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How to buy and sell Dogecoin (DOGE)
A beginner’s guide to buying and selling DOGE in South Africa.
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.
Where to buy DOGE in South Africa
Find an exchange to buy, sell and trade Dogecoin by comparing deposit methods, supported fiat currencies and fees. Select Go to site when you’ve found a fit.
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 South African rands (ZAR).
- 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.
Step 3. Buy DOGE
The final step is to navigate to the markets section on your chosen exchange and then look for your desired DOGE pairing. Normally, you can do this by clicking on the “Buy/Sell” link at the top of the page and searching for “DOGE”. Click on “Buy DOGE” and then type in the amount of ZAR you want to spend or the amount of DOGE you want to buy.
Make sure to carefully review all 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, storing cryptocurrency in an account on an exchange is not recommended. Instead, it’s generally much safer to store your DOGE in a secure wallet.
How DOGE works
Founded in 2013 by Australian 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 explains that the idea for Dogecoin started from a light-hearted tweet criticising the rapid rise of “scammy” altcoins at the time. Dogecoin takes its name from the immensely popular (in 2013) viral “doge” memes. Its mascot, which features heavily on the Dogecoin website, is a Shiba Inu.
However, behind all 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, traded for other currencies, and is also commonly used 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 US$74 million. DOGE’s value has experienced several rises and falls since then, most recently in January 2021 when the cap grew six-fold, presumably due to some tweets from Tesla CEO Elon Musk. It grew exponentially again in February 2021 when it reached a market cap of more than US$10 billion and a price of US$0.084209.
Will Dogecoin reach $1?
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.
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