.

Potential investors are often advised to put in an amount of money that they can afford to lose. Invest in Dogecoin at a level that you are comfortable with and always remember to use reputable platforms for your investments.

Also, if you are interested in the cryptocurrency market, check out our guide on how to invest in cryptocurrency.

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