Why buy Dogecoin ?
Launched as a joke in 2013 by two founders who wanted to make fun of the cryptocurrency market, Dogecoin has nevertheless established itself as one of the most followed projects.
Today, this same token is tenth among the thousands of existing tokens on the market in terms of market capitalization. The dog head token carries an $11 billion market on its own.
It is considered a “meme token” because its image is that of a very well-known meme: “Doge” which represents a dog of the Shiba Inu breed.
Dogecoin has become a very serious project that is growing widely. It is currently accepted as a means of payment in many companies.
In his future development project after the takeover of Twitter, Elon Musk has already mentioned that he could make actions on the social network chargeable to avoid spam and fake accounts. To put this system in place, the billionaire would use Dogecoin.
The Dogecoin has become a benchmark on which many crypto whales place themselves by investing massively. We know of the interest of billionaire Elon Musk, who has repeatedly pushed up the price of the token with tweets and announcements.
The development of the same coin is also actively continuing on its blockchain and in its ecosystem. In July 2022, an important update took place to improve the efficiency of the network, reduce transaction costs, improve its security.
The Dogecoin project is banking on the future and intends to remain among the largest tokens on the market. With the recent acquisition of Twitter by Elon Musk, it is very likely that the Doge will arouse growing interest in the coming months or even years if the token integrates into the social network.
Elon Musk has been an inveterate Dogecoin fan for several months. Via promotional tweets, without supposed to be, he has already made the price of Dogecoin jump several times in the past.
The impact of the billionaire has already made the community rebel because his tweets can be considered as price manipulation that can benefit him.
The billionaire has just acquired the social network Twitter after a complicated takeover which lasted for months and which had to go through the court. Knowing Musk’s interest in this token, there is strong reason to believe that this takeover can have an impact.
Dogecoin has been totally associated with Elon Musk and the slightest news about him has consequences on the price of the token. Since taking a stand in the offices of the social network, the token has gained 12% in the first 24 hours.
If the new boss of Twitter goes in the direction he already explained before, the Dogecoin is likely to climb too. Namely, he wants the social network to integrate a payment system whose currency would be Dogecoin.
In Twitter’s billion-dollar buyout, Binance took part in the $500 million takeover. Since Binance is the most popular and widely used exchange on the planet, it is highly likely that the platform will accompany Twitter in a crypto transition.
How to buy Dogecoin ?
Access to cryptocurrencies is now democratized and facilitated by platforms that want to convert more and more customers to invest in cryptocurrency. The solutions that exist today are diverse and suitable for all types of users.
Buying Dogecoin can therefore be a simple task if you want to invest in the same most reputable corner of the market. Mainly, there are two types of platforms you can turn to.
Exchanges are trading platforms that offer access to blockchains to all investors. They can create an account on a platform and benefit from access to blockchains.
These trading platforms can be centralized or decentralized. The best known such as Binance, Kraken or Bybit are centralized and managed by a structured company. Decentralized platforms do not depend on a central structure.
Brokers are brokers who offer investors contracts on the price of financial assets. The investor can open trading positions by betting on the movement that the price of an asset will have.
These brokers are generally very intuitive platforms that allow users to easily invest in the cryptos they want.
Since Dogecoin is one of the most valuable and popular cryptos in the market, it is available on most platforms that allow investing in cryptos.
Binance offers to buy Dogecoin on its exchange platform.
Sign up at binance.com to buy Dogecoin quickly. Registration is very fast and you will need to have your account verified quickly through the KYC procedure.
Then you can credit your Binance account with your credit card or Paypal to buy Dogecoin.
Your tokens will then be stored on your internal Binance wallet (custodial) and you can transfer them to another external wallet such as Metamask or XDEFI at any time.
The famous broker eToro also offers to buy Dogecoin easily.
Proceed with your eToro registration by going to etoro.com. You can create your account in just a few clicks and have it verified afterwards.
You can then buy Dogecoin easily by selecting the token from the list of cryptocurrencies offered by the platform.
On eToro, you can open an up or down position if you think Dogecoin may rise or fall in value.
You can also follow an investor’s trades using the platform’s copy trading service.
Your investment will be through this platform and you will not be able to transfer it elsewhere since you do not actually own the tokens but a contract on the movement of its course.
Buying Dogecoin in 2022 review, a good idea ?
There is never an objective answer to the legitimacy of an investment. Dogecoin is a financial asset and its price is uncertain, especially since the cryptocurrency market is one of the most volatile and it is very difficult to predict it.
The crypto has been going through difficult times for several months where the market has been stagnant and not showing encouraging signs.
However, this kind of period can also be a good gateway to buy inexpensive tokens that could go up later.
Recent events with Elon Musk and his takeover of Twitter may also prove to be good signals. The community is very engaged and involved in billionaire news even if it is not always very healthy.
Whether in Dogecoin or another token, buying crypto is a thoughtful investment that can support blockchains.
The market is very capricious and it is better to remain very careful about purchases.