How to buy Dogecoin: a step-by-step guide for newcomers
Dogecoin is an altcoin based on the famous dog meme that conquered the cryptocurrency market in 2021. We explain where to buy Dogecoin and describe two simple ways to buy Dogecoin on one of the most convenient trading platforms.
What is Dogecoin?
Dogecoin is a digital currency that is classified as an altcoin and is also the first meme coin. The asset was created by software engineers Jackson Palmer and Bill Marcus in 2013. The altcoin was developed with humorous and non-serious overtones in response to the excessive rise in the value of bitcoin.
The symbol of Dogecoin became a meme dog of the Shiba Inu breed. While other cryptocurrencies have their issue limit, DOGE is not limited by a certain number of coins in circulation. The coin code is a copy of the no longer existing asset Luckycoin, essentially an offshoot of Litecoin (LTC).
The programmers have repeatedly admitted that the cryptocurrency was created to mock bitcoin and those who purchase the unsecured digital asset. But over time, in January 2022, the meme coin entered the top 12 cryptocurrencies by market value.
Probably Dogecoin should have offended the cryptocurrency community, but on the contrary, it attracted traders’ attention. Speculators loved the altcoin so much that the aggregate price of DOGE amounted to $19 billion in February 2022.
Elon Musk, a well-known meme coin supporter, had a hand in Dogecoin’s rise. The billionaire entrepreneur’s statements on Twitter provoked a sharp increase in DOGE quotes in early 2021. Elon Musk even stated that Tesla is ready to accept payments in this cryptocurrency. Thus, meme coin went from being a joke to one of the main assets in the crypto market.
How to buy Dogecoin?
Dogecoin is traded on all cryptocurrency brokerage and exchange platforms. It is up to you where to buy Dogecoin, but we recommend the WhiteBIT platform. To do this, open the exchange’s official website, register your account and pass verification. You can also connect two-factor authentication in the settings for better security.
There are two main ways to purchase DOGE on the WhiteBIT exchange:
- directly through a Dogecoin deposit address using a cryptocurrency wallet;
- purchase of Dogecoin for USD, EUR, and UAH using a credit card (trading on the market).
Dogecoin address deposit is recommended for those with one of the cryptocurrency wallets supporting this altcoin – for example, Exodus, Guarda, Atomic Wallet, and others. If you prefer this method, please note that the minimum deposit amount is 15 DOGE. The current price of dogecoin is at 0.068 USDT. To buy a meme coin, you need to copy the Dogecoin address in the “total balance” section and then go to your wallet and deposit it. To quickly find an asset among others, use the bar in the right corner above the list of digital currencies. When you find the required cryptocurrency, click “deposit” and copy the address to transfer the funds from your wallet to it.
How to buy DOGE for fiat on the WhiteBIT exchange? Firstly, top up the total balance with one of three supported currencies: USD, EUR, and UAH. To do it, click on the “deposit” button next to the total balance or the fiat currency in the main list. In the new window, choose the appropriate currency. Depositing the hryvnia account with a Monobank card is free of commission fee. In all other cases, you’ll have to pay the exchange fee of 1,5% of the sum.
When the currency is chosen, specify the amount to be transferred and click on “request”. You will see a page for entering a card number, from which funds will be debited to your fiat WB deposit.
Once the money appears on your total balance, transfer it to your trading account for further exchange into USDT or BTC since DOGE is traded in pairs with these assets. Click the “transfer” button next to your total balance and select your trading balance. Now find your currency with a deposit on your trading balance and click “exchange”. In the pop-up window, specify the exchange amount and confirm the transaction.
When the money appears on USDT or BTC addresses, you can start trading DOGE/USDT or DOGE/BTC pairs. Open the “markets” section, do a quick search for the required pair and click on it.
A market chart will open with all the necessary trading data, where you can see the altcoin’s max/min buy and sell prices during the last 24 hours, 7 days, or 3 days. On the right side, you will see a window where you must enter the amount of altcoin you want to buy and set the appropriate order to execute the trade. Please note that the minimum order size is 85 SFM and the total commission is 0.2%. When everything is complete for trading, click “buy” and don’t forget to keep track of the trade in the open order table. After a successful purchase, you can easily withdraw DOGE from your exchange account to your cryptocurrency wallet. To do this, transfer altcoins back to your total count and click the “withdraw” button next to your balance.
Remember, other assets or cash flows do not back Dogecoin. Its price is determined only by market sentiment and people’s willingness to pay for the altcoin.