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 in the otherwise unknown asset classes.
Notably, Dogecoin, 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.
This article will answer this question on search engines in a language you can understand. Also, before getting into the article, read this article to learn how to buy Dogecoin safely.
Recent Dogecoin Developments
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 created a lot of 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.
Apart From Musk, celebrated figures, such as guitarist Gene Simmons and American rapper Lil Yachty, have also advocated for the Doge by disclosing their intent to invest in the ecosystem.
Acceptance on Platforms
Apart from celebrities, the most recent spike in the price of Dogecoin follows the announcement by eToro and Gemini that they would support the coin on their respective platforms.
The two have 20 million and 13 million active users on their platforms. Undoubtedly, the Dogecoin news created confidence among owners and prospective owners of the meme crypto. Moreover, earlier in April, Webull announced that its users could purchase the coin from their platform.
Where and How to Buy Dogecoin
To better understand the process of buying Dogecoin, we’ve taken some of the most popular cryptocurrency exchanges as examples for you.
Binance Exchange
Undoubtedly, Binance is one of the exchanges that boast a huge catalog of cryptocurrencies on its platform. So, if you are searching for where and how to buy Dogecoin, try this exchange.
Here, you can buy DOGE with a card- debit or credit – or by funding your Binance account with fiat currency and then buying the altcoin. Depositing funds with SWIFT (USD) is free. The platform supports USD, EUR, AUD, BRL, GBP, GHS, HKD, INR, KES, KZT, MXN, NGN, NOK, PEN, RUB, TRY, UAH, UGX, and VND.
If you want to purchase DOGE worth $100 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 currency is among the list on the dropdown menu, you simply select it and continue with the transaction. However, some currencies are not acceptable, and you may have to convert to specific currencies, such as the USD or GBP.
Kraken Exchange
If you are not comfortable with Binance, 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 currency, 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 of bank transfer you choose depends on your location. Once you fund your account, buy your Doge.
Bittrex Exchange
If you are keen on finding out how to buy 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 select banks approved by the exchange. Also, if you are using fiat (Euro), Bittrex Global supports Euro deposits for eligible persons.
If you want to use SEPA credit transfers, get 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.
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 on how to buy Dogecoin, which will help you reap from the next bull run. We hope that you will make your decision wisely.
Featured image: Photo by Executium on Unsplash
Note: This post was originally published on 19 November 2019 and has been totally updated for the completeness and veracity of the content on 26 May 2021.
