When Bitcoin was first invented in 2008, maybe a handful of people knew the potential impact it would have on the world. Fast forward to the current year; we have numerous cryptocurrencies to select and trade from. One such cryptocurrency is the meme-inspired Dogecoin, which has gained notable traction recently.
Showing unprecedented growth, Dogecoin moved up from $0.05 in April to an all-time high of $0.45 in a matter of weeks. Just recently, it smashed through its previous heights to touch $0.60. There are a few factors influencing its price, which we will cover in this article, along with the methods on how you can buy Dogecoin to cash in on any future price spikes.
Dogecoin was invented back in 2013 by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer. Created as a joke, the duo envisioned it to be a friendly way for the masses to understand and delve in crypto. However, it has grown much larger, with people investing their life savings in it to turn millionaires.
Elon Musk, Dogecoin CEO?
Elon Musk was voted to be the dogecoin CEO in a 2019 Twitter poll. However, the title isn’t wasted on the Tesla and SpaceX CEO. Musk constantly spurs Dogecoin pricing with his tweets. Almost every time Musk has tweeted on Dogecoin, its price has gone up.
In one of his recent tweets, Musk mentioned hosting Saturday Night Live and hinted at the possibility of bringing up Dogecoin too. This again fueled a price increase for dogecoin as people rallied to buy it, so much so that the trading app Robinhood went down during this period. Elon called himself the “Dogefather” in the tweet, soon after which the crypto’s value surged by as much as 20 percent.
How to buy Dogecoin
Investing in Dogecoin is now quite easy since there are a multitude of options available for investors in the UK. There are numerous providers that offer buying cryptocurrencies like Dogecoin and others, with notably low fees.
Binance & BC Bitcoin
One of the most popular and inexpensive options is Binance, which is a well-known cryptocurrency exchange. It can be used to buy Dogecoin via direct bank transfers and charges less than one percent fees for buying Dogecoin on its platform. It is currently the only exchange that enables one to buy Dogecoin directly by paying via GBP.
Similarly, BC Bitcoin is a well-known broker in the UK that enables buying and selling crypto. It offers added convenience while buying or selling cryptocurrencies, however, it also charges a minimum of 5% in fees.
Bitpanda is another crypto broker that offers buying and selling cryptocurrencies. Do note that there’s Bitpanda and Bitpanda Pro, which differ in the services they offer. While Bitpanda enables one to buy cryptocurrencies or digitised metals, the Pro variant is a digital asset exchange for advanced users who are keen to trade large volumes manually or connect automated trading bots. The fee structure used by the provider depends on the volume you’re trading and you can view it in detail here.
For people who are starting with cryptocurrency investment, Kriptomat might be a better option. The government-regulated European cryptocurrency exchange offers purchase, store, send, and receiving cryptocurrencies. One can transact for crypto via all major EUR payments and you can check out their fees structure in detail here.
In case you want to pay for Dogecoin via Bitcoin or other cryptocurrencies, Changelly, ShapeShift and Bittrex are considerable options. The three platforms also charge less than 1 percent fees for their services.
For those looking to register to Coinbase, here are some top cryptocurrencies to buy on the platform.