Given Dogecoin's prominence on Social Media in 2024, you may be interested in getting to know how and where to buy DOGE, and what all the different types of Dogecoin trading are.
How to buy Dogecoin
Dogecoin can be bought quickly and securely on cryptocurrency exchanges and brokers, which are platforms that allow you to deposit money via traditional payment methods, and exchange it for Dogecoin (DOGE) at low fees.
Simply select a crypto exchange below for a step-by-step guide on how to buy Dogecoin:
We have created practical guides on numerous cryptocurrency exchanges on exactly how to invest in Dogecoin in 2024, step by step. Whether you bought some crypto previously or not, our practical guides listed above will give you an easy-to-follow overview of the process of buying Dogecoin.
Where to buy Dogecoin?
Being a relatively famous cryptocurrency, Dogecoin is available on nearly all crypto exchanges and brokers. Buying Dogecoin on exchanges is the most secure, easy, and cost-efficient way to buy Dogecoin, as crypto exchanges offer particularly low trading fees.
Dogecoin exchanges and brokers allow users to easily sell and buy Dogecoin (DOGE) on the spot market for traditional money. This means that users buy actual Dogecoin on the blockchain and not just derivative contracts that follow the price of Dogecoin.
When buying Dogecoin on the vast majority of spot exchanges and brokers, you can also withdraw the purchased DOGE to your personal Dogecoin wallet, allowing you to truly buy Dogecoin and be in full control over your coins.
Buying Dogecoin on exchanges and brokers allows you to gain exposure to Dogecoin's up- and downwards price movements in a classic manner, without being forced to sell your DOGE in the future, or paying any running fees.
While Dogecoin itself is a highly unstable cryptocurrency, buying DOGE on the spot market is the safest option to invest in Dogecoin, and is hence recommended to inexperienced crypto traders who are interested in learning how to buy Dogecoin.
Buying Dogecoin Derivatives
Dogecoin futures and derivatives platforms allow you to buy Dogecoin derivatives which only represent the price of DOGE but do not buy the underlying Dogecoins on the blockchain.
The most frequently named benefit of buying Dogecoin derivatives instead of just plain DOGE on spot markets is their option to bet on the DOGE price in either falling or rising, potentially even with leverage.
Buying Dogecoin derivatives is therefore especially useful for those who want to bet on a falling Dogecoin price.
By buying Dogecoin derivatives with leverage, you can also multiply the profits as well as losses of your Dogecoin investment: This allows you to make much larger profits if timed correctly, but you run the risk of a total loss (liquidation).
While buying Dogecoin with leverage is highly speculative and dangerous, derivatives play a unique role for meme coin speculators who believe to time the Dogecoin price correctly, or who would simply like to bet on Dogecoin's price falling.
Note: Due to the risk of derivatives, investors who want to learn how to buy Dogecoin are advised to traditional investing in DOGE on a spot basis.
How to invest in Dogecoin in 4 steps
Investing in Dogecoin can be done in four major steps on many crypto exchanges and brokers with DOGE:
Make a new account on a crypto exchange with Dogecoin
Activate and secure your account by verifying your identity
Deposit funds to your account via your favorite payment method
Buy Dogecoin (DOGE)
Optional: Withdraw the freshly bought DOGE to your own Dogecoin wallet
We have practically showcased this process of how to invest in Dogecoin on numerous different cryptocurrency exchanges, which you may find useful.
Why does Dogecoin go up in price?
The unique characteristic of Dogecoin being a cryptocurrency created as a joke comes with some interesting implications for its price movements that you probably noticed already.
Because the Dogecoin blockchain arguably does not provide any serious benefits and use cases, DOGE often goes up in price due to social media speculation.
One of the many examples of Dogecoin's price rising based on pure social media hype occurred on April 3rd, 2023, when Twitter changed its logo to Doge as a joke, causing a massive spike in the price of DOGE.
There are countless other examples of Dogecoin's price going up and potentially down right after, purely based on social media hype, which is very important to consider when learning how and where to buy Dogecoin.
Despite the risk, this characteristic of Dogecoin being a meme coin with unpredictable price movements is why many speculators choose to invest in Dogecoin (DOGE) in 2024.
Should I buy DOGE?
As mentioned, Dogecoin is a unique cryptocurrency, as its success is mostly based on social media hype without any serious value proposition, making it very risky to buy Dogecoin.
Despite its risk factor, many crypto investors choose to buy Dogecoin for various reasons, such as:
To attempt timing the ups and downs of the DOGE price after social media events, such as Elon Musk referencing Doge
To speculate on future social media events that will potentially make DOGE go up in price again
To speculate on Dogecoin actually being used as a form of payment in the future - perhaps driven by Elon Musk's engagement
Rather rarely: To pay others on the Dogecoin blockchain with the cryptocurrency $DOGE
It should be pretty clear that, unlike other big cryptocurrencies that are actually being used, the major use case for buying Dogecoin is price speculation.
Hence, whether you should buy Dogecoin depends on what you're looking for in a crypto investment: If you are learning how to buy Dogecoin just for risky speculation with insignificant amounts - more for fun than for serious investing - DOGE may be a valid addition to your crypto portfolio.
Will Dogecoin continue to go up?
Before buying Dogecoin, it's important to consider the potential price development of DOGE in the future, which is by far not an easy task.
Because Dogecoin has neither made any factual progress in terms of adoption as a form of payment nor does Dogecoin have a clear roadmap, it's extremely hard to say whether DOGE will continue to go up in price.
Dogecoin is being called a meme coin for a reason: Whether Dogecoin will continue to go up in price entirely depends on future events which would have to continue driving up the hype, which is completely unpredictable as of now.
In the past Dogecoin's price movement was heavily influenced by public figures such as Elon Musk mentioning this cryptocurrency, which leads many to believe the success of investing in DOGE depends on continuous social media relevancy, speculation, and lucky timing.
Therefore, when learning where and how to buy DOGE in 2024, you need to be open to the idea of buying a cryptocurrency whose price changes for no particular reason.