The internet has birthed several cryptocurrencies which have helped create several millionaires all over the world. Among these coins, there are several meme coins, including Elon, Elrond, Shiba Inu, BabySwap, DogeCoin, and even LittleRabbit. Dogecoin is a meme cryptocurrency, just like LittleRabbit; you can also say it’s an actual cryptocurrency like Bitcoin and Ethereum, but it has a different vibe to it.
The evolution of dogecoin started when Elon Musk tweeted about Dogecoin. However, it is set to start again, with Elon tweeting about Dogecoin, stating its price increase, implying that the same thing would happen again by Friday afternoon.
But here’s how Elon replied with his meme tweets:
All this happened within the week, and the cryptocurrency market rapidly reacted to Musk’s tweet by increasing DOGE’s price by 5% within an hour of the tweet. This leaves us to wonder, what exactly is Dogecoin, and how do we trade it?
What is Dogecoin?
Currently, Dogecoin’s market cap is going through the roof, despite its background actually being a bluff. Dogecoin was initially created by Billy Marcus and Jackson Palmer in 2013; at first, Palmer had branded the cryptocurrency’s logo with a popular meme. As you already know, the name of this meme is the deliberately misspelled word “Doge,” which describes a Shiba Inu dog.
According to the CEO of Bitwave, Pat White, “Doge was initially created to poke fun at Bitcoin.” During its early days as a random altcoin or shitcoin, a community of crypto enthusiasts arranged a publicity stunt to increase its profile. They gathered funds which enabled them to send the Jamaican Bobsleigh team to the 2014 Olympics (like a sponsorship via cryptocurrencies).
However, by late 2017, Dogecoin started receiving widespread recognition, as it participated in the cryptocurrency bubble that made various individuals wealthy via an uncharted increase in price/value. However, after the unexpected crash or “dip, as it is called in the forex and crypto market, Dogecoin failed to impress people and lost much of its value. However, it still has a strong fanbase who still trade it and use it for tipping content on Reddit and Twitter.
How to Buy Dogecoin
Suppose you’re one of those cryptocurrency enthusiasts who enjoy purchasing potential 100x gems or any other coin for HODLing, you can purchase Dogecoin via the following platforms.
For Speculation- if you intend to buy Dogecoin just to observe or speculate, you could opt for an online brokerage like Robinhood (since this platform also allows you to trade other cryptocurrencies as well). Other platforms like eToro and Webull will also allow you to trade Doge. However, several other brokers do not support crypto trading.
With Bank Transfer– You can purchase stablecoins listed on Binance by wiring money from your account to the providers of these coins. Then, use these stablecoins to buy DOGE on Binance exchange. Then you can trade them for Dogecoin by visiting the market section on the Binance website or the application.
Select the DOGE/USDT, DOGE/BNB, DOGE/BUSD, DOGE/BTC, or DOGE/ETH trading pairs, whichever cryptocurrency asset you have, as long as it trades with Doge. Select 100% on the limit or market order trade, and press buy.
Once the market order has been completed, the DOGE will be deposited in your spot wallet.
With P2P- you can buy BTC, USDT, BUSD, ETH, and other cryptocurrencies via the Binance P2P marketplace. Once you’ve bought the said cryptocurrency, you can transfer it to your spot wallet and trade it directly. First, visit the market or trade option on your Binance app or web platform. Select the DOGE/USDT or DOGE/USDC trading pairs, whichever cryptocurrency asset that you have. Once the limit or market order has been completed, you should have your specified tokens deposited on your spot wallet.
With your Credit Card– thanks to Binance’s unlimited options, you can directly purchase Dogecoin with a credit card or debit card on Binance.
The Elon Musk Effect
Although we don’t have precise information on when or why dogecoin won Elon Musk’s heart, the Billionaire CEO of Tesla and SpaceX has spent several years preaching about DOGE. Even now, Musk’s tweets with vague references to Dogecoin can send it to a new ATH, as seen on Friday.
Investors might recall when DOGE was below $0.2, and immediately after Elon tweeted, its price hit a new ATH. Aside from Elon Musk, other celebrities and crypto enthusiasts have endorsed the animal-branded token. Individuals like Snoop Dogg, Mark Cuban, and Kiss bassist, Gene Simmons have all publicly declared themselves as supporters of Dogecoin. While all these interactions are due to Elon’s involvement in DOGE, we sure will be seeing more people investing soon.