Why does a prominent individual like Elon Musk occasionally push for his Twitter followers to purchase Dogecoin? Is the memecoin really a good investment, or is Musk trying to push a different agenda? Well, you will find the answers in this article. But first, let’s learn how to purchase Dogecoin.
How to buy DOGE
To buy Dogecoin, you first need to know the trading platforms in which it is supported. Several international exchanges list the memecoin, among them is Binance. Through this platform, you can buy Dogecoin using SEPA and ACH payment methods. What makes Binance the best option is its low trading fees. It only charges 0.10%. So how do you get started with Binance? First, you need to create a trading account with the exchange and verify it. You can download the Binance app from Apple’s App Store or Google’s Play Store.
How to Purchase DOGE on StormGain
If you are from the United Kingdom, you can buy Dogecoin on the StormGain crypto exchange. Like Binance, You have to verify your StormGain trading account before buying some DOGE. But what’s required to complete account verification? You need to provide a government-issued ID and proof of residence.
Once verified, you can then add funds by linking the trading account with your bank account. The transaction usually takes a few minutes to complete. After the funds arrive, convert them into USDT to enable you to trade the DOGE/USDT pair. Use the stablecoin to buy Dogecoin. After the purchase, you can transfer the tokens to a non-custodial crypto wallet to have total control over them.
History of Dogecoin
Dogecoin was initially created for fun by Adobe’s former software engineers Jackson Palmer and Billy Markus. At the time of DOGE’s creation, Bitcoin was not as popular as it is today. The two developers hoped that DOGE would help the crypto space gain popularity. And within two months of its inception, Dogecoin saw its holders hit 1,000,000, with its price jumping by over 250%.
In the years that followed, DOGE became a go-to digital asset for the biggest social media platforms like Twitch and Reddit. As for the latter, users would use the Dogetipbot to reward each other with DOGE tokens. However, the program no longer exists.
Dogecoin Market Performance
Since its inception in 2013, Dogecoin has never reached $1. The memecoin achieved its all-time high of $0.6818 in 2021. As of July 2023, Dogecoin has posted 1-year growth of 12.1%. According to data from CoinGecko, DOGE has a market cap of $11.108 billion and is ranked as the eighth largest crypto asset.
Differences Between Dogecoin and Bitcoin
Even though Dogecoin creators copied the Bitcoin code, the two cryptocurrencies differ in various aspects, including:
Coin Supply
While Bitcoin’s maximum supply is capped at 21 million, DOGE does not have a supply cap. About 5 billion Dogecoin tokens are added to the circulating supply every year. At the moment, there are 140 billion DOGE coins in circulation.
Consensus Algorithm
Dogecoin and Bitcoin use the proof-of-work consensus Algorithm, but each employs a different version. As for Dogecoin, it adopts the scrypt version of the PoW algorithm, which allows it to consume less energy, while Bitcoin uses the SHA-256 PoW version.
Why Should You Buy DOGE?
Like many other memecoins, DOGE does not have utility, and its value is usually dictated by the hype on social media platforms. So why should you still consider buying this token instead of other crypto assets with utility?
The main reason for purchasing some DOGE would be its price, which is considerably cheap. The memecoin is a good entry crypto asset for beginners with only a few dollars to invest. For example, if you had 100 dollars today, you would get 1,258 Dogecoins. Investing in DOGE also helps you to gain trading knowledge that you can use to invest in other highly-valuable assets like Bitcoin and Ethereum.
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