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May
buy dogecoin

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How to Buy Dogecoin (DOGE)?

Binance is a user-friendly and safe crypto exchange for buying Dogecoin (DOGE). Before buying Dogecoin, you must go through the account verification process and deposit funds into your Binance account.

Dogecoin is the largest and most well-known meme coin in the market. Investing in Dogecoin is purely speculative. The safest way to store your Dogecoins is by using a cold wallet.

How to Buy Dogecoin (DOGE): A Quick Guide

Binance is a user-friendly and safe crypto exchange for buying Dogecoin (DOGE). Buying Dogecoin on Binance is straightforward, and you can select from various currency pairs such as USDT, BTC, EUR, and BNB. We have used the euro as the fiat currency in our guide, but the process is the same for all fiat currencies (USD, GBP, EUR, etc.).

Here is a step-by-step guide on how to buy Dogecoin on Binance:

  1. Click here to register for a new Binance account.
  2. Complete the KYC (Know Your Customer) process, which involves verifying your details.
  3. Deposit euros into your Binance account by performing a bank transfer or debit card.
  4. Utilize the funds in your Binance account to buy Dogecoin (DOGE).
  5. Store your Dogecoin tokens on Binance or withdraw them to your wallet.

Below is a screenshot of Binance’s front page.

binance

Dogecoin is one of the most popular cryptocurrencies in the market. There is great support for it on crypto exchanges and wallets. You can find DOGE on all of the most popular exchanges. American exchanges Kraken and Coinbase are good alternatives to Binance.

To learn more about these exchanges, click Reviews from the main menu. You’ll find great beginner’s guides and more information on the features these exchanges offer.

How to Buy Dogecoin (DOGE): A Detailed Guide

Before buying Dogecoin, you must verify your account and deposit funds into your Binance account. Our Binance review provides detailed instructions on verifying your account and making a deposit. We suggest reading the article for guidance if you are new to Binance and unfamiliar with its features.

Next, we will provide step-by-step instructions on purchasing Dogecoin using the Binance mobile app. You can download the app from the Apple Store if you have an iOS device or from the Google Play Store for Android devices.

This guide is done using the Lite mode of the Binance app, which is enabled by default.

Open the trading page

Locate the yellow trading icon in the mobile app’s main menu (refer to the image below). Tap on that icon to access the crypto trading page.

binance trading mobile app

Choose the Buy option from the menu that pops up.

Select Dogecoin (DOGE)

You will see a list of cryptocurrencies displayed on your screen. You can either scroll through the list to find Dogecoin or directly type DOGE into the search field, as shown in the image below.

search doge binance

Select Dogecoin from the list to access the “Buy Crypto” form.

Buy Dogecoin (DOGE)

You should now have the Buy Crypto page on your screen. Enter the desired amount in euros or click on the DOGE icon indicated by the red arrow in the picture below. Clicking on it will switch the unit from EUR to DOGE. This feature is helpful if you wish to buy a specific quantity of Dogecoin, such as precisely 100 Dogecoins.

buy dogecoin binance

To finalize your purchase, click the Buy button highlighted in yellow. This will take you to the confirmation page, where you can pick your preferred payment method.

Select the payment method

The last step in purchasing Dogecoin is selecting the payment method. If you have already made a deposit using fiat currency, you can use the funds in your cash balance to pay for the purchase. Alternatively, you can explore different payment methods.

dogecoin payment method

Complete your purchase by clicking the Confirm button. Please remember that the price of Dogecoin tokens will remain valid for 45 seconds. If you need more time, you must return to the Buy Crypto form for a new quote.

What is Dogecoin?

Dogecoin is the largest and most well-known meme coin in the market. A meme coin is a cryptocurrency that derives its value (and popularity) from social media and memes. Dogecoin has been delivering fun as a cryptocurrency since 2013.

Below is an image from Dogecoin.com.

dogecoin

Dogecoin remained relatively unknown to the general public until 2021. Its popularity skyrocketed when billionaire Elon Musk started tweeting about Dogecoin. Musk’s tweets have caused numerous price surges for DOGE, and he has also bought an actual Shiba Inu dog for himself.

Elon Musk’s influence did not wane during the bear market of 2022-2023, and Dogecoin has persistently remained a top 10 cryptocurrency even after the bursting of the meme bubble. Many investors speculate that Elon Musk may eventually integrate Dogecoin as a payment method on Twitter.

However, it is worth noting that Dogecoin is still a meme coin, which means it lacks any practical use as a cryptocurrency. Due to its long history, Dogecoin is also mineable. It is not a token created on the Ethereum platform like newer meme coins.

To learn more about Dogecoin’s history and technology, you can refer to our Dogecoin beginner’s guide.

Investing in Dogecoin

Investing in Dogecoin is purely speculative. It is debatable whether Dogecoin should even be considered an investment. It is more akin to trading and gambling, similar to other meme coins.

Here are a few points to consider for potential Dogecoin investors:

  • Dogecoin’s volatility
  • Dogecoin’s market capitalization
  • Elon Musk’s influence
  • New meme coins

If you purchase Dogecoin, be prepared for high volatility. Dogecoin’s price can increase by hundreds of percentages in a single day. While this can benefit DOGE holders, gains can also evaporate just as quickly. If you purchase Dogecoin, closely monitor the market and aim to cash out during price surges.

Dogecoin’s market capitalization is undoubtedly one of its significant drawbacks. Many new meme coins gain attention with market capitalizations in the tens or hundreds of millions, but Dogecoin’s is already in the tens of billions of dollars.

A meme coin worth a hundred million dollars could multiply its price tenfold and still have ten times the potential upside compared to Dogecoin. Dogecoin’s large market capitalization means that significant gains are already behind it – even doubling its price would require substantial investor money.

Every Dogecoin investor must also consider Elon Musk’s influence. While Dogecoin has interested the billionaire thus far, how long will the hype continue? What if Elon Musk does not integrate Dogecoin into Twitter and gradually forgets about the entire project?

New meme coins also pose a significant threat to Dogecoin. Their small market capitalization offers much greater growth potential.

The unit price of new meme coins has been set so low that you can purchase millions of coins with a small investment. Although Dogecoin’s unit price is still relatively low compared to Bitcoin, it appears expensive to many amateurs compared to competing alternatives.

How to store Dogecoin securely?

The safest way to store your Dogecoins is by using a cold wallet. A cold or hardware wallet is a device similar to a USB stick. It’s only connected to a computer or smartphone when confirming transactions, ensuring maximum security.

The Ledger Nano X is a popular cold wallet priced at around 150 euros. You can securely purchase it from the manufacturer’s website by clicking this link.

Free wallet options are also available for storing Dogecoin, although their security level is not as high as that of a cold wallet. Beginners can store Dogecoin in the cryptocurrency exchange from which they purchased it, but we don’t recommend it for long-term storage.

Some popular free wallets for Dogecoin include Trust Wallet, Exodus, and Coinomi. The official Dogecoin Core wallet is also available on the dogecoin.com website.

Antti Hyppänen

Antti Hyppänen is the founder and editor-in-chief of AboutBitcoin.io. Antti has written articles about cryptos since 2017. He follows the crypto market every day of the year and is responsible for the daily operations of AboutBitcoin. Antti is not a maximalist regarding any cryptocurrency but looks at the industry objectively. Antti’s investment profile is “buy & hold,” i.e., he does not trade or use leverage. His crypto portfolio consists of mainly Bitcoin and Ethereum. Antti also follows macroeconomic events. In addition to cryptos, his interests include gold, silver, and the US stock market.