"Where do I buy Dogecoin?" is the question on many crypto investors' minds as puppy-inspired cryptocurrency rises to unprecedented heights. As of this writing, Dogecoin plummeted to $0.20, which is appealing to buyers who've been looking to scoop some DOGE at a discount.
With all the hoopla surrounding Dogecoin, people are wondering, "What are the best crypto exchanges for buying Dogecoin?" Thankfully, there are an abundance apps and websites that allow you to buy Dogecoin.
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What is Dogecoin?
Funnily enough, Dogecoin was originally founded in 2013 as a joke; it was based on the viral "doge" meme, which featured a Shiba Inu dog. Now, Dogecoin is no laughing matter. In February, the digital asset surged by 325%; it was trading at $0.05 per unit. By mid-April, Dogecoin skyrocketed to 43 cents! Cha-ching!
Dogecoin wasn't getting as much love as other cryptocurrency darlings like Bitcoin and Ethereum — until SpaceX CEO Elon Musk, the man who recently snatched Jeff Bezos' 'world's richest' throne, shook up the cryptocurrency realm by tweeting his adoration for the digital asset in August of 2019.
Musk fueled a lot of fire behind Dogecoin last month with a short-and-simple tweet: "One word: Doge."
One word: DogeDecember 20, 2020
On Feb. 4, Musk continued to use his Twitter influence to support the Dogecoin army posting several tweets including, "Dogecoin is the people’s crypto." Musk even uploaded a humorous photo of himself "Simba-ing" a Shiba Inu dog for the masses as if he's Rafiki in "The Lion King."
ur welcome pic.twitter.com/e2KF57KLxbFebruary 4, 2021
Seeking to emulate the same mania spurred by r/WallStreetBets, traders from r/SatoshiStreetBets took zeroed in on Dogecoin as their GameStop-equivalent gem in the cryptocurrency realm. With Musk's help, the Dogecoin movement spread throughout other social media platforms, including Twitter and TikTok.
Doge Barking at the Moon pic.twitter.com/QFB81D7zOLApril 15, 2021
However, an April 15 tweet from Musk really set things off! Musk tweeted a photo of a Shiba Inu barking at the moon; the following day, Dogecoin shot to 43 cents! On May 4, Dogecoin hit a new high of 60 cents after Gemini and eToro added the meme token to their offerings, impelling the #DogecoinArmy hash tag to trend on Twitter. Investors plan to hold the meme token until it's valued at $1. Others are more ambitious; they're hanging in there for a $10 price tag.
Will Dogecoin get to $1? Interestingly, many experts were adamant that DOGE couldn't possibly reach $1 because there are too many tokens in circulation. However, in early May, its all-time-high surpassed $0.70, which is pretty darn close to $1. I suppose anything is possible with the power of Elon Musk.
Where to buy Dogecoin?
Before we dive into the best cryptocurrency exchanges for buying Dogecoin, it's important to point out the app we don't recommend for purchasing DOGE: Robinhood. The reason we discourage crypto investors from purchasing digital assets from Robinhood is because it does not give you the private keys to your crypto.
As the old saying goes, "not your keys, not your crypto." What this means is that if you wanted to transfer your DOGE out of Robinhood (perhaps you want to earn interest on a crypto savings platform or you want to send DOGE to a seller), Robinhood will not allow you to do so.
"At this time, we don't have the functionality to allow customers to transfer their cryptocurrency assets into or out of their Robinhood Crypto account, but we’re currently working on providing those abilities for supported cryptocurrencies," Robinhood stated. (opens in new tab)
That being said, here are the cryptocurrency exchanges we do recommend for buying Dogecoin.
Kraken is one of the best places you can buy Dogecoin because its crypto customer service is superb — in fact, its customer support is the best, according to our crypto customer support investigation. Customer service in the crypto world is typically a nightmare (trust me), so Kraken's help service is a breath of fresh air. If you need some handholding while buying DOGE, or you just want to know you'll have a representative within reach if you ever fall into a sticky situation, Kraken is the way to go.
For crypto investors who want to buy DOGE — and want access to a massive catalog of other digital assets — Binance is the way. If you're in the US, make sure to click here (opens in new tab) for their US-based site. It's worth noting though that, according to our cryptocurrency customer support investigation, Binance customer service is difficult to get a hold of.
It took quite a while for Coinbase to jump on the Dogecoin bandwagon. All other crypto exchanges such as Binance US, Kraken, Uphold and Crypto.com were already offering Dogecoin before Coinbase added DOGE to its arsenal. If you're a beginner and pro-level interfaces turn you off, Coinbase is the best app you can use to buy Dogecoin.
However, Coinbase's fees can be higher than other exchanges. My recommendation is to use Coinbase Pro instead. It's not as intuitive as Coinbase, but the Pro version will save you money on fees in the long run.
Like Coinbase, Gemini took a while to hop aboard the Dogecoin train, but fortunately, the New York-based cryptocurrency exchange finally added DOGE to its crypto holdings.
Crypto.com is a mobile-only exchange that supports DOGE trading. You can also earn interest on DOGE with its Crypto Earn platform. One downside of Crypto.com, however, is its onboarding process. Due to the large number of applications, it may take a while to get verified before you can trade on Crypto.com. Another downside is that some states (e.g. New York) are barred from interacting with the app due to regulations.
Be sure to thoroughly research these trading platforms to see which one best aligns with your financial goals. And, of course, trade responsibly. Only invest disposable income that you can afford to lose.
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.