Key takeaways
- Dogecoin is the first memecoin that was started for fun but has grown into a multibillion-dollar asset and a top 10 cryptocurrency.
- Buying Dogecoin requires you to set up an account on a reputable exchange like Coinbase to deposit funds and purchase the coin.
- Dogecoin is a highly volatile cryptocurrency that has experienced significant spikes and crashes, often after news or comments from notable figures like Elon Musk.
- Investing in Dogecoin for beginners requires thorough research, strong security measures and vigilance against common scams.
Are you looking to invest in Dogecoin but unsure where to start? The leading memecoin may have started life as a joke in 2013, but it now boasts a massive, passionate following in the crypto community.
Millions now hold the digital asset for more than a lighthearted gesture. It is included in a diversified portfolio, used for daily payments and even helps to support charitable causes.
In this article, you’ll find everything you need to know, including a breakdown of Dogecoin (DOGE) as an investment vehicle and step-by-step instructions on how to buy Dogecoin.
What is Dogecoin, and why does it matter
Dogecoin is a type of cryptocurrency known as a memecoin. It is considered the first and most popular memecoin, with a total market cap exceeding $50 billion as of January 2025, putting it in the top 10 most valuable cryptocurrencies.
It was launched in 2013 by Billy Markus and Jackson Palmer, who took inspiration from the Doge internet meme. The meme is a picture of a Shiba Inu dog combined with Comic Sans font, representing an internal monologue of broken English “dog thoughts.”
Billy Markus, a developer at IBM, thought Dogecoin was a fun idea. Markus contacted Palmer to see if he could build the software to support the coin. With that, the two came together to found Dogecoin.
The love for the Doge internet meme brought a loving community to the namesake cryptocurrency, giving it a loyal band of followers, owners and users. The underlying blockchain technology for Dogecoin can be traced back to Bitcoin (BTC).
Dogecoin is a fork of Litecoin, which is itself a fork of Bitcoin. The total supply of Dogecoin is unlimited, and it has a block time of 1 minute. These two key features make it affordable for anybody to buy and offer fast payment transaction speeds.
Dogecoin’s rise: From meme to market phenomenon
Over the history of Dogecoin, it has experienced significant price surges, most notably in 2021, when it pumped from less than 1 cent to more than $0.50 in about seven months. During Dogecoin’s rise, Elon Musk regularly championed the coin, including a “Dogecoin SpaceX Mission” and changing his X bio to the “CEO of Dogecoin.”
Dogecoin has become the darling of memecoin investors with its large community, exceptional growth and longevity, illustrating that this area of the crypto industry is more than a lighthearted joke.
The community has, for example, come together to support individual athletes and sports teams such as the Jamaican Bobsled Team and NASCAR Driver John Wise.
Did you know? The Dogecoin community raised $30,000 in 2014 to send the Jamaican bobsled team to the Sochi Winter Olympics. Funds were raised in cryptocurrency totaling 26.5 million DOGE. Unfortunately, the two-person team finished in last place, but the team was still a fan favorite.
Steps to buy Dogecoin (DOGE)
Buying Dogecoin is straightforward when using reputable cryptocurrency exchanges like Coinbase or Binance. You must set up an account and deposit funds before purchasing crypto. Here’s a step-by-step guide to how to buy Dogecoin on Coinbase for illustration purposes:
1. Go to https://coinbase.com and create an account.
2. Follow the setup and verification process. You’ll need to verify your identity, including uploading a copy of your government ID to pass Know Your Customer (KYC) checks.
3. Deposit funds into your account. This can be done using fiat currency like dollars, euros or pounds. Or deposit cryptocurrency into the relevant Coinbase wallet address.
4. Search for Dogecoin on the right-hand sidebar. Select the amount you want to buy and click review order. You’ll then be asked to check and confirm your order.
5. That’s it. Your purchase of Dogecoin is complete. You’ll see your account balance in the “My Assets” tab on Coinbase.
Did you know? Much of the near-instant success that Dogecoin experienced was thanks to community forums like Reddit, where it even became a tipping currency. Astoundingly, two weeks after launch, it reached more daily transactions than Bitcoin.
How to set up a wallet for Dogecoin
Once you have purchased Dogecoin, you might want to withdraw it from your exchange account. This will allow you to self-custody your coins in a software or hardware wallet.
Plus, you can transact with them outside of centralized authority. You’ll need to set up a Dogecoin-compatible wallet like Trust Wallet. Here is a step-by-step Dogecoin wallet setup guide:
1. Go to https://trustwallet.com/download, download and install the wallet software on your computer.
2. Open the software application and select “Create a new wallet.”
3. Secure your wallet with a secret recovery phrase. Write it down and store it securely. Never share your recovery phrase with other people or online. It gives direct access to your wallet and private keys.
4. When prompted, search for “Dogecoin” and select the coin to add the asset to your wallet.
5. Click the “Receive” function to reveal your Dogecoin public key (wallet address). You can use this to make deposits into your wallet for exchange accounts like Coinbase or for other people to make payments.
Tips for investing in Dogecoin safely
Cryptocurrency investments tend to have more risks than traditional financial assets, with chances of total loss and high volatility.
If you are inexperienced in investing in cryptocurrencies, there are several simple tips on how to invest in Dogecoin safely:
- Do your research: Before deciding on your investments, thoroughly research Dogecoin. Follow trusted industry news sources to stay informed about industry trends, Dogecoin price predictions and the top cryptocurrencies to buy.
- Security: Always take security seriously, ensuring you use strong passwords and 2-factor authentications and have backups of your seed phrase. If you lose access to your wallet or funds are stolen from an account, it is almost impossible to recover cryptocurrency.
- Diversify: It’s worth considering a broad investment portfolio. Dogecoin is a highly volatile asset. Its value can swing wildly in minutes, even with its significant market cap tweets and social media posts from high-profile figures like Elon Musk and President Donald Trump can cause turbulence in the market.
- Beware of scams: Avoid any “too good to be true” investment offers, especially from unsolicited messages and unverified investment schemes. Always double-check the URL of the platforms you connect your wallet with and the transaction details.
Cryptocurrency investments require careful planning and informed decision-making. While Dogecoin offers unique opportunities, it’s crucial to remember the risks involved in navigating the cryptocurrency market safely and responsibly.
Always invest only what you can afford to lose and stay informed to make smarter financial decisions.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.