Skip to main content

How to buy Dogecoin — the cryptocurrency that's mirroring GameStop's surge

Dogecoin
(Image credit: Dogecoin)

"Where can I buy Dogecoin?" is the question on many retail investors' minds as the Reddit army that skyrocketed GameStop to unprecedented heights shifts its attention to cryptocurrency.

Though Coinbase is the most widely used cryptocurrency exchange in the United States, the digital currency broker does not support Dogecoin. Thankfully, there are other apps and websites you can use to dive into the surging cryptocurrency craze.

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. Last week, the digital asset surged by 325% during the last 24 hours, trading at $0.05 per unit. 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."

See more

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."

See more

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. 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? We're skeptical, but with GameStop reaching an all-time high of $347.51 on Jan. 27 when it was valued at only $18 in early January, anything is possible with the power of Reddit.

Where to buy Dogecoin?

Dogecoin isn't as widely available for trading as its highly popular crypto-counterparts Bitcoin and Ethereum. As mentioned, you won't find Dogecoin on Coinbase, but there are some other websites and apps you can use to buy Dogecoin.

Robinhood

Robinhood

Robinhood (Image credit: Robinhood)

Unfortunately for those who want to boycott Robinhood, the stock-trading app is one of the few platforms that supports Dogecoin. As of this writing, Robinhood confirmed on Friday that it has temporarily turned off instant buying power for cryptocurrencies due to "extraordinary market conditions." In other words, you'll have to wait until your funds settle before you can buy Dogecoin on the Robinhood app.

Binance

Binance

Binance (Image credit: Binance)

If you don't want to go the Robinhood route, you can use Binance instead — if you're in the US, make sure to click here for their US-based site. There is a catch, though. Binance doesn't support all 50 states. Here are the eight states that Binance does not serve at this time:

  • New York
  • Connecticut
  • Hawaii
  • Texas
  • Vermont
  • Washington
  • Louisiana
  • Idaho

Another issue with the Binance platform is that it reportedly takes a while to onboard new members into its system.

AnchorUSD

AnchorUSD

AnchorUSD (Image credit: Future)

AnchorUSD is a mobile-only app that lets users trade stock and cryptocurrencies. On Monday, AnchorUSD added nine new assets to its platform, including everyone's favorite meme token: Dogecoin.

See more

With its beginner-friendly interface and impressively quick verification process, buying Dogecoin is a smooth-sailing process. AnchorUSD also features a high-yield stablecoin interest account with up to an 8% APY.

Bottom line

Robinhood, Binance and AnchorUSD are the three best trading platforms that you can use to buy Dogecoin. Though there are other cryptocurrency exchanges, US users (especially residents from unsupported states) are reporting issues in purchasing Dogecoin on Bittrex, Kraken, Uphold, Crypto and countless others.

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.