Dogecoin (DOGE) is a common cryptocurrency that most investors regard as a “meme currency.” Dogecoin has pumped in the past, and many crypto investors sell it against bitcoin in the hopes of accumulating more bitcoins in the long run.
DOGE is a peer-to-peer decentralized cryptocurrency close to Bitcoin (BTC) and Litecoin (LTC). What began as a joke has developed into one of the world’s most famous cryptocurrencies, with a market capitalization of more than $9 billion as of April 2021.
You must know basic questions like “Where to get dogecoin prices in AUD?”, “How to start with dogecoin?” etc. before you start investing in this high spiking cryptocurrency.
Popularity of Dogecoin
Though Dogecoin’s long-term viability is debatable, the cryptocurrency has received increased attention after the famous subreddit “r/Wallstreetbets” pumped the coin alongside other investments such as Gamestop and AMC. Even though Dogecoin has no strong competitive advantage over other cryptocurrencies, it has a market capitalization of over 9 billion dollars.
This is partly due to Elon Musk’s public support for Dogecoin, which he expressed on Twitter by saying, “The most exciting result is the most likely”.
After rapper Snoop Dogg and musician Gene Simmons admitted to being fans on Twitter, Dogecoin reached a new high of US0.087 cents. Snoop Dogg mocked up an album cover with the word Snoop Doge, and a dog’s face photoshopped onto his body on Twitter.
Where Are Dogecoins Used?
Dogecoin was developed primarily as a prank, but it has since gained popularity on social media sites such as Reddit. As a way of saying “thank you,” users donate a small amount of Dogecoin to other users who create interesting or noteworthy content. 97cents Web Hosting and SuchList.com are two companies that have accepted Dogecoin as a payment form.
You may day trade DOGE, just like any other cryptocurrency, to benefit from market fluctuations. The way it works is to buy DOGE when you think the price will increase in the future. You can convert your DOGE to a stable coin like Tether or USD coin as each DOGE price rises.
Later you can convert your stable coin back to DOGE when the DOGE price drops, collecting more coins in the process. Since Dogecoin is such a volatile cryptocurrency, even minor price fluctuations can significantly affect an investor’s income. Dogecoin has the potential to become a profitable investment. It has a much higher transfer speed than bitcoin.
Since many Dogecoin users are in it for fun, the community is solid. Unlike other cryptocurrency coins, you won’t have to worry about hyperinflation now that the mining era is over.
How to Start Investing In Dogecoin?
In three simple and quick steps, create an account with a Dogecoin-supporting exchange.
Step 1: Open an account on a DOGE-supporting exchange.
Find an exchange that accepts DOGE in one or more currency pairs and register with your email address and password. Before you can trade, several exchanges will ask for your full name, contact details, and ID proof.
Step 2: Deposit into your account
You’ll be able to buy DOGE using Austrian dollars (you can get dogecoin prices in AUD online) if your exchange supports Dogecoin. Note that certain payment methods charge higher rates, with credit card payments being the most costly.
Step 3: Purchase DOGECOIN
To find your desired DOGE pairing, go to the section named “market” of your chosen exchange. Look for the section on purchasing DOGE and enter the sum of the paired cryptocurrency or the amount of DOGE you are willing to buy in that section. Before completing the transaction, carefully review the transaction information, including the amount of DOGE you’re purchasing and the purchase’s total cost.
Dogecoin and Bitcoin
With a Shibu Inu (Japanese dog) as its logo, Dogecoin marketed itself as a “fun” variant of Bitcoin. Dogecoin’s laid-back presentation matched the emerging crypto community’s mood. Its script technology and limitless supply were used to argue for a quicker, more adaptable, and consumer-friendly Bitcoin.
The Dogecoin Community
Dogecoin has a limited but devoted following, which distinguishes it from the majority of other cryptocurrencies. The dog mascot establishes a lighthearted and welcoming atmosphere. The Dogecoin group has banded together to support their own, mainly on Reddit:
- Donating Dogecoin to people who had them stolen in a 2013 hack.
- Raising funds to build a well in Kenya in 2014.
- Raising enough funds to support the 2014 Jamaican Bobsled Team and Indian Olympic luger Shiva Keshavan, as well as a NASCAR car driven by Josh Wise, the No. 98.
Although the price of Dogecoin isn’t particularly high, the community has played a significant role in its growth.