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How to buy Dogecoin (DOGE)
A beginner’s guide to buying and selling DOGE in the UK.
Dogecoin (DOGE) is a decentralised, peer-to-peer cryptocurrency that’s similar to Bitcoin (BTC) and Litecoin (LTC). What started out as a joke has grown into one of the most widely traded cryptocurrencies in the world with a market capitalisation of more than $70 billion USD as of May, 2021.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
What's in this guide?
Where to buy DOGE in the UK
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You can buy DOGE on a wide variety of popular cryptocurrency exchanges, including:Buy Dogecoin in 3 steps
Set up an account with an exchange that supports Dogecoin in three steps.
Step 1. Create an account on an exchange that supports DOGE
Look for an exchange that lists DOGE in one or more currency pairings, and sign up with your email address and a password.
- Note: Many exchanges also require your full name, contact information and proof of ID before allowing you to trade.
Step 2. Deposit funds into your account
If your exchange supports Dogecoin you’ll be able to buy DOGE directly with GBP.
- Note: Some payment methods have higher fees, with credit card payments usually being the most expensive.
Step 3. Buy DOGE
Navigate to the markets section on your chosen exchange to find your desired DOGE pairing. Look for the section on buying DOGE, and type in the amount of the paired cryptocurrency you want to spend or the amount of DOGE you want to buy.
- Note: Carefully review your transaction details — including the amount of DOGE you’re buying and the total cost of the purchase — before completing the transaction.
How to sell DOGE
If you want to sell your DOGE holdings, you can do so by following a similar process to that outlined in Step 3. You’ll obviously need to look for the “Sell DOGE” link, while it’s also worth remembering that you may not be able to directly exchange DOGE for the currency you want to acquire.
Which wallets can I use to hold DOGE?
Unless you’re looking to place a trade, we don’t recommend storing cryptocurrency in an account on an exchange. It’s often safer to store your DOGE in a secure cryptocurrency wallet.
Check out our list of the best Dogecoin wallets to get started.
How DOGE works
Founded in 2013 by Jackson Palmer and IBM software developer Billy Markus, Dogecoin started life as a joke. In a January 2018 article in the Sydney Morning Herald, Palmer explained the idea for Dogecoin started from a lighthearted tweet criticising the rapid rise of “scammy” altcoins at the time. Dogecoin takes its name from the popular viral “doge” memes. Its mascot, which features heavily on the Dogecoin website, is a Shiba Inu.
Behind the fun and games of Dogecoin lies a very popular cryptocurrency. Designed to offer fast and affordable online transactions, this open-source digital currency can be used as a form of payment for goods and services, a vehicle to trade for other currencies and a way to “tip” other Internet users who create or share popular content.
Based on the LuckyCoin protocol, a fork of Litecoin, Dogecoin uses the Scrypt encryption algorithm. Dogecoin was instantly popular in the crypto community, and within two months of its launch, it had a market capitalisation of $74 million. DOGE’s value has experienced several rises and falls since then, reaching its all-time high in January 2021 with a market cap of more than $5 billion.
Find out more in our complete guide to Dogecoin.
Will Dogecoin reach $1?
No one can know for certain whether Dogecoin will reach $1, Dogecoin’s roughly 11,000% increase in price during 2021 has a lot of users on Reddit and similar forums waiting for more. Dogecoin has long been seen as a memecoin, which has helped drive price swings both up and down based on celebrity tweets, oddball events and the rallying of online communities. Given that nearly 150 million Dogecoin is mined each day, for the price to continue to climb and reach $1 we’d need to see many more massive buying events.
Key factors to consider when buying DOGE
Cryptocurrencies are complicated and highly speculative, and many factors can affect their value. Understand the risks associated with cryptocurrencies before making a purchase.
If you’re thinking of buying Dogecoin, weigh the following factors against your financial goals:
- Availability. One of the key factors that affects the popularity of a cryptocurrency is its availability. Dogecoin is listed on a wide range of cryptocurrency exchanges, making it relatively accessible in comparison to more obscure coins for anyone thinking of buying.
- Community support. Dogecoin is something of a legend in cryptocurrency circles and is supported by a vibrant and active community, as shown by its active Reddit page. This support has seen Dogecoin survive since 2013, which is a very long time in the world of digital currency.
- Joke or not? Dogecoin started life as a joke and a quick visit to the coin’s website is enough to reveal that this currency doesn’t take itself too seriously. This has been a key factor in its survival and success. However, if you’re looking for a coin to buy and hold in the hope of achieving long-term profits, you’ll need to consider whether DOGE fits with your cryptocurrency strategy.
- Future development. As for what the future may hold for Dogecoin, it’s worth considering what the coin’s co-founder Jackson Palmer said in an interview with CoinDesk in March 2017: “New features aren’t being implemented into Dogecoin because there’s no active development anymore. Eventually, it will become outdated. And with that, the network will organically wind down.” Palmer left the Dogecoin team in 2015, but this does raise important questions about the longevity of the currency.
- Celebrity endorsement. Dogecoin’s rally in 2021 is largely attributed to a single person – Elon Musk. Thanks to Musk’s influence combined with his interest in memes and internet culture, he has single-handedly been able to propel the price of Dogecoin to new highs – primarily through late-night tweets of Doge related memes. If Musk were to suddenly change his tune on Dogecoin, or lose interest, the price may be affected negatively as a result.
The number of people owning cryptocurrency in the UK has increased by 558% since 2018, when just 3% of the population owned cryptocurrency
Discover more statistics and the reasons why people are investing in cryptocurrency in our report
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Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
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