How to Buy Dogecoin (DOGE)

Dogecoin’s ascension from a tongue-in-cheek parody cryptocurrency project to the world’s largest meme coin is one of the industry’s most bizarre underdog stories.
The project originally started life as a mockery of other cryptocurrencies, but quickly gained the attention and adoration of dog-loving internet users worldwide. Dogecoin was a copy and paste job from the code of Lucky Coin, a project forked from Bitcoin’s open source code. It served as a digital currency that could be easily mined, cost fractions of a cent to buy and had an initial maximum supply of 100 billion coins — 4,761x larger than bitcoin’s total supply.

Eventually, however, many of Dogecoin’s rogue parameters were changed to make it a more legitimate, usable cryptocurrency in response to it becoming one of the most popular cryptocurrencies around. Among these changes included the removal of its supply cap. This means there is no upper limit on how many DOGE cryptocurrency tokens can enter into circulation.

Want to dive deeper? Read Kraken’s What is Dogecoin? (DOGE) to learn more.

The doggy-themed cryptocurrency was created in late 2013 by Jackson Palmer and Billy Markus purely to make fun of other digital assets being developed at the time. In an interview in 2019, Palmer said he conjured the idea for Dogecoin after seeing the viral Shiba Inu meme on his computer, admitting that he only thought he’d get a few laughs out of it from the wider community.

Within the first month of launching the project, almost 20,000 people flocked to its dedicated Reddit page, shortly followed by a 3x rise in price as crypto trading took off.
In the years that followed, Dogecoin quickly became an iconic cryptocurrency that was more about having fun and crowdsourcing charitable donations for worthy causes (many of them dog-themed) than trying to solve some serious, centralized, real-world problem. Among its fans include celebrity endorsers such as Mark Cuban, Gene Simmons, Elon Musk and Snoop Dogg.

It still remains a leading project in the crypto market with a market capitalization of over $10 billion.

Dogecoin is predominantly used as an online payment system for electronically transferring value between users. It was once one of the most widely used tipping cryptocurrencies thanks to its low fees, ease-of-use and strong community.

Outside of its general utility, many buy and hold DOGE as a highly speculative investment. This is largely due to the historical impacts that Elon Musk’s Dogecoin-related tweets have had on its price. As a result, the cryptocurrency is especially volatile and prices can swing wildly in both directions rapidly from a single social media message.

Thanks to gift cards, merchant adoption and crypto debit card services like BitPay, you can now buy almost anything with DOGE. Crypto debit cards work by seamlessly converting your DOGE into fiat currency at the point of sale, so you can use it just as you would a normal debit card.

With more than a decade of experience, Kraken has established itself as a pillar of the cryptocurrency industry. While we have grown to now offer over 200 cryptocurrencies, we remain one of the best places to buy DOGE. 

You can buy Dogecoin on Kraken with as little as $10 since each DOGE is divisible into smaller units. While you do not need to execute larger orders, Kraken’s advanced price discovery and execution technology helps offer some of the best rates of any cryptocurrency exchange.

Your verification level determines what you can do with your Kraken account. This can be located by signing into your account, selecting your name in the upper right and then selecting Get Verified. You will then see highlighted your current (pending or verified) level.

Dollar cost averaging is a popular strategy that allows you to invest in an asset at regular time intervals using fiat currencies (cash) and other payment methods like a bank transfer, regardless of its price. This sort of recurring buy strategy is designed to help build wealth over time while minimizing the impact of unpredictable price changes.

Kraken works hard to protect your DOGE
When you buy Dogecoin with Kraken, your crypto is automatically stored in our hot wallet — an accessible but highly secure place to keep your DOGE safe.

Kraken allows you to hold your own Dogecoin
Our rigorous security standards ensure that our users’ crypto is always safe on our platform. However, if you want to hold or transfer your Dogecoin, Kraken allows you to take full custody of your DOGE in the wallet of your choice, unlike many other fintech services. Dogecoin can easily be stored on hardware wallets, web, or mobile wallets.

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Disclaimer
Information provided in this “Learn” section is for general educational purposes only and is not intended to constitute investment or other advice on financial products. Such information is not, and should not be read as, an offer or recommendation to buy or sell or a solicitation of an offer or recommendation to buy or sell any particular digital asset or to use any particular investment strategy. Kraken makes no representations as to the accuracy, completeness, timeliness, suitability, or validity of any such information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use.