The cryptocurrency market has been buzzy, evidenced by search engines showing “how to buy Dogecoin” among the leading queries. Though most of us are accustomed to the ubiquitous Bitcoin, the resurgence of altcoins has created a lot of interest, and crypto enthusiasts have started investing in many other digital assets.
Notably, Dogecoin (DOGE), which started as a parody, has lately been interesting to both veteran and novice investors. Unlike established investors, newbies often face the challenge of determining how people acquire digital assets.
In this article, we will discuss the magic of Dogecoin, the best crypto exchanges where you can buy DOGE, and which crypto wallets support the meme coin and are recommended for both beginners and experts.
What Is Dogecoin?
Dogecoin (DOGE) is the largest PoW (Proof-of-Work) digital currency after Bitcoin. It has an unlimited supply, and Dogecoin’s price currently stands around $0.06. With a market cap of almost $9 billion and a circulating supply of a little over 141 billion, DOGE is one of the most popular and widely traded cryptocurrencies.
The crypto project was launched in December 2013, and during the 1st month of existence, it had already gathered 1 million visitors on its official website. Every crypto enthusiast wanted to find out more about the first cryptocurrency created based on a popular meme.
Developed by software engineers Billy Markus and Jackson Palmer, Dogecoin was developed as a joke regarding the surprising evolution of the crypto market. And that is what intrigued the users the most, especially when the popular Shiba Inu dog was in the middle of the whole Dogecoin concept.
Raise in Popularity
The year 2021 goes into the history books of Dogecoin because it saw the DOGE price spike by over 14,000% year-to-date. Several factors have contributed to the high interest in the coin.
Influencer Effect
Dogecoin has increasingly drawn a huge community because it has been associated with celebrities. Notably, Tesla CEO Elon Musk is the self-declared influencer of the coin. Since 2019, he has been promoting the coin, even declaring himself the “unofficial CEO of Dogecoin.”
Through his tweets, the coin has increased its community, significantly boosting DOGE prices over the years. The Dogecoin logo actually became the official Twitter logo shortly after Elon Musk took control of the social media platform in 2022.
Apart From Musk, celebrated figures, such as guitarist Gene Simmons and American rapper Lil Yachty, have also advocated for DOGE by disclosing their intent to invest in the ecosystem. The former was even self-proclaimed the “God of Dogecoin.”
Acceptance on Platforms
Noticing the popularity of the cryptocurrency, many crypto exchanges decided to start supporting Dogecoin on their platforms, thus making the crypto project even greater than before.
At the moment, most exchanges support Dogecoin trading, including some of the most popular, such as Coinbase, Binance, eToro, or Kraken. To be precise, over 66 exchanges allow users to purchase Dogecoin with fiat currencies or various crypto coins and tokens, including some decentralized exchanges, such as Pancake Swap.
Where and How to Buy Dogecoin (DOGE)
To better understand the process of buying Dogecoin, we’ve taken some of the most popular exchanges as examples for you. Keep in mind that in each and every case, you must have a cryptocurrency account on that specific platform and set up a crypto wallet that supports Dogecoin.
Binance – Best Cryptocurrency Exchange Overall
Undoubtedly, Binance is one of the cryptocurrency exchanges that boasts a wide range of crypto assets on its platform. So, if you are searching for where and how to buy Dogecoin, try this crypto exchange.
Here, you can buy or sell Dogecoin with a credit or debit card or by funding your Binance account with fiat currency and then buying the altcoin. If you deposit funds through SWIFT (USD), the whole process requires no fee. The platform supports USD, EUR, AUD, HKD, KZT, NOK, PEN, RUB, TRY, UAH, and UGX.
If you want to purchase $100 worth of DOGE using your credit card, you simply insert the amount on the platform and select DOGE using the dropdown menu. You will get the number of coins you will receive after completing the transaction. For clarity, the exchange rate is also indicated just before the “Continue” button.
If your fiat currency is among the list on the dropdown menu, you simply select it and continue with the transaction. However, some currencies are not accepted, and you may have to convert to specific currencies, such as the USD or GBP.
Step-by-Step Guide
1. Sign up or sign in on Binance
Go on Binance and sign into your account. If you don’t have an account yet, you can create one by simply filling in a form and completing the verification process (KYC).
2. Click on “Buy Crypto”
Go to the “Buy Crypto” section and select the fiat currency you want to pay with. Then, select Dogecoin and click on “Buy DOGE”. Keep in mind that there is a minimum amount you have to pay. In USD’s case, for instance, the minimum amount is $15.
3. Select the Payment Method
If you decide to buy Dogecoin with a credit or debit card, you will have to select a payment method you want to use. Most of the time, you will have to choose from a card, Apple Pay, and Google Pay, but it depends on the region, your device, and other factors.
4. Confirm the Transaction
After selecting a payment method, you will just have to confirm the transaction, and it will be validated by Binance in no time.
Coinbase
Coinbase is the 2nd largest centralized exchange on the crypto market. Launched in 2012, the platform gained remarkable popularity and currently allows users from almost all over the world to sell, purchase, and trade over 250 cryptocurrencies, including Dogecoin.
Step-by-Step Guide
1. Sign in or Sign up on Coinbase
2. Click on “Buy & Sell”
3. Select the crypto you want to purchase and how you want to pay for it
4. Preview and Confirm the Order
Kraken Exchange
If you are not comfortable with Binance or Coinbase, we will show you how to buy Dogecoin using Kraken. First of all, you must open an account. This entails entering an email, username, and a strong password for protection. The next step is to verify your account. Once verified, you can then buy your DOGE using cryptos like DASH and LTC.
Alternatively, you can buy DOGE using fiat, but this will require that you provide additional supporting documents to verify your identity.
The fiat currencies can be deposited to your Kraken account through a bank transfer, as explained on the Kraken support website. The method you can choose also depends on your location. Once you top up your account, buy your Doge.
Bittrex Exchange
If you are keen on finding out how to purchase Dogecoin on Bittrex, start by opening an account with them. This is a simple process because you only need to provide an email and a password.
Afterward, you will confirm your email through the verification link sent to your email. It is important to verify your account because fiat currency withdrawals and deposits are only possible for verified accounts. After that, the next step is funding.
You can fund your account using a debit or credit card- specifically Visa and Mastercard. You simply click on the “Holdings” icon located on the homepage at the top-right edge. From there, you click “Enter card info” and then pay.
You can also fund your account in USD using wire transfers but only from the banks approved by the exchange. Also, if you are using EUR, Bittrex Global supports Euro deposits for eligible persons.
If you want to use SEPA credit transfers, go to your “Holdings page,” select the “EUR” currency, click “Deposit,” and choose “SEPA.” It is worth noting that the name on your bank account should match that of your Bittrex Global account.
After funding, head to the “Instant Buy/Sell” icon located at the top of the Bittrex homepage and click it. Choose the amount of Doge you want to buy, and that’s it.
We Also Recommend: How to Buy Dogecoin on eToro | How to Buy Dogecoin with PayPal
Conclusion
Cryptocurrency publications have been awash with Dogecoin news lately, especially after its stratospheric rise. Following the developments that are taking place, coupled with the growing community, it is possible that, as a beginner, you may be caught in the FOMO.
To keep you updated, we have offered a simple explanation of how to buy Dogecoin, which will help you reap from the next bull run. We hope that you will make your decision wisely.
