The in and outs of Dogecoin

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Many people are familiar with the iconic Shiba Inu that became famous as a meme. This same adorable pup is also the face behind Dogecoin. While some people may write off Dogecoin as a joke, it is essential to understand all aspects of this cryptocurrency and whether or not it is right for you to invest in it.

In 2013, Dogecoin emerged as part of a marketing venture. This coincided with the surge of meme culture, which was gaining popularity and reaching a large audience.  Currently valued at $0.08 with $4,107,898 worth of DOGE traded on Kraken within 24 hours, Dogecoin is frequently utilized for tipping content creators on social media platforms. Dogecoin operates as a cryptocurrency aiming to offer an alternative to Bitcoin and other well-known currencies by utilizing a peer-to-peer method. 

If you are new to crypto, Dogecoin is an ideal starting place. The coin’s creators, Jackson Palmer and Billy Markus started Dogecoin as an alternative to Bitcoin that would help introduce cryptocurrency to the mainstream. At the time, Bitcoin was oversaturated, making mining particularly difficult. Those intimidated by Bitcoin but were curious about crypto were drawn to Dogecoin’s simple, light-hearted approach. The platform, developed with beginners in mind, offers a feel for mining on the blockchain. Even though it is now a significant cryptocurrency listed on most exchange platforms, Dogecoin is still a smart choice for those new to crypto trading.

If you want to buy Dogecoin, Kraken is a great platform to consider. It has gained the trust of cryptocurrency enthusiasts due to its volume of Dogecoin trading. It is free to start an account with Kraken and you only need $10 to start your journey with Dogecoin. With a range of funding options, robust security measures, and access to over 200 cryptocurrencies for trading, Kraken provides a great starting point. Similar to all cryptocurrencies, the price of Dogecoin fluctuates constantly.  Kraken also enables you to stay updated on the cost of buying Dogecoin. You have the convenience of buying Dogecoin and selling it instantly for investment or trading purposes at moments. Due to Kraken’s flexibility and low investment threshold, it serves as a gateway for newcomers venturing into trading for the time.

After buying Dogecoin, you have the ability to trade it for other cryptocurrencies or fiat currencies. While Kraken is home to clients from all over the world, investors should note that there are some exceptions due to regulations on the international and local levels. In addition, certain restrictions may be added to your account depending on your verified residency.

Dogecoin may be unpredictable like most cryptocurrencies, but its price and user-friendly model make it accessible to many. Those looking to get familiar with crypto, mining, and NFTs will get a crash course in trading by buying a small amount of Dogecoin. Evaluating the risks of investing will be unique to each trader, but generally, Dogecoin is a good place for new investors to start their cryptocurrency journeys.