Dogecoin became a global phenomenon after its value increased 1,000% in less than a year. This attracted attention from cryptocurrency investors all over the globe. This led to a significant amount of interest in Dogecoin as it was listed among the top 10 biggest crypto assets by market cap. It was the first appearance of a meme currency with no apparent utility in the top ten.
Dogecoin began as an absurd joke. But it quickly became a well-known cryptocurrency. Its success brought about a new class of crypto assets – meme coins. Shiba Inu, (SHIB), and Floki Inu, (FLOKI), were created as meme coins. This means that cryptocurrencies are launched to be parodies or inside jokes rather than as a product with any utility.
Coinbase was the most popular cryptocurrency exchange in America and DOGE’s popularity grew. The listing was historic for Dogecoin’s community, and this article will explore the best way for users to buy DOGE on Coinbase in great detail.
Dogecoin – What’s it all about?
Dogecoin launched on December 6, 2013. It was created by Jackson Palmer and software developer Billy Markus as a joke. They mocked other cryptocurrency like Bitcoin in their plans to change the world. Dogecoin was born from a viral meme about a Japanese Shiba Inu puppy used as its logo.
Dogecoin is based on Litecoin’s code and uses a Scrypt-based hash function. Block time is 1 minute, and the network offers a 10,000 Dogecoin block reward. With a maximum supply of 21,000,000 DOGE, there are 132.6 billion DOGE currently in circulation.
Dogecoin was initially created to be a joke but it has since been used to facilitate transactions thanks to its speed, low fees and ease of use. Dogecoin supporters have been using it for crowdfunding and online tipping.
In 2021, DOGE reached a record high price of $0.7376, while Tesla, Inc. (TSLA), an electric carmaker, began accepting DOGE cryptocurrency in 2022 for some merchandise.
On June 3, 2021, Dogecoin was listed on the Coinbase platform, meaning Coinbase users could buy, sell, and trade Dogecoin “in all Coinbase-supported regions” with additional support for Coinbase Pro.
Coinbase
Coinbase, the US’s largest cryptocurrency exchange and second in transaction volume behind Binance is Coinbase. In 2012, Fred Ehrsam & Brian Armstrong founded Coinbase. The exchange now has more than 98,000,000 verified users across over 100 countries. It also holds approximately $256 billion in assets. Coinbase lets you trade over 130 kinds of cryptocurrency.
It was famously listed on the exchange and had a value of more than $100 billion by 2021. The “Coinbase Effect,” meaning the value of a crypto asset tends to rise exponentially within days after getting listed on the exchange, demonstrates Coinbase’s influence in the crypto industry.
Coinbase is a well-known platform for its outstanding features and services. Coinbase’s robust security and 24 hour customer service has attracted many beginners. Coinbase has a competitive edge in this space thanks to its international reach, easy-to use platform and affordable fees.
Now, let’s learn how to buy Dogecoin on Coinbase in a few simple steps.
Step 1. Create a CoinbaseAccount
To buy Dogecoin on Coinbase, you need to create an account on the platform’s website or the Coinbase app that can be downloaded from Apple and Android stores.
The process of creating a Coinbase bank account is simple. To create a Coinbase account, you will need to navigate to the signup page. Fill in basic details such as name and email address. You must confirm your email address using the link that was sent to you.
Coinbase will require you enable 2-factor authentication (2FA), using your email address and phone number.
Step #4: Verify Your Account
Coinbase adheres strictly to Anti-Money Laundering regulations and KYC. In line with the regulations, Coinbase users must verify their identities by submitting a government-issued passport, driver’s license, or a national identity card.
Step 5: Funds for Deposit
To buy Dogecoin online, fund your account after creating an account and verifying it. Coinbase offers a variety of funding options. You can fund your account with direct bank transfers or debit cards, PayPal, wire transfer, and even wire transfers depending on where you live.
For small purchases and for wire transfer, Coinbase prefers to fund your account with debit cards. Be aware of the limitations and fees associated with each deposit method before making a choice. To fund your Coinbase account, you can use cryptocurrencies by using Coinbase to transfer them to your Coinbase wallet. The Coinbase fees are confusing and there may be variations depending on where you live.
You can’t deposit dollars to Coinbase, but you can buy Bitcoin worth the amount you want to deposit and then trade Bitcoin for DOGE instead.
Step 6: Purchase Dogecoin
After creating, verifying, and funding your account, you’re all set to buy Dogecoin on Coinbase. Select Dogecoin in the list of cryptocurrency cryptocurrencies and click on the Trade Panel. You will see a chart, the asset’s brief description, and other metrics like its market cap, transaction volume over 24 hours, total supply, etc.
Scroll down to submit a buy order for DOGE, input the amount used to purchase DOGE, and Coinbase’s algorithm will automatically calculate the number of DOGE you’ll get based on its current trading value.
Be sure to double-check your details and then click on the “Submit” button. The order will be sent immediately after submission.
Coinbase allows you to exchange your cryptocurrency for DOGE. To convert cryptocurrencies, users should go to the order page and click the button. Enter the DOGE amount and select the crypto currency you wish to exchange for it. Enter the information and confirm by clicking submit.
Congratulations! Follow the above steps to get your DOGE coins into your Coinbase Account. Many things can be done with DOGE from your Coinbase account.
Coinbase: Withdraw DOGE
Click the Send button to withdraw DOGE from Coinbase. Fill in your address for DOGE transfer. Before you confirm the transfer request, double-check all details. Your funds will not be recovered if they are sent to an incorrect address.
After confirmation, Dogecoin’s network will validate the transaction, and your DOGE will be successfully withdrawn from the exchange.
You can either send your DOGE to an exchange, or keep them in a secure hardware wallet. It is possible to also convert DOGE into fiat currency, and then send it to your account. However, you can’t send Dogecoin to your bank account directly: you will have to sell Dogecoin to your Coinbase cash account and then withdraw it to your bank account.
Coinbase charges 1% of the value to be withdrawn, in addition to the fee charged by Dogecoin’s network. PayPal withdrawals have a daily limit of $25,000 and a waiting period of between 1-4 days.
Use CoinStats to Track your Dogecoins
CoinStats allows crypto- and DeFi asset owners to keep track of the market prices across several wallets and exchanges. It’s easy to track your DOGE coin with more than 400 support platforms.
You can create price alerts and watchlists. Earn up to 20% in APY. Get the most recent Dogecoin news from CoinStats. CoinStats employs military-grade encryption for data protection and follows industry best practices to ensure smooth transactions.
It is easy to connect your Coinbase account and the CoinStats Portfolio Tracker. You simply need to log in and choose API under your profile icon, which is located at the top-right of your screen. Select ‘New API Key,’ name the key, and give permission to view and create API Key. Once you have completed the 2-step verification process, take the API secret key and copy it. Go to the CoinStats app, select Portfolio, and click on ‘Connect Exchange.’ Choose Coinbase from the list and paste the API Key and API Secret Phrase in the provided section. When you’re done, CoinStats will sync your Coinbase portfolio with CoinStats. It makes it easy to track all Dogecoins in one place.
Conclusion
Dogecoin’s meteoric rise in value has piqued the interest of crypto investors worldwide, and Coinbase’s historic listing of Dogecoin has made the asset easily accessible to them.
Coinbase supports Dogecoin trades in the US, EU and UK. However, limited support is available for other regions.
This guide will show you how to purchase Dogecoin via Coinbase.