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How to buy, sell, and where to spend Dogecoin

How to buy, sell, and where to spend Dogecoin

Dogecoin was inspired by the overall cryptocurrency community’s humorous and eccentric culture, which first emerged in 2009 with the launch of Bitcoin (BTC). Following Bitcoin, a blockchain-based asset capable of transferring and storing value, thousands of other crypto assets emerged, touting additional benefits such as increased privacy.

Community and hype

Dogecoin received significant attention in 2020 from users of the social media platform TikTok to entice people to buy the asset in the hope that its price would rise. In 2021, Dogecoin received a lot more attention, including from a member of the Reddit-based group WallStreetBets. (The organisation is well-known for its influence on the price of Gamestop stock in early 2021). Around the time of the GameStop stock price surge in January 2021, a Twitter user named “WSB Chairman” tweeted about whether Dogecoin had ever reached the $1 price point. Following the tweet, the price of Dogecoin increased to around $0.07. 

The Dogecoin-related tweets posted by Tesla CEO Elon Musk may also have contributed to Dogecoin’s popularity in 2021. Tweets ranged from reactions to the coin’s development to a picture of a Rafiki holding up Simba (from the film The Lion King), with Musk’s head pasted on Rafiki’s body and the Doge dog’s head pasted on Simba’s body.

 Dogecoin discussion can be found on a variety of social media platforms, including Reddit. Dogecoin-related searches flooded Google during its 2021 bonanza, Twitter hosted a significant amount of chatter about the asset, and mainstream media covered the digital asset. Dogecoin’s single-day trading volume surpassed Bitcoin’s on at least one occasion in 2021, with billions of dollars worth of the coin traded. 

Dogecoin’s early years were eventful, with stories of hacks, Dogecoin-painted racing vehicles, and more. Among the stories are how Dogecoin donations helped fund Jamaica’s national bobsled team’s 2014 Olympic run in Sochi.

How to buy, sell, and where to spend DOGE

How to buy and sell DOGE

Buying and selling Dogecoin is similar to trading most other well-known crypto assets. There are numerous cryptocurrency exchanges where one can buy or sell dog-themed coins, including several US-friendly exchanges. Purchasing DOGE on a crypto exchange entails transferring fiat currency (such as US dollars), stablecoins, or other crypto assets to the exchange and then purchasing the coin with those funds. Users can also sell their DOGE and withdraw cash or cryptocurrency from the exchange. 

In addition, interested parties can purchase or sell DOGE in person. Buying and selling Dogecoin is like Bitcoin. There are several platforms where people can buy DOGE, some of which accept credit cards. 

How to store DOGE

Storing Dogecoin holdings is also an important consideration. Users can keep DOGE on the crypto exchange where they bought it, but this method gives owners potentially less control over their funds. 

Dogecoin owners can also keep their coins in a self-hosted personal wallet. These wallets come with more security and responsibility, but they also give users more options for storing their funds. Hardware and local wallets are two possible options. However, a user’s preferred wallet must be capable of holding Dogecoin. Storing DOGE away from a crypto exchange necessitates sending the coin from the exchange to the desired wallet.

Where to spend DOGE

How does a DOGE holder spend their DOGE? One option is to send it to a cryptocurrency exchange, sell it, and then cash out or transfer the proceeds. Users can also sell their DOGE for fiat currency while uploading it to their crypto card, effectively spending their Dogecoin earnings. In addition, in 2021, the Dallas Mavericks of the National Basketball Association (NBA) will accept Dogecoin payments for merchandise and tickets.

Fundamentals behind DOGE

Dogecoin has received technical updates over the years, which have been publicised on the asset’s GitHub page. 

Aside from its growth, Dogecoin’s fees continue to be a selling point for the asset. The average Dogecoin transaction fee was approximately $2.52 in May 2021, a peak in terms of previous and subsequent levels. When compared to transaction fees seen in other crypto assets, such fees are considered low. 

However, a small number of DOGE owners could cause price fluctuations in the future. Despite its large supply, Dogecoin boasts a number of wallets that hold a sizable portion of DOGE’s total coin supply. Approximately half of the total supply of the asset is held in approximately 20 Dogecoin wallet addresses. 

Mining will likely keep adding a lot of DOGE to the Dogecoin ecosystem, which will cause prices to rise.

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