DOGE-USD Trading

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The Ultimate Guide to Trading Dogecoin With eToro

At first glance, especially looking at its logo featuring a Shiba Inu dog from a viral dog meme, Dogecoin () appears like the cryptocurrency's inside joke. Well sort of, but not quite.

The creators of Dogecoin was designed by software engineers Jackson Palmer and Billy Markus to create a payment system that is instantaneous, fun and operates outside the intervention of banking fees. It also started—as they claim themselves—as a joke to make fun of Bitcoin.

Well, that "joke" has snowballed Dogecoin to one of today's popular cryptocurrency thanks to the endorsements of known entrepreneurs and celebrities like Elon Musk, Mark Cuban, Snoop Dog and countless Reddit and TikTok users.

Dogecoin’s coin is know simply as DOGE and is available on the eToro online trading platform.

Already thinking of trading DOGE?

In case you're considering of trading this cryptocurrency, clicking on the button below will get you started. This will take you to eToro's Dogecoin trading page so you can see how it looks like and if you wish to continue, you just need to open an account with them.


YES, TRADE DOGE NOW!

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

History

First introduced on December 6, 2013, Dogecoin was created by IBM Software Engineer Billy Markus and Adobe Software Engineer Jackson Palmer as a peer-to-peer digital currency that aims to be a more accessible version of Bitcoin.

Dogecoin was designed using the protocols used by existing crypto's Litecoin and LuckyCoin that base its proof-of-work algorithm to the scrypt technology.

Dogecoin logo
Dogecoin logo

This disallows the use of SHA-256 cryptographic hash functions used by Bitcoin miners and instead uses the dedicated and more complex ASIC and FPGA devices for mining.

From a few billions and a value of $0.00026 in 2013, Dogecoin now has a total of 129.5 billion in circulation as of May 2021 with a 52-week range of from $.0023 - $0.0736.


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Despite being not as popular as other cryptocurrencies, Dogecoin has achieved a "cult-like" following among crypto-investors and even gained media attention when SpaceX, the American Aerospace manufacturer, announced a "completely Dogecoin funded rideshare mission to the Moon in 2022".

Is Dogecoin Here to Stay?

People refer to Dogecoin as "Bitcoin's silly cousin" because it is considered as not as secured and decentralized as Bitcoin. It is also seen as a lesser innovative digital coin compared to other cryptocurrencies.

At 129 billion DOGE in existence and at its current price below $1, it can be seen—at present—as a "fun investment".

But of course, if one would believe Tesla founder Elon Musk who said before "arguably, the most ironic outcome would be that Dogecoin becomes the currency of the Earth of the future".

Mark Cuban, the popular businessman from Dallas, Texas and owner of the NBA team Dallas Mavericks, meanwhile expressed hope that Dogecoin may become a serious player in the cryptocurrency world if more people use it.


If more places take Doge and more people spend it, then those 5 billion coins (DOGE’s annual inflation) annually will be consumed and that may increase the value of Doge”

How to Buy a Dogecoin?

Several big exchanges in the world sells Dogecoin like Binance. You can also buy and trade Dogecoin in eToro.

Once you purchased a DOGE, you hold on to it as you would with other cryptocurrencies. You can store it on your trading platform exchange or keep it in your own digital wallet or at Dogecoin's official wallet in dogecoin.com.

How to Trade DOGE on eToro?

  1. On your eToro dashboard, click "Trade Markets".
    Clicking "Trade Markets" on eToro
    Clicking "Trade Markets" on eToro
  2. Select "Crypto".
    Selecting "Crypto" on eToro's Markets screen
    Selecting "Crypto" on eToro's Markets screen
  3. Scroll down to look for "DOGE".
    Looking for Dogecoin on eToro's list of crypto assets
    Looking for Dogecoin on eToro's list of crypto assets
  4. Click "Buy" and set the amount you want to invest.
    Buying Dogecoin (DOGE) on eToro's platform
    Buying Dogecoin (DOGE) on eToro's platform
  5. "Click "Open Trade".
    Executing DOGE buy order on eToro
    Executing DOGE buy order on eToro

Is DOGE the Right Crypto for You?

Like with other cryptocurrencies and whether you are an experienced investor or a first-time investor, one should proceed with caution before investing on a cryptocurrency.

With cryptocurrency still considered a new player in the investment market, it is advisable to do your own studying regarding the crypto you want to buy. In this case, it's the DOGE. The upside of investing on DOGE is its low value of less than a dollar, which present a lower risk compared to buying other more expensive cryptocurrencies.

Current Uses of DOGE

Considered as an altcoin used by many users, Dogecoin's DOGE is now being used in many commercial transactions online.

Social media platforms such as Reddit and Twitch are seeing many users trade tangible items in exchange for DOGE as a form of payment.


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DOGE Supply

After mining its 100 billionth DOGE in 2015, an additional 5 billion was added every year. So far, no cap has been set for Dogecoin and it is expected to reach 200 billion in 2035.

DOGE Inflation Rate

By removing its originally set limit of 100 billion coins, the DOGE is expected to register an inflation rate of 2% by 2035 from 3% in 2027 and 5% back in 2015.

Dogecoin Market Cap

From its "meme" and "joke" origin, Dogecoin has indeed went viral in the cryptocurrency world by becoming a top five biggest crypto in the world with a market capitalization of $92 billion after a 26,000% rise in its value during the last six months spanning the end of 2020 to May 2021.

Many analysts are now saying that the "satirical crypto of Dogecoin" should be now taken seriously and studied extensively, if one is looking to invest on it.


Interested about trading Dogecoin?

If you click on the button below, you'll be taken to eToro's online trading platform for Cardano. Here, you will see the actual platform and if you're interested to test out the system, just click on the "Sign up" button there to open an account and trade using the demo or real portfolio.


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eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of future results.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.



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*67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.