Dogecoin has seen its price rise by over 20,000% over the last year
What is Dogecoin?
Dogecoin is a cryptocurrency initially developed as a joke and a means to tip online creators for their work. It is a meme coin, based on the “doge” meme that was popular in 2013, but is now attracting attention as a serious project after electric vehicle magnate Elon Musk began voicing support for the token this year.
Dogecoin has gained massive popularity on social media such as TikTok, and has seen a trading volume of over $22 billion as traders reapply buying pressure after a recent dip.
To put this into perspective, Dogecoin’s price has risen by 450% over the past 30 days.
DOGE has been frequently written off as a joke by detractors, but things have taken a bizarre turn in recent weeks. Musk repeatedly voiced tongue-in-cheek support for the coin, before mentioning it on American comedy serial Saturday Night Live, to an audience of millions.
More recently, Musk has voiced an apparently serious desire to fund a mission to the moon using Dogecoin, via his space exploration company SpaceX. He also posted a poll on Twitter, asking “Do you want Tesla to accept Doge?”, with an overwhelming majority of respondents voting in favour of the proposal.
How is Dogecoin different from Bitcoin?
Dogecoin has some similarities with Bitcoin, being a cryptocurrency, but is largely different because of its price. One Dogecoin costs less than a dollar, with a single Bitcoin costing around $50,000 at the time of writing. This makes DOGE seem a lot more accessible.
Furthermore, Elon Musk recently announced that Tesla would suspend Bitcoin payments for its vehicles. Musk criticised Bitcoin’s energy consumption, citing concerns over “a massive increase in fossil fuel use”.
Meanwhile, it appears that Dogecoin may be heading towards more widespread adoption as a means of exchange, with Musk announcing that he is working directly with Dogecoin developers to mitigate environmental externalities.
Working with Doge devs to improve system transaction efficiency. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021
Where can I buy Dogecoin?
To buy Dogecoin on eToro, traders will need to sign up for an account and find it on the platform.
eToro is one of the world’s leading online brokers, offering access to a huge array of cryptocurrencies as well as traditional assets like stocks and commodities. It has been a stalwart of the industry for over 10 years and is one of our most trusted partners.
To buy Dogecoin on Binance, traders will need to sign up for an account and find DOGE on the platform.
Binance is the largest cryptocurrency exchange in the world by trading volume and offers a wide range of trading pairs for DOGE. Binance also boasts low fees and great leverage options.
The post Where to Buy Dogecoin (DOGE): will Elon Musk take the meme coin higher? appeared first on Coin Journal.