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What is Dogecoin?
Dogecoin, which is a cryptocurrency with an amusing and friendly brand image, hopes to be a helpful introduction to cryptocurrency. An Oregon programmer named Billy Markus created the idea for a “joke” cryptocurrency. He thought a more humorous coin than Bitcoin would have a better chance at mainstream acceptance. CoinMarketCap shows that Dogecoin, although not as large as Bitcoin, has seen its market cap rise from over $1 billion in January to $47 Billion on Saturday.
It was also called a meme cryptocurrency. Dogecoin, also known as DOGE, is an open source cryptocurrency that uses a fork from the Litecoin Code. It is primarily inspired by the Doge meme that swept all of the Internet in 2013.
The token has grown approximately 7,700 percent in the last year. DOGE’s all-time high of $0.73 was achieved on May 8th 2021. It was driven by the optimistic tweets sent by Tesla boss Elon Musk.
Dogecoin: Some Interesting Facts
“Doge” is our friendly, amusing mascot. Dogecoin’s mascot is the Shiba Inu. This Japanese breed of dog is popular online. Dogecoin’s largest community is active in cryptocurrency. This group has joined forces to support a range of charitable endeavors as well as other ventures. They were also successful in funding a NASCAR race. Dogecoin doesn’t have an upper limit unlike Bitcoin. That means there are currently more than 100 trillion dogecoins.
Dogecoin: Why is it so popular?
Dogecoin was started as a joke. However, it has now gained celebrity support from Elon and Snoop Dog. Gene Simmon, the rock musician is driving up its price. Musk expressed his interest in the currency once more in April. The tweet by Elon Musk prompted large purchases of large amounts Dogecoin (DOGE) from many people. This led to the price rising 20% from a 24-hour low at 0.062 USD to 0.078 US dollars.
Dogecoin’s rise in price is due to rising prices of other crypto types like Ethereum or Bitcoin. Musk tweeted a picture that showed a Shiba Inu dog and a duststorm blowing over the global financial systems’ on April 18. Musk called it “inevitable.”
The DOGE-run seems inexorable. The fourth-largest cryptocurrency market capitalization was occupied by the meme cryptocurrency shortly after the price surge.
Dogecoin is now mainstream due to a bizarre combination of factors. Elon Musk’s apparent endorsement and overwhelming support by Robinhood dealers. DOGE liquidations overtook Bitcoin (BTC), which is an indication of the asset’s immense demand. DOGE’s activity on Twitter briefly outpaced that of BTC (the flagship cryptocurrency) at the beginning.
How to Buy Dogecoin
Where can I buy Dogecoin? As the popularity of dog-inspired cryptocurrency soars, this is the question that many crypto investors are asking. Dogecoin has fallen to $0.27 as of the writing. This is a good deal for buyers looking to grab DOGE at a discounted price.
You can buy Dogecoin on many different websites and apps.
Kraken
Kraken is the best place to buy Dogecoin. Its crypto customer service is outstanding — in fact, it is the best. Kraken’s customer service is refreshing in a crypto world that is notoriously difficult to get help. Kraken is your best option if you need assistance with DOGE purchases or if you are in a sticky situation.
Binance
Binance is the best place for crypto investors looking to purchase DOGE — or want to have access to a large catalog of digital assets. It is worth noting that Binance customer service can be difficult to reach.
Coinbase
Coinbase took a while to get on board with Dogecoin. Before Coinbase added DOGE, all other cryptocurrency exchanges like Binance US and Kraken offered Dogecoin. Coinbase is the best app to buy Dogecoin if you are a beginner or if you find interfaces that are too complicated for you.
Coinbase’s fees are sometimes higher than other exchanges. I recommend Coinbase Pro. Although it’s not as intuitive and user-friendly as Coinbase Pro, the Pro version will save money in the long term.
Crypto.com
Crypto.com, a mobile-only cryptocurrency exchange, supports DOGE trading. With its Crypto Earn platform, you can also earn interest in DOGE. Crypto.com’s onboarding process is a downside. Before you can trade on Crypto.com, it may take some time for your application to be verified. Some states, such as New York, are not allowed to trade on Crypto.com. Regulations prohibit certain states (e.g. New York) from using the app.
Gemini
Gemini was not as quick to get onboard the Dogecoin train like Coinbase. But, thankfully, the New York-based cryptocurrency trading platform added DOGE to their crypto holdings.
Bottom line
Make sure you thoroughly research each trading platform to determine which one is best suited for your financial goals. Trade responsibly, however. Only put away income you can afford to lose.
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