Binance is a user-friendly and safe crypto exchange for buying Dogecoin. Prior to buying Dogecoin, it is necessary to go through the account verification process and deposit funds into your Binance account. The safest way to store your Dogecoins is by using a cold wallet.
Dogecoin is the largest and most well-known meme coin in the market. Investing in Dogecoin is purely speculative.
How to Buy Dogecoin: A Quick Guide
Binance is a user-friendly and safe crypto exchange for buying Dogecoin. The process of buying Dogecoin on Binance is straightforward, and you have the flexibility to select from various currency pairs such as USDT, BTC, EUR, and BNB. We have used the euro as the fiat currency in our guide. 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:
- Click here to register for a new Binance account.
- Complete the KYC (Know Your Customer) process, which involves verifying your personal details.
- Deposit euros into your Binance account by either performing a bank transfer or using a debit card.
- Utilize the funds in your Binance account to buy Dogecoin (DOGE).
- Store your Dogecoin tokens on Binance or withdraw them to your personal wallet.
Below is a screenshot of Binance’s front page.
Dogecoin is one of the most popular cryptocurrencies in the market. There is great support for it on crypto exchanges and wallet providers. You can find DOGE from all of the most popular exchanges. American exchanges Kraken and Coinbase are good alternatives for Binance. If you want 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: A Detailed Guide
Prior to buying Dogecoin, it is necessary to go through the account verification process and deposit funds into your Binance account. You can find detailed instructions on verifying your account and making a deposit in our Binance review. If you are new to Binance and unfamiliar with its features, we suggest reading the article for guidance.
Next, we will provide you with 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 by using the Lite mode of the Binance app, which is enabled by default.
Open the trading page
Locate the yellow trading icon in the main menu of the mobile app (refer to the image below). Tap on that icon to access the trading page for cryptocurrencies.
Choose the “Buy” option from the menu that pops up.
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.
Select Dogecoin from the list to access the “Buy Crypto” form.
Buy Dogecoin (DOGE)
You should now have the “Buy Crypto” page open 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 exactly 100 Dogecoins.
To finalize your purchase, simply click on the Buy button highlighted in yellow. This will take you to the confirmation page, where you can pick the payment method you prefer.
Select the payment method
Selecting the payment method is the last step in purchasing Dogecoin. 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 also have the choice to explore different payment methods.
Complete your purchase by clicking the Confirm button. Please keep in mind that the price of Dogecoin tokens will remain valid for 45 seconds. If you need more time, you’ll need to return to the Buy Crypto form to get a new quote.
How to store Dogecoin securely?
The safest way to store your Dogecoins is by using a cold wallet. A cold wallet, also known as a hardware wallet, is a device similar to a USB stick. It’s connected to a computer or smartphone only when confirming transactions, ensuring maximum security.
The Ledger Nano X is a widely popular cold wallet available on the market, priced at around 150 euros. You can securely purchase the Ledger Nano X from the manufacturer’s website by clicking this link.
There are also free wallet options 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 they purchased it from, but we don’t recommend this for long-term storage.
Some popular free wallets for Dogecoin include Trust Wallet, Exodus, and Coinomi. There is also the official Dogecoin Core wallet available at the dogecoin.com website.
What is Dogecoin?
Dogecoin is the largest and most well-known meme coin in the market. A meme coin refers to 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 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 a real 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. Dogecoin is also mineable due to its long history. 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 as 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 be beneficial for 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. Dogecoin’s market capitalization 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 a doubling of its price would require a substantial amount of 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.