Dogecoin, a cryptocurrency that started as a fun and lighthearted project, has gained significant popularity and a loyal community of supporters. If you’re interested in buying Dogecoin, this beginner’s guide will provide you with an overview of the various options available for purchasing this cryptocurrency. In their article, TU experts explained where to buy Dogecoin and how to do this.
What is Dogecoin (DOGE)?
Dogecoin (DOGE) is a cryptocurrency that was created as a fun and lighthearted project in December 2013. It was originally based on the popular “Doge” meme featuring a Shiba Inu dog with captions written in broken English. While initially seen as a joke or a “meme coin,” Dogecoin has gained significant popularity and has developed a dedicated community of supporters.
Dogecoin is based on the same underlying technology as other cryptocurrencies like Bitcoin. It utilizes a decentralized, peer-to-peer network called blockchain to enable secure and transparent transactions. However, Dogecoin differentiates itself with its friendly and community-driven approach.
At the time of writing, there is no hard cap on the number of Dogecoins that can be mined. Instead, an inflationary model is followed, where a fixed amount of new Dogecoins are created each year.
Dogecoin has a vibrant and supportive community that engages in various charitable initiatives. The community has been known for tipping and donating Dogecoins to support causes and individuals in need. This aspect of Dogecoin has contributed to its positive reputation and widespread recognition.
Three best strategies to trade Dogecoin (DOGE)
When it comes to trading Dogecoin (DOGE), there are various strategies that traders can employ based on their individual goals, risk tolerance, and trading preferences. Here are three popular strategies: buy and hold, day trading, and swing trading:
- Buy and hold
The buy and hold strategy involves purchasing Dogecoin with the intention of holding it for the long term, regardless of short-term price fluctuations. This strategy is based on the belief that the value of Dogecoin will increase over time. Traders who adopt this strategy typically have a long-term investment horizon and are not concerned with short-term price movements. They focus on the overall potential of Dogecoin as a cryptocurrency and hold onto their investment for an extended period, often years.
- Day trading
Day trading involves buying and selling Dogecoin within a single trading day. Day traders aim to take advantage of short-term price movements and make multiple trades throughout the day to generate profits. They typically analyze intraday charts, technical indicators, and market patterns to identify short-term trading opportunities.
- Swing trading
Swing trading is a strategy that aims to capture medium-term price movements in Dogecoin. Traders hold positions for a few days to several weeks, taking advantage of short-term trends within the overall market context. Swing traders analyze charts, identify patterns, and use technical indicators to spot potential entry and exit points.
Best crypto platforms to buy Dogecoin
When it comes to buying Dogecoin (DOGE), there are several cryptocurrency platforms available that support DOGE trading. Here are some popular and reputable platforms where you can buy Dogecoin:
Bybit is a popular cryptocurrency derivatives exchange that offers trading services for various cryptocurrencies, including Bitcoin, Ethereum, Ripple, and more. It specializes in leveraged trading, allowing traders to amplify their positions and potentially increase their profits (as well as losses).
- Huobi Global
Huobi Global is a prominent cryptocurrency exchange that provides a platform for trading a wide range of digital assets. Founded in 2013 and based in Singapore, Huobi has established itself as one of the leading cryptocurrency exchanges globally.
- IC Markets
IC Markets is an Australian-based online forex and CFD (Contract for Difference) broker that offers trading services to retail and institutional clients. Founded in 2007, IC Markets has grown to become one of the largest forex brokers globally, serving traders from over 200 countries.
Buying Dogecoin can be an exciting entry into the world of cryptocurrencies, and the process is relatively straightforward with the availability of reputable exchanges. By following the steps in a guide by Traders Union, investors can get started in acquiring Dogecoin and potentially participate in the vibrant community that surrounds this popular digital asset.