Dogecoin is a meme-based token that has increased in price by 12,000% since the beginning of the year. One of the reasons behind Dogecoin’s price hike is Elon Musk, the Dogefather. As a major DOGE advocate, Musk has fuelled the token’s price surge through multiple tweet updates.
DOGE’s all-time high was achieved on May 8 when the token traded for $0.731. However, shortly after Musk’s appearance on Saturday Night Live, DOGE dived, dropping by over 30%. The token has since been showing resilience, and at the time of writing, DOGE was trading at $0.42.
Dogecoin is Still Bullish
Since the middle of the week, Dogecoin’s price has increased massively, and it is regaining its bullishness after the massive crypto crash in May. One of the main factors behind DOGE’s recovery is its addition to Coinbase Pro.
Coinbase Pro added support for trading DOGE, and investors have gladly welcomed the news stating that it could boost the token’s legitimacy in being used as a medium of exchange. The news has led to increased demand, which has consecutively led to the token’s price increase.
The news led to DOGE’s rise above $0.30 and has since stretched to beyond $0.40, as seen in the chart above. Analysts believe that the coin is now bullish and has moved past the support point. It is expected to swing past $0.45 and might soon reach $0.6.
How to Buy Dogecoin
The optimism shown by market analysts towards Dogecoin means that it is the perfect time to buy. To purchase the token, follow these simple steps:
Step 1: Open an exchange account
The first thing you need to do is to look for an exchange that supports Dogecoin. Some of the most popular exchanges that provide DOGE trading include:
- eToro: This exchange offers support for many cryptocurrencies, including Dogecoin. Because of its popularity, e-Toro is highly secure and offers multiple crypto trading pairs.
- GEMINI: This exchange also supports DOGE. It is ideal for new investors due to its user-friendly features.
- Coinbase: Coinbase offers the perfect avenue for crypto investing. The exchange also has a large user base.
Opening an account in any of the above exchanges is easy. All you need to provide are your legal names, your email address, and telephone number. Because of enhanced crypto regulations, you may be required to verify your identity by uploading documents such as a government-issued ID, driver’s license, social security number, and more.
Step 2: Fund the exchange
The second step is to deposit currency to the exchange that you will use to buy Dogecoin. You can choose to deposit fiat currency or deposit other cryptocurrencies that you can exchange for DOGE.
Step 3: Purchase DOGE
The third step is to buy DOGE from the exchange. Exchanges offer different order types, but you should select an order type you are familiar with. After choosing an order type, enter the amount of DOGE you want to purchase, and after your transaction is processed, you will see the DOGE tokens in the exchange wallet.
If you do not want to hold DOGE in the exchange, you should select a wallet that supports the token. Coinbase, eToro, and GEMINI all offer online wallets where you can store Dogecoin securely.
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