Many crypto investors might find themselves tempted to buy dogecoin. After all, it is the original meme coin that is quite popular among the community. Well, those who are willing to get may get confused after seeing many platforms offering it. Here’s a simple guide that’ll let interested investors buy dogecoin on eToro.
Buy Dogecoin on eToro With These Well-Defined Steps
Step 1: Account Creation
First things first, the new user needs to create an account on eToro. One can simply search for eToro on the search engine, open the website, and put in the details. The platform asks for a copy of the user ID to verify the identity as it’s mandatory.
Step 2: Load the Cash
After the successful verification and account creation, it’s time to put money in it. On that front, eToro gives its users plenty of options. The users can opt for multiple payment methods including credit/debit cards, bank transfers, e-wallets, etc. With so many options, they get to choose the method best suited to them.
Step 3: Find Dogecoin
On the top center of the page, type “Dogecoin” and click on the “Trade” button.
Step 4: Place the Order
The next panel asks the number of Dogecoin and the type of order. There are two types of orders: market and limit. Choosing the “market order” means one is buying the asset at the current price. On the other hand, choosing a limit order means one is setting a specific price to buy Dogecoin.
Step 5: Review and Confirm Order
Before proceeding with the order, review all the details thoroughly. Once satisfied with the details, hit the “confirm trade” to complete the transaction.
Step 6: Check Portfolio
The portfolio section gives a detailed view of all the invested instruments. Besides that, it also shows the profits and losses they have made. Users can set notifications for the price movement of the assets.
Buy Dogecoin Using an Alternative Method
Besides doing the regular way, users can buy Dogecoin with the “Discover” option too. This particular method is useful for those who want to check the stats before investing.
Step 1: Find Discover
On the eToro trading platform, click on “Discover” on the left-hand side pane.
Step 2: Hit Crypto
Click on “Crypto” from the breadcrumbs on the top center.
Step 3: Find Doge
Dogecoin appears in the “Daily Movers” section. Notably, this section only displays the most-traded coins in the market. In case the desired asset doesn’t feature here, they can click on “View All” on the right-hand side.
Step 4: Check Analytics
Once the “Doge” appears, users can click on it and check the entire analytics page. Here, they get full information on market dominance and trading volume.
Step 5: Hit Invest
After checking all the details, click on the “Invest” button on the right-hand side to proceed with the purchase.
Factors Making Dogecoin A Viable Investment Option
Abundance– With a total supply of 5 Trillion and a circulating supply of 100 Billion, Dogecoin’s abundance is quite prominent. It is available in a massive number to support a large number of investors.
Progressive Price– The price of Dogecoin has been on an uptrend for some time. In 2021, it was $0.01 and today, it is $0.05.
Cheap Investment– Compared to the likes of Bitcoin and Ethereum, Dogecoin is a cheaper option. On the other hand, its prospects are solid as per several market experts.
Community-Backed– The Dogecoin Foundation ensures consistent support to its thriving community. It also maintains visibility through donations, sponsor events, and giveaways.
Some investors may be interested in exploring Dogecoin even more. It is evident because the asset became quite popular in a very short span. So, let’s dig into some more factors that explain the dominance of this particular crypto.
The History
In 2013, two techies, Markus and Palmer introduced Dogecoin as a mere joke. Dogecoin is a form or a version of a defunct coin Luckycoin. The developers had to alter the source code of Luckycoin to create Dogecoin. Soon after the launch, the asset started gaining traction among the crypto community. By the end of 2014, it had run multiple fundraisers successfully.
In 2015, the original creators of Dogecoin, Markus, and Palmer left the team. A team of four part-time developers took over and steered the project to its apex. Dogecoin stole the limelight globally in 2021 with a massive following on social media.
Its fans included the likes of Elon Musk who openly supported its growth prospects. The price and market capitalization of the asset saw a meteoric rise. It became a sensation for financial media houses, crypto circles, and social media.
The Mechanism
Like any other crypto, Dogecoin also works on a decentralized ledger or blockchain. Its miners go through the validation process to create coins using the Proof-of-Work consensus. However, it manages to be more energy-efficient than Bitcoin, the first crypto created with this same protocol. Furthermore, the execution time of its transactions is lesser than many other leading digital assets.
Dogecoin might become a profiting or draining asset for crypto traders depending on various factors. Thus, it is important to perform a full-scale analysis before putting money into any crypto.
Disclaimer
This article is only for information purposes and does not promote any type of investment, it is strictly suggested to do your research before investing or to consult with investment professionals.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
Source: https://www.thecoinrepublic.com/2023/11/20/a-detailed-guide-for-buying-dogecoin-on-etoro-its-prospects/