One of the world's leading and most reputable exchanges, with a comprehensive dashboard and a diverse crypto portfolio, Binance remains a top choice for both professional and new investors alike
Dogecoin (ticker DOGE) is a cryptocurrency that originated as a joke in 2013. Based on the popular “doge” meme using Shiba Inu as its logo, it is an open-source digital currency developed by Bill Markus and Jackson Palmer. Originally envisioned as a light-hearted crypto asset, Dogecoin went on its greatest bull run in 2021 when it peaked at its all-time high at $0.70. That event put Dogecoin as the 10th biggest cryptocurrency by market capitalization. While it has slipped by rank during the bear market of 2022, it has continued to accrue interest from the social-media-savvy crowd.
Part of this crypto’s success is because of the attention it gets from Elon Musk. The Tesla founder is considered the primary reason behind Dogecoin’s bull runs. However, that dependence on the community’s emotions also makes Dogecoin extremely volatile crypto. Every time the Dogecoin price has increased parabolically, a major correction has followed soon after. That makes this cryptocurrency more suitable for day traders with crypto trading bots and less for novice investors or those apprehensive about the crypto market’s volatility. Read on for a comprehensive guide on how to buy dogecoin and how to use it to profit.
Dogecoin’s popularity among crypto investors quickly earned it the attention of major cryptocurrency exchanges. Following are the best Dogecoin brokers that have received good reviews and provide good trading experience to both novice and veteran crypto investors.
Libertex allows for Dogecoin trades via MetaTrader4. Whilst originally launched as a forex and stock broker, Libertex has quickly rose through the ranks among the top exchanges for crypto trades, due to the unmatched user-friendliness of its platform, quicly allowing even the most novice users to catch up with even the most seasoned investors, thus levelling the playing field. Moreoer, Libertex further ncentivises traders with recurring giveaways, special prizes and competitions, such as their famous draw allowing new and existing customers alike to win up to 500 BTC.
Binance is the world’s leading cryptocurrency exchange, with over 9 crores of registered users and support for more than 700 cryptocurrencies. Furthermore, it was the first broker to list Dogecoin in 2019. Binance Futures launched DOGE/USDT perpetual contract up to 50x leverage in 2020 and enabled cross-margin trading for DOGE/BTC and DOGE/USDT pairs in 2021. Binance is our top choice of Dogecoin Brokers because it is a complete cryptocurrency exchange. It allows Indian users to buy cryptos using INR, provides staking opportunities to investors, and provides tools for both advanced and novice cryptocurrency traders.
Passive investors who want to make constant gains through Dogecoin can open a flexible savings account on Binance and earn up to a 1% Annual Percentage Return (APR). More active investors can instead choose the High-Yield option to become liquidity providers and earn up to 4% APR. Complementing these features is the robust user interface. While it has many tools, users would not have difficulty understanding them.
Here are the simple steps to buy Dogecoin in India and abroad:
Indian cryptocurrency investors can buy Dogecoin with Paytm on Binance or Coinbase. All they need to do is connect Paytm online wallets to the platform, accept Bitcoin and then swap it for Dogecoin with sellers on the platform.
The advantage of this process is that it is familiar. However, it can take time because you must first buy Bitcoin and swap it for Dogecoin.
You can buy Dogecoin with Paypal in India through Binance but that is only possible on Binance P2P – Binance’s Peer-to-Peer cryptocurrency exchange. You must first connect to Binance P2P, buy Bitcoin from a seller using Paypal and then swap the Bitcoin for Dogecoin on the official platform at 0.1%.
While this process is simple, it is cumbersome. Binance doesn’t yet support INR deposits.
Here are the steps to buy Dogecoin on a cryptocurrency exchange:
When choosing the right Dogecoin exchange, you must keep the following points in mind.
Crypto trading platforms can be complex or easy to use. Complex platforms, while not entirely beginner-friendly, provide a host of technical indicators and tools to analyze the markets before investing. On the other hand, simple trading platforms allow you to make quick swaps. Pick wisely.
Our financial and tech experts have thoroughly vetted the brokers listed in this guide.
Cryptocurrency is a major investment that requires thorough research. Therefore, before investing, you must check out the reviews of the exchanges that we and other sites provide before depositing your money. That is one of the critical ways to choose what you consider the best cryptocurrency trading platforms.
Storing your Dogecoin holdings inside the crypto wallets of the Dogecoin brokers we have listed is a good option. Binance and Coinbase will provide ample security to your crypto portfolios. Furthermore, your holdings on the platform are also insured but if you want more security, you can explore bitcoin wallets. Select among the cold wallets to store your Dogecoins offline or Hot wallets for online storage.
Dogecoin is a memecoin whose value solely depends on the overall sentiment about the crypto market. Since this crypto has no use cases (outside of Tesla merch), it has performed with extreme volatility in the past. That is, it has closely followed the price action of Bitcoin.
Dogecoin opened 2022 at $0.17 before retracing marginally and bouncing to find resistance at $0.20. It then slowly followed a downtrend where $0.17 became its resistance. However, after the Terra-triggered crypto crash, Dogecoin’s price slumped below $0.1. At the time of writing, this token is accumulating in the $0.060 range.
Dogecoin went through the biggest bull run in early 2021 when the value of DOGE rose by a massive 8600% between January to May. Elon Musk, Snoop Dogg, and Mark Cuban’s social media mention led to this cryptos uptick.
The second bull run happened again that year in July, and the Dogecoin Price had a 200% uptick, going from $0.17 to $0.34 before retrace. The bounce afterward led to another bull run in September, and the value of DOGE went from $0.19 to $0.28.
2022 marked the end of any bull run for Dogecoin. It has been following a downward trend ever since entering this year. The retrace was aggravated further when Bitcoin dropped below the $19k level in June. During that time, Dogecoin hit the 2022 bear bottom of $0.053.
Elon Musk has been attributed as the primary growth factor for Dogecoin. He first commented on Dogecoin in 2019, tweeting
“Dogecoin might be fav cryptocurrency.”
But it was his words in 2021 when he said that he was working with Dogecoin developers to improve the network that led to the first mega bull run of this memecoin. It led to speculations that Elon Musk is the elusive Dogecoin whale that holds 28% of the total digital currency.
However, Elon Musk again mentioned Dogecoin in his SNL appearance, which had the opposite effect on the world’s first memecoin – it plunged its price. Then 2022 came, and Elon Musk declared that Tesla would accept Dogecoin as a payment for the newest models.
The relationship between Elon Musk and Dogecoin has been a combination of inspiration, respect, and, sometimes, disdain. However, when the wider crypto market plummeted, wiping out $2 billion worth of cryptos from the market, Elon Musk stood by his favourite cryptocurrency. He urged traders not to sell their cryptocurrencies.
However, the latest developments have not been positive, as Elon is being sued for $258 billion for running a pyramid scheme to support Dogecoin. Those who have filed the case claim that SpaceX and the Boring Company have deliberately pushed the price of Dogecoin up by 36,000% for two years before letting it crash.
However, it would be better for investors to do their own research rather than get swept away by Elon’s words.
Crypto trading robots are revolutionary innovations in the world of trading that you can program and let the trades happen automatically without getting involved. This way of trading has helped companies like BlackRock to stay ultra-rich even when the global market is down.
Based on the latest advancements in machine learning technology, a crypto trading bot helps accurately predict market trends. It is especially critical for crypto like Dogecoin, which is volatile and suitable for day traders. By reacting instantly to market changes, these bots can help intra-day traders get the most benefit from the volatility of the crypto market.
Some bots, such as Dogecoin Millionaire, have been developed to predict fluctuations specifically in the Dogecoin market and make optimal investments, accordingly, at the most strategic time. Unfortunately, due to high demand after word spread out of the number of new millionaires the bot had supposedly produced, new registrations are limited to meet capacity. You can bypass waiting times by clicking here and signing up instantly.
Automated crypto bots work by executing trades on behalf of a user based on pre-defined rules and strategies. These bots use various indicators and technical analysis tools to identify profitable trades and execute them automatically. The user can set parameters for the bot to follow, such as the amount to trade, stop-loss and take-profit levels, and the frequency of trades.
The bots can be programmed to monitor market conditions and execute trades 24/7, which is especially useful for traders who cannot monitor the market all the time. They can also backtest trading strategies using historical data to assess their performance and refine them. However, it is important to note that automated crypto bots are not fool-proof, and their performance is dependent on the quality of the strategy and the market conditions.
You may find our choices for best crypto bots on their dedicated page.
Our experts have tested these trading bots for safety, useability, and accuracy.
The technology is still new. Therefore, it is of utmost importance that you first assess the bots before signing up. For more information, you can explore the bitcoin bots available in the Indian crypto market on our review site.
Dogecoin has achieved upticks of more than 8000% in the past. However, as of yet, it remains a volatile cryptocurrency. That said, for intraday day traders who are willing to take a risk, high profits can be made by investing in Dogecoin.
Currently, the Dogecoin price is accumulating at lower ranges. Experts are saying that the bottom for this crypto is in, making it the right time for those interested in buying the dip. As for when to sell this crypto, it is important to watch out for Elon Musk’s tweets or the overall price trend of Bitcoin.
According to the 2022 Budget, income generated from digital assets, including Bitcoin, is taxed at the fiat rate of 30%. It is subject to both capital gains tax and income tax. You can learn more about it on the official website.
Selling Dogecoin is a process that consists of going to the crypto portfolio, opening your Dogecoin holdings, and clicking on the sell option. If it is a P2P platform, you must first find a seller.
Dogecoin is a volatile cryptocurrency that has experienced parabolic gains followed by massive plunges. Reacting to them at the right time depends on the cryptocurrency exchange you choose. Therefore, going through the review sites before investing is crucial. Furthermore, it is also critical to stay in touch with the developments of the platform.
Dogecoin is an extremely volatile cryptocurrency. Investors should pay heed to assess their risk tolerance before investing. Reacting to the price actions at the right time is crucial to draw benefits from the potential upsides of this cryptocurrency.
Blockchain analytics firm, IntoTheBlock, has reported that a majority of Dogecoin (DOGE) holders are in profit, with 56% profitable on their investments, while 34% are sitting on losses, and 10% are breaking even. On the other hand, only 29% of Shiba Inu (SHIB) holders are profitable, with 67% holding underwater. Meanwhile, the beta version of the highly anticipated layer-2 scaling solution, Shibarium, has gone live on the Shiba Inu ecosystem. The new protocol is built on Ethereum’s smart contract platform, similar to Polygon, and will use Bone ShibaSwap (BONE) as its governance token.
Dogecoin is the world’s first memecoin whose price action moves along the overall sentiments of the broader crypto market. It has experienced huge gains in the past, but the retraces that came after have also been profound. Therefore, investors must pay heed before investing.
Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.
You can buy Dogecoin in India from any of the listed exchanges in this guide.
On trading platforms, you can swap Dogecoin for other crypto assets such as Bitcoins.
According to our research, the best exchanges for Dogecoin are Binance and Coinbase.
Dogecoin is a volatile cryptocurrency. Investors must assess their risk tolerance before investing.
Dogecoin is currently trending at low points in the price chart – making it a buying opportunity for many.
Dogecoin is a memecoin that has generated massive gains in the past, and its potential to create similar profits remains.
Dogecoin is a proven cryptocurrency and is a good investment for day traders.
Dogecoin is a memecoin with huge upside potential because of its impact on its price on social media. That is the biggest pro of Dogecoin.
You can go to any of the listed Dogecoin brokers online, create an account and buy Dogecoin.
The right time to buy Dogecoin is when the token's value has dipped. Experts say that the current bearish ecosystem is the right time to invest.