Dogecoin is the largest meme cryptocurrency with over $10 billion in market capitalization. Over the years, the token rose to fame, becoming even the favorite of Elon Musk, and many other celebrities.
Although the price still shows extreme volatility, many people still see value in it and believe it has the potential to increase in the future. In this story, we will show you some quick steps to buying Dogecoin.
This is the first and very crucial decision you must make before investing in Dogecoin or any other cryptocurrency. As mentioned earlier, the price of Dogecoin can show extreme volatility in certain market conditions, which could diminish your invested capital. Only invest what you can afford to lose.
Crypto exchanges are platforms where you can buy cryptocurrencies easily, including Dogecoin. Thus, you need to choose an exchange to trade with. A few popular ones are Binance, Coinbase, and Kraken. It is advisable to choose exchanges that suit your needs and are secure.
The next step after registering with a crypto exchange is depositing funds in your account. This can be fiat currencies like USD, or stablecoins like USDT, depending on your preferred exchange.
After depositing funds to your account, you can then proceed to place an order for Dogecoin or any other cryptocurrency you prefer. This can be done from the Spot section of the exchange. Once completed, the Dogecoin equivalent of whatever money you traded, will be deposited in your account.
It’s optional to move your Dogecoin tokens to a cold wallet but recommended for safety reasons, especially if you plan on holding the tokens for the long term. Some of the best cold wallets include Trezor, Ledger, etc.
Dogecoin was originally created as a meme cryptocurrency. But in recent years, it has become a serious project for many people due to the new developments in the ecosystem. Regardless, Doge’s price can be volatile and so its recommended to only invest what you can afford to lose.