Dogecoin 'is pure speculation and will end badly' says Yusko
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Dogecoin's (DOGE) meteoric rise through the ranks of cryptocurrency has so far been one of the great success stories of 2021. After starting life as an online joke in 2013, the digital currency has attracted the attention of celebrities and tech moguls. South African billionaire and SpaceX chief Elon Musk, in particular, has taken a shine to DOGE, frequently tweeting about the token and driving up a trading frenzy.
Bizarre teaser for Bitcoin parody Dogecoin
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Dogecoin has been on an upward trajectory since February this year, and after years of trading for fractions of a penny, broke the £0.072 ($0.10) barrier early in April.
But the DOGE bull run did not stop there - and still hasn't - as the token continued to rise to record-high prices.
DOGE has hit an all-time high of £0.322073 ($0.450486) on April 16 and has been relatively stable since.
The token was trading for £0.276072 ($0.386145) according to the latest Coindesk data at 7.13pm BST on April 19.
READ MORE: Dogecoin price: Will Dogecoin go back down?
© GETTYDogecoin token and price chart
© COINDESKDogecoin price chart on Coindesk
And the token's overall market cap is estimated to be at an astounding £35.88billion ($50.19billion).
As if that was not enough, DOGE traders have rallied once again on social media to try and push the token's price even higher.
The #DogeDay420 campaign has been trending on Twitter with the goal of pushing DOGE to £0.49 ($0.69) on Tuesday, April 20.
One person tweeted: "The Moon better get ready for #DogeDay420"
Another person said: "Everybody comment or tweet #DogeDay420. It's happening!"
There are an estimated 127 billion DOGE tokens in circulation and the crypto has a limitless supply, unlike bitcoin, so it's easy for everyone to grab a slice of the pie.
How can I trade dogecoin?
Before you carry on reading, you must remember the crypto market is very volatile and driven by speculation.
This means you should not rush into buying DOGE without considering the risks.
As with any investment opportunity, you should never part with money you are not prepared to lose.
Here in the UK, the Financial Conduct Authority's (FCA's) official stance on crypto assets is they are a purely speculative and all high-risk option.
But if you would like to dip your toes into the crypto market with dogecoin, there are a few options.
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© TWITTERDogecoin: Tweet about Dogecoin Day
© GETTYDogecoin and other crypto tokens
You will first need to find a stock or crypto exchange that deals with the memecoin.
Since DOGE is not considered to hold the same weight as bitcoin or ethereum, for example, many exchanges simply do not list it.
Some of the more popular options available include:
- Kraken
- Binance
- Exmo
- ZB.com
- Coinex
Kraken, for instance, said: "Becoming a DOGE millionaire may not cost much, but it can be hard if you're only accepting small tips in internet chats.
"Still, there may be reasons to buy DOGE, even if you're not looking to take your luxury DOGE lifestyle to the next level."
There are many more exchanges and before you take your pick, learn about each business to evaluate which exchange will best serve your interest.
Once you chose an exchange, you will then need to sign up with an account before you can start trading.
You will have to provide details such as your name, date of birth, address, phone number, and in some cases, you might have to verify your identity with a driver's license or a scan of your passport.
After all of that is out of the way, you can start making deposits into your trading account to buy or sell different stock options and cryptos.
With cryptocurrencies is best to have a digital or hardware wallet where you can safely secure your tokens after purchase, instead of just keeping them in your exchange account.
Popular options include Jaxx on desktop and mobile, or Ledger Nano S, which is a USB stick-like device.