Dogecoin is the only cryptocurrency that began as a lighthearted joke inspired by a popular Shiba Inu meme. But in 2024, it’s one of the serious players in the crypto landscape. This digital coin, aka meme coin and altcoin is capturing the hearts of cryptocurrency investors.
Here, we will explore how you can invest in this meme coin in the unpredictable nature of the crypto space. So, fasten your seatbelts for this thrilling ride through the highs and lows of the DOGE universe.
The beginning of a Meme cryptocurrency
When Jackson Palmer was a marketer at Adobe in 2013, the altcoins flooding the crypto market with indistinguishable features amused him. Then he jokingly posted on Twitter (now X), ‘Investing in Dogecoin. Pretty sure it’s the next big thing.’ The tweet got unexpected attention. To keep the humor alive, Palmer bought dogecoin.com with a photoshopped image of Shiba Inu onto a coin.
Enter Billy Markus. He was a software developer at IBM. He stumbled upon the website and saw the potential to turn the Dogecoin joke into reality. Then he reached out to Palmer. After a series of emails, they launched Dogecoin. That’s how a whimsical idea transformed into a significant chapter in the cryptocurrency world.
What is Dogecoin?
Dogecoin (DOGE) is an open-source, peer-to-peer cryptocurrency. It’s an accidental cryptocurrency and utilizes blockchain technology. This altcoin came to the market in December 2013.
This coin has a logo with the image of a Shiba Inu dog, hence it is considered a meme coin. The humorous origin and Internet culture have offered Dogecoin a distinctive place among the crypto community.
Right now, Dogecoin is a serious player in the cryptocurrency market with tenth position and a market capitalization of $11+ billion.
How Does Dogecoin Work?
Like other cryptocurrencies, Dogecoin runs on a dedicated blockchain. The digital ledger of Dogecoin is updated constantly with new transactions and the use of cryptography keeps the transactions secure in the network.
Dogecoin uses a proof-of-work (PoW) consensus mechanism. Here, the miners use computers with enough hardware and software to solve complex mathematical problems to process transactions and record them on the blockchain. In exchange for this support to run the Dogecoin blockchain, miners get Dogecoin as a reward. They can hold, sell, or trade these dogecoins to the open market.
Dogecoin can be used for purchases and payments. But it is the best cryptocurrency to store value. Because there is no lifetime cap on the Dogecoin numbers that may be created by mining. It also means that Doge is highly inflationary.
How to Invest in Dogecoin (DOGE) in 2024 Step-by-Step
To buy and invest in Dogecoin, you need to create an account on a cryptocurrency exchange. A cryptocurrency exchange is a digital marketplace to buy, sell, and trade hundreds of cryptocurrencies, including Dogecoin.
After you set up the account and verify the details, you can deposit fiat currency to buy Dogecoin.
Here are the steps you must follow to buy Dogecoin:
Step 1: Sign up for a reputable crypto exchange
Create an account on a cryptocurrency exchange like Coinbase, Kucoin, or Binance, by using personal information like email address, name, bank account, and phone number.
Step 2: Verify your account.
Verify your account with proof of address. It’s also called the Know Your Customer (KYC) verification process.
Step 3: Deposit fiat currency to your account.
You can deposit government-regulated money like dollars, euros, and rupees into the cryptocurrency account by using credit or debit cards, net banking, etc.
Step 4: Find DOGE, check the market price, and buy.
Now, open the cryptocurrency exchange platform, search for Dogecoin (DOGE), check its market price, and place an order to buy. Now, go to your portfolio, and there you can see Dogecoin. Now you can transfer the Dogecoin into other wallets as well.
5 best hardware wallets to store DOGE:
- Ledger Nano X: Best Hardware Wallet to Store Large number of DOGE
- Trezor Model T: For Better Security
- SecuX: Highly Secure Hardware DOGE Wallet with Biometric Recognition
- SafePal S1: KYC-Free Decentralized DOGE Wallet
- CoolWallet: Credit Card-Sized Hardware Wallet for DOGE
4 Best software wallets to store DOGE:
- Guarda Wallet: Best for Security
- Exodus Wallet: Best for Beginners
- TrustWallet: Best for Mobile
- Coinbase Wallet: Best for Low Costs
Where to Store Dogecoin?
- Hardware Wallets: From the name we can guess that hardware wallets are physical devices to store the private key of all crypto assets. They look like flash drives and are also known as cold storage. Why cold storage? Because they aren’t constantly connected to the internet. That’s why hardware wallets are the most secure piece of technology to keep your crypto assets intact from hackers. Some popular hardware wallets are Trezor and Ledger.
- Software Wallets: These are software that you can download for PC, mobile, tablet, and browsers. Since they are constantly connected to the internet, they are also called hot wallets. It is much cheaper than hardware wallets.
- Crypto Exchanges: Most of the well-known crypto assets offer built-in software wallets to store DOGE. Some of them are Coinbase, Binance, CoinSwitch, etc.
Where to Buy Dogecoin (DOGE) Cryptocurrency?
This is the shortest list of the 5 best crypto platforms to buy Dogecoin in 2024. Here we go:
Binance: Best crypto exchange to invest in DOGE, Altcoins, etc.
Overview: Binance support 350+ crypto. It’s one the best crypto exchange platforms to invest in DOGE with a user-friendly dashboard, secure transactions, and support for hot wallet.
Pros:
- More daily withdrawal limit
- Available globally
- Low trading fees
- Multiple trading pairs
Cons:
- It is centralized
- Occasionally slow customer support
KuCoin: Best XRP and Altcoin Exchange
Overview: KuCoin has millions of users. The large user base makes it the ultimate choice to invest in DOGE. You can use this crypto exchange to store and buy crypto, NFT, and other digital assets.
Pros:
- No deposit fees
- 700+ Altcoins
- Anonymous trading
- 20+ million investors
Cons:
- Low trading volume
- Not available in the USA
- Delay and lag for high-traffic
OKX: Best for Margin Trading
Overview: If you are a beginner DOGE investor, OKX is the best crypto exchange destination for you. It’s the best choice to invest in DOGE due to easy account creation, simple payment option, easy-to-use interface, and faster transaction.
Pros:
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- 650+ trading pairs
- Supports 350+ cryptocurrencies
- Easy to navigate
Cons:
- Not available in all countries
- No option for fiat withdrawal
Bitstamp: Best for Professional DOGE investor
Overview: This is a must-have crypto exchange for professional investors. It offers 100% uptime, and security, and supports 75+ crypto assets. These features make the Bitstamp the best DOGE investment platform with support for cold storage.
Pros:
- Low trading fees
- Supports multiple fiat currencies
Cons:
- Deposit and withdrawal fees
Nexo: Best for Earning Rewards and Interest
Overview: NEXO offers a simple designed mobile app. It’s a first-class choice for DOGE investors. It supports 60+ crypt assets.
Pros:
- Offers interest in crypto and fiat savings
- Nexo Debit Card to easily access and spend
- Top security infrastructure
Cons:
- No anonymous option
- Margin calls
Conclusion
Doge is the only digital coin that started as a joke. However, investors are taking it more seriously. But, overall it is a risky investment. It is recommended by experts not to invest more than 3-10% of your portfolio in cryptocurrencies.
Currently, the DOGE crypto network is a great way for new investors to enter the crypto world. It is evident that the success of dogecoin since its release in 2013 inspired many meme coons like Shiba Inu and Bonk. Dogecoin has successfully opened the door for a new sector of playful digital assets that value the internet culture in a digital economy.
