How To Buy Dogecoin (DOGE) (2024)

Table of Contents

  • How to buy DOGE in 4 steps
  • Should You Invest in Dogecoin?
  • Alternative Ways to Invest in DOGE
  • Frequently Asked Questions (FAQs)

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Few cryptocurrencies attract as much intrigue as Dogecoin, thanks, in large part, to its enthusiastic booster and X (formerly Twitter) CEO, Elon Musk. Musk, a strong supporter of Dogecoin, has raised its profile through countless memes and mentions online, and more recently, when he added it as a payment method for Tesla-related purchases.

The DOGE coin is based on an internet meme of the Japanese dog breed and was originally created as a joke version of Bitcoin.

For a brief period, when users visited Twitter, the Shiba Inu image was visible on the log-in prompts and users’ home pages.

— Elon Musk (@elonmusk) April 3, 2023

Musk’s move caused DOGE to surge by as much as 30% on the day and came two days after Musk’s lawyers asked a US judge to throw out a $US258 billion lawsuit accusing him of running a pyramid scheme to boost an unregistered security.

Musk’s lawyers said, “There is nothing unlawful about tweeting words of support for or funny pictures about a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.”

“This court should put a stop to plaintiffs’ fantasy and dismiss the complaint.”

On May 4, Tesla added Dogecoin as a payment method, with eligible products having the Dogecoin symbol next to the “Order” button. For now, the Dogecoin payment method is limited to merchandise but enthusiasts hope it will be expanded to Tesla’s range of electric vehicles. This move caused the price of Dogecoin to briefly surge over 20% on the day of the news.

Predictably, Dogecoin is just as volatile as every other type of crypto, reaching an all-time high of over 73 cents in May 2021 per coin before experiencing a 78% drop in May 2022. By October last year, DOGE was worth $US0.063, but after the recent surge in cryptocurrencies, the coin is trading at $0.1596 as of May 6, 2024.

If you’re keen to purchase a piece of the action, here’s what you need to know about buying and selling Dogecoin. It is worth noting, however, that authorities, such as the Australian Government’s Moneysmart site, caution Australians to be careful when dealing with cryptocurrency, with some would-be investors falling victim to crypto criminals in recent times.

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How to buy DOGE in 4 steps

1. Choose a crypto exchange or broker

There are two options when it comes to buying crypto: a crypto exchange or a crypto broker. The two might seem quite similar on the surface, but there are subtle differences that impact which one is best for you.

An exchange is a platform on which buyers and sellers can trade cryptocurrencies directly. Similar to online share trading platforms, these are most suitable for DIY investors who want to manage their investments themselves.

A broker, on the other hand, is an interface that interacts with exchanges on your behalf. Some brokers will assign you an account manager, giving you direct contact with someone who can answer your questions and walk you through the investment process. As a result, brokers typically have higher fees than exchanges.

If you decide to go with a broker, be aware of the rules around moving your assets off the brokerage platform. Some brokers don’t allow you to move your holdings out of your account, which is typically a red flag in the eyes of most crypto investors.

Moving crypto assets into a private wallet, especially a hardware wallet, enables investors to adopt security best practices and the self-custody ethos strongly advocated in the crypto industry.

2. Choose a Payment Method

Most exchanges let you add funds to your account from your credit or debit card, bank account, crypto wallet or other payment service. Transaction fees may apply, and your payment method may have a bearing on the amount you’ll pay.

When you use a credit card, the card issuer treats it as a cash advance, which is subject to a higher rate of interest than a normal purchase.

3. Buy your DOGE

Within your chosen exchange or broker, find the DOGE market and decide on the amount you would like to invest. You can then place either a market order or a limit order.

A market order will execute immediately, buying your DOGE at the market rate immediately. A limit order works slightly differently, allowing you to choose the price at which you want to buy.

It is important to note that if the price you set the limit order at doesn’t get hit, your order could sit dormant until it expires. In this case, you will not receive any DOGE but you will still keep your initial capital.

4. Select Secure Storage

It’s important to note that crypto is not regulated in Australia by the Australian Securities and Investments Commission (ASIC) because cryptocurrencies are not considered to be financial products. This means you would not be entitled to reimbursem*nt if your DOGE were stolen, you lost your access codes, or if the exchange/broker in question went bust.

A broker might not provide any choice about where your DOGE is stored, but with an exchange, you’re free to store it in your own private wallet– whether ‘hot’ or ‘cold’.

Hot wallets are stored online, making them more convenient for day-to-day access but also more exposed to hackers.

Cold wallets are external storage devices such as hard drives or solid-state drives. They’re arguably more secure, but if you were to lose your own access codes, there may be no way for you to ever access your assets. Taking care of your private keys is paramount if you decide to store your crypto assets in a private wallet.

Whichever you choose, you may be charged a fee for exporting your DOGE to an external wallet.

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Should You Invest in Dogecoin?

Before diving into the volatile world of memecoins, it’s important to understand what you’re getting into.

Dogecoin started as a joke, a literal meme, but quickly gained a strong community of crypto investors which has endured over many years. Unlike traditional investments or even other cryptocurrencies that might be backed by tangible assets or promise utility, Dogecoin’s value is heavily influenced by cultural phenomena and narrative. Its price can swing wildly based on social media trends, celebrity endorsem*nts from the likes of Elon Musk, or the broader crypto market sentiment, making it a particularly volatile investment.

Investing in Dogecoin, therefore, requires a different approach. It’s less about analysing financial statements or technological innovations and more about keeping a pulse on cultural movements and the sentiment within the crypto community.

While this can lead to a more exciting form of investment, with prices driven by narrative and speculation, it also comes with significant risks. The very factors that can cause Dogecoin’s value to skyrocket can also lead it to an even more rapid plummet. Prospective buyers should weigh these considerations carefully, ensuring they are comfortable with the level of risk and the speculative nature of such an investment. Remember, like any investment, never put in more than you can afford to lose.

Alternative Ways to Invest in DOGE

Buying shares in a company that operates in or adjacent to the blockchain or crypto industry is another way that investors can gain access to the growth of cryptocurrency. If you play it right, this is almost like a “picks and shovels” style investment that is reminiscent of the gold rush, and also allows for cryptocurrency exposure through your online share trading account.

Nvidia (NVDA), for example, manufactures graphics processing units used by cryptocurrency miners. Coinbase (COIN), meanwhile, is a popular crypto exchange that allows users to buy, sell and trade cryptocurrencies.

There are many publicly listed companies that have some connection to the digital asset sector, particularly on US stock markets, giving investors a range of options to get exposure to crypto by investing in shares.

There are also now crypto exchange-traded funds (ETFs) that track the prices of cryptocurrencies directly. For example, BTC and Ether ETFs are listed on Cboe Australia, which investors can access via their share trading platform or broker.

While shares do offer a more familiar path to investing in cryptocurrencies, it doesn’t mean they are any less volatile. Be sure to do your research and ensure that the stock you picked fits into your personal investment portfolio given your financial goals. If you are ever unsure, it is always recommended that you speak to a professional financial advisor.

Disclaimer: Nvidia and Coinbase are used for illustrative purposes only. This article is not an endorsem*nt of any particular cryptocurrency, broker or exchange nor does it constitute a recommendation of cryptocurrency or CFDs as an investment class. Cryptocurrency is unregulated in Australia and your capital is at risk. Trading in contracts for difference (CFDs) is riskier than conventional share trading, not suitable for the majority of investors, and includes the potential for partial or total loss of capital. You should always consider whether you can afford to lose your money before deciding to trade in CFDs or cryptocurrency, and seek advice from an authorised financial advisor.

Frequently Asked Questions (FAQs)

Why can't I buy Dogecoin on Robinhood?

If you’re reading this in Australia, then it’s likely that you have heard about the online, zero-commission broker, Robinhood, and wondered when it’s going to come Down Under. The broker is hugely popular in the US and while there are reported plans to expand into Australia there are no set dates as yet.

There are many other reputable crypto exchanges available in Australia which provide access to Dogecoin. If you don’t know where to start, check out our top crypto exchanges for 2024. .

What platform should I buy Dogecoin on?

There are a range of exchanges available for those wanting to invest in Dogecoin, and your first question should be whether it accepts Australian dollars. Fortunately, there are many reputable crypto exchanges available in Australia, including Swyftx, CoinSpot and Binance. All of these exchanges offer slightly different terms and conditions — as well as perks — and some are more complex than others. Do a bit of research and if you decide to buy Dogecoin, find the one that suits you best.

When is a good time to buy Dogecoin?

There is a very tricky question to answer and be aware of anyone who pretends they can predict this with great certainty. Cryptocurrencies are essentially a wild ride, and, if you choose to invest in them, you can never tell at what stage of the journey you are at. Sure, Tesla and Twitter boss Elon Musk has flagged he intends to keep supporting DOGE through social media and with the recent introduction of Dogecoin payments for Tesla merchandise, but relying on these alone may not be the wisest investment approach. Just as many people have spoken out against the “joke” coin as those have for it, so if you’re tempted to try and predict an optimal time to buy DOGE, tread very carefully.

What is DOGE slang for?

DOGE is slang for dogs, and in the world of cryptocurrency memes has come to refer to Dogecoin, which sports a picture of the Japanese dog, Shiba Inu.

Why is the price of Dogecoin going up?

It is not unusual in the world of cryptocurrencies for prices to fluctuate in tandem with economic conditions or market fluctuations. This is especially true with Dogecoin, which spiked as much as 20% after Tesla CEO, Elon Musk, added Dogecoin as a payment method of some of Tesla’s products. Eligible products have the Dogecoin logo next to the “Order” button.

Is it better to invest in Bitcoin or Dogecoin?

Choosing between Bitcoin and Dogecoin hinges on your investment strategy and risk tolerance. Bitcoin offers more stability, security, and is widely recognised as a store of value, akin to digital gold. It is a scarce asset, with only 21 million coins ever to be created, which further drives value due to supply and demand dynamics.

Dogecoin, with its origins as a meme and unlimited supply, stands out for its ardent fanbase and cultural influence rather than traditional financial metrics. If you’re inclined towards a more stable, established cryptocurrency, Bitcoin is preferable. However, if you’re open to higher risk for potentially quick gains based on cultural trends, Dogecoin could be attractive. Assess your risk appetite and investment goals carefully before deciding.

Is Dogecoin a good investment?

Dogecoin’s investment appeal depends on individual risk tolerance and field of interest. Its price is highly volatile, driven by social media, endorsem*nts from the likes of Elon Musk, and its enthusiastic community of boosters. This volatility offers opportunities for quick gains, but also comes with the risk of significant losses too.

When it comes to memecoins, it’s crucial to invest responsibly and be prepared for possible losses. Diversify your investments to spread risk and never invest more than you can afford to lose.

How do I buy Dogecoin in Australia?

It is easy to buy Dogecoin via a centralised crypto exchange in Australia. Here are some simple steps:

  1. Sign up for an account on a reputable crypto exchange that supports DOGE.
  2. Complete identity verification and know-your-customer (KYC) process as required by the exchange. This will likely involve supplying personal details and a government-issued ID.
  3. Deposit AUD into your account via bank transfer, debit card or other supported method. Alternatively, some exchanges will allow you to deposit other cryptocurrencies and use them to buy Dogecoin.
  4. Navigate to the DOGE market page and place a buy order for the amount you want.

Remember that cryptocurrencies can be volatile and aren’t suitable for everyone. Be sure to do your due diligence before deciding to invest, and consult with a financial advisor if you are unsure about anything.

How much will DOGE be worth in 2025?

As of May 6, 2024, Dogecoin is trading at just below $0.16. DOGE previously reached an all-time high of $0.73 in 2021 driven by social media hype and endorsem*nts from public figures such as Elon Musk. Being a meme coin, Dogecoin’s price is heavily influenced by viral attention and sentiment.

Renewed interest from influential figures or widespread buzz on social media could potentially catalyse another major price surge. However, predicting an exact price target for 2025 is speculative at best for this type of asset. Investors should be aware of the volatility and risk before deciding to invest.

How To Buy Dogecoin (DOGE) (2024)


How To Buy Dogecoin (DOGE)? ›

The most straightforward method to acquire Dogecoin (DOGE) is through a crypto exchange, where you can buy DOGE using US dollars or other cryptocurrencies. However, it's essential to understand the investment and to use a reliable exchange before adding Dogecoin to your portfolio.

What is the easiest way to buy Dogecoin? ›

Most find that the easiest and most secure way to purchase Dogecoin is through a reliable cryptocurrency platform like Kraken. While Dogecoin can be purchased using several different methods, Kraken offers the security, support and simplicity people often look for when buying cryptocurrencies like Dogecoin.

Is it possible for Dogecoin to hit $100? ›

The prediction of a $100 DOGE relies on "hyperbitcoinization," a scenario in which Bitcoin surpasses traditional money. While that is unlikely to happen by 2028, it could happen well into the future. With this in mind, a $100 DOGE is a possibility, though perhaps not on the timeline indicated by the analyst.

What needs to happen for Dogecoin to hit $1? ›

If developers can figure out a way to stop creating new coins, while also burning sizable amounts of existing ones, Dogecoin can become significantly scarcer. That can help support a higher price. The Securities and Exchange Commission (SEC) has hinted that every crypto besides Bitcoin is basically a security.

Is it worth buying Dogecoin now? ›

From the foregoing discussion, it is safe to say that it is not too late to buy Dogecoin. DOGE continues to be a promising cryptocurrency and the only meme coin among the top 10 cryptos by market capitalization. But investors should consider DOGE only if a highly volatile meme coin suits their risk appetite.

How to buy wwdoge? ›

Here are the steps to help you buy Dogecoin:
  1. Step 1: Sign up for a crypto exchange. ...
  2. Step 2: Verify your account. ...
  3. Step 3: Deposit funds to your account. ...
  4. Step 4: Find DOGE, check market price, and buy.

What is the easiest app to buy Dogecoin? ›

BitPay makes it easy to buy Dogecoin (DOGE) with a credit card. Simply enter your credit card details as a payment method and complete the transaction as you would any other payment method.

What is the minimum amount to buy Dogecoin? ›

You can start investing in dogecoin with a small amount of Rs 100 on BuyUcoin.

Will Dogecoin reach $5? ›

According to the price prediction, DOGE could breach the $5 mark and hit a maximum high of $5.03. The tentative timeline predicted for the target by the analytical firm is at the end of the decade in 2030.

How high can DOGE go realistically? ›

By 2025, CryptoNewsZ forecasts that Dogecoin could achieve a maximum value of $0.39, with a minimum price projected at $0.25. CoinPriceForecast estimates that Dogecoin could rise to $0.1228 by the end of 2025, while by mid-year it could rise to $0.1131.

Will Dogecoin reach $2? ›

A new price prediction from Coinpedia estimates that Dogecoin could trade between $2 to $3 by the end of the decade in 2030. That's another six years from today and a much longer wait for investors of the meme coin.

Which coin will reach $1 in 2024? ›

Next Crypto to Hit $1 in 2024: Top 7 Picks 1. Pikamoon (PIKA): A 3D Play-to-Earn (P2E) Web3 game token, positioned for explosive growth. 2. Shiba Inu ($SHIB): Aimed at hitting the coveted $1 mark, bolstered by growing utility and plans for a metaverse.

Why is Dogecoin not a good investment? ›

The simple truth is that as an investment, Dogecoin offers little beyond speculative potential. Its price fluctuations are largely driven by market sentiment, social media hype, and speculative trading activity. It isn't a common payment tool and deliberately didn't copy Bitcoin's anti-inflationary design.

Will DOGE ever recover? ›

While Dogecoin undoubtedly has the potential to run again, the over-reliance on Elon is a risk for the project. Moreover, compared to most of the best altcoins, Dogecoin also lags behind regarding tokenomics, mainly due to its unlimited supply and the fact ten wallets control almost 46% of all the coins in circulation.

Is it too late to invest in Dogecoin? ›

Our Conclusion. Taking everything into consideration, it's not too late to buy DOGE in 2024 and beyond. Dogecoin remains a promising investment — this cryptocurrency can still rally in the future.

Should I sell or hold Dogecoin? ›

Dogecoin is a risky asset class, like most cryptocurrencies, but unlike many other projects it has only limited utility. It remains to be seen if Dogecoin will ever get back to its prior peak. That said, buying the dip can be an effective long-term strategy alongside diversification and dollar-cost averaging.

What is the downside of Dogecoin? ›

Volatility: Like many cryptos, Dogecoin is known for its high price volatility. This can make it risky as an investment or payment method, as the value can fluctuate significantly within a short period of time.

What's the best way to buy Dogecoin? ›

Coinbase is the most trusted place for people and businesses to buy, sell, and manage Dogecoin. It's quick and easy.

Can you buy Dogecoin with a credit card? ›

Credit or debit card payment is one of the effortless ways to buy DOGE and other cryptocurrencies in a fast and secure manner. With Changelly, you can use a Visa or a Mastercard credit card issued in your local currency.

Which crypto to buy today? ›

Top Cryptos
NamePrice24H Low
ETH Ethereum328,379.9321,645.0
USDT Tether USD89.2388.05
BNB Binance Coin60,648.9958,806.72
SOL Solana14,249.9914,000.00
37 more rows

Where can I buy Dogecoin instantly? ›

With Paybis, you can buy Dogecoin instantly, meaning it will be sent to your wallet seconds after we receive your payment - regardless whether it is your own external wallet or a Paybis one. You can buy DOGE with debit card or credit card - be it VISA or Mastercard.

Can I directly buy Dogecoin? ›

You can buy Dogecoin in India directly through Peer to Peer (P2P) trade. There is also an option for buying crypto from decentralized exchanges or from someone who holds dogecoins.

What is the most profitable way to mine Dogecoin? ›

Generally speaking, it's a better idea to mine DOGE in a pool rather than solo. A cryptocurrency's supply is among the factors affecting the profitability of its mining.


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