From meme to market: How to buy Dogecoin

Not every crypto project takes itself seriously. While coins like Bitcoin (BTC) and Ethereum (ETH) aim to reshape finance and the internet, others – like memecoins – are purely for fun. 

These meme-inspired tokens, often created without clear utility, are rooted in viral internet culture. Yet despite their playful origins, they remain a hot segment of the cryptocurrency market, with some surveys suggesting that 85% of crypto investors hold memecoins in their wallets.

Of all the memecoins in circulation, Dogecoin (DOGE) stands out for its size, staying power, and iconic status. Originally launched as a joke, it’s become a recognizable name – even outside crypto circles.

As Dogecoin cements its place among digital assets, more enthusiasts are wanting to know where or how to buy Dogecoin, whether to trade it for short-term gains or hold it as a long-term asset. Fortunately, finding DOGE on major cryptocurrency exchanges and brokerages is easier than ever.

What’s Dogecoin?

Dogecoin is a digital asset inspired by the viral DOGE meme featuring a wide-eyed Shiba Inu and humorous Comic Sans captions. Created in 2013 by software engineers Billy Markus and Jackson Palmer, Dogecoin began as a parody of both cryptocurrency culture and speculative hype. But what started as a joke quickly gained traction – especially on platforms like Reddit – where early adopters used Dogecoin to tip content creators and raise funds for charitable causes, including a campaign to send the Jamaican bobsled team to the Sochi 2014 Olympic Winter Games.

Dogecoin’s mainstream breakout came in 2021. Fueled by Bitcoin's bull run and a wave of celebrity attention (most notably from Tesla CEO Elon Musk), DOGE saw a massive surge in trading volume. While the frenzy has cooled since then, Dogecoin still ranks among the top cryptocurrencies by market cap. 

From a technical perspective, Dogecoin runs on blockchain technology and supports secure, peer-to-peer (P2P) transactions. Like Bitcoin, it uses a proof-of-work (PoW) consensus mechanism, where computers on the network (nodes) solve complex equations to validate transactions. The first node to solve the puzzle mines a new block and receives newly minted DOGE as a reward. Unlike Bitcoin, however, Dogecoin has no hard cap on its supply. About 10,000 new coins enter the market every minute, making its inflationary token model a key differentiator among crypto assets.

Pros and cons of buying Dogecoin

Dogecoin has carved out a lasting presence in the cryptocurrency world, but does that make it a smart addition to your portfolio? Like any digital asset, DOGE has its upsides and trade-offs: 

Pros of Dogecoin

• Easy access on major platforms: After Dogecoin’s surge in 2021, it became widely available across mainstream cryptocurrency exchanges and brokerages like Coinbase and Robinhood. It’s also easy to store in a crypto wallet, whether you prefer a custodial account or a self-custody solution like hot wallets or cold wallets.
• Low fees and fast transactions: Dogecoin processes transactions quickly, with an average block time of just one minute – faster than Bitcoin or Ethereum. Transaction fees also tend to be low, even during periods of high network activity, making it a practical choice for sending or receiving crypto.
• Strong community support: Dogecoin’s appeal has always been grassroots. Even before it gained mainstream attention, the DOGE online community was active, particularly on Reddit. That enthusiasm remains strong today, with DOGE fans connecting across platforms like X, Discord, and YouTube.

Cons of Dogecoin 

• Limited utility and slow development: Despite Dogecoin's prominent position in cryptocurrency, its underlying blockchain sees little active development. Without ongoing innovation or broader use cases, it functions primarily as a novelty currency rather than a fully featured crypto project.
• Inflationary token model: Dogecoin has no maximum supply (again, about 10,000 new coins are mined every minute), which limits its potential for long-term price appreciation, especially compared to cryptocurrencies with capped supplies.
• Growing memecoin competition: Dogecoin’s success helped spawn a flood of other memecoins, from Shiba Inu (SHIB) to Pepe (PEPE). With so many meme-based coins on the market, investor attention (and funds) may become fragmented, potentially diluting DOGE’s long-term value.

2025

Crypto Tax
Guide is here

CoinTracker's definitive guide to Bitcoin & crypto taxes provides everything you need to know to file your 2024 crypto taxes accurately.

Get startedLearn more

Where to buy Dogecoin

As interest in DOGE has grown, more cryptocurrency exchanges have added the memecoin to their trading pairs. One of the easiest ways to find where to buy Dogecoin is by checking a third-party price aggregator like CoinMarketCap. Searching “Dogecoin” and navigating to the Exchanges tab will show a full list of both centralized exchanges (CEXs) and decentralized exchanges (DEXs) that support DOGE, along with details like trading volume and trust scores.

There’s no single best place to buy Dogecoin – it depends on your preferences around fees, interface, and features. That said, well-known platforms like Coinbase, Kraken, and Gemini are popular choices for buying crypto in general, especially for those just starting out.

How to invest in Dogecoin: A step-by-step guide

1. Choose a cryptocurrency exchange

Again, the easiest way to invest in Dogecoin is through a CEX. For many, it’s the best place to buy Dogecoin, thanks to ease of use and access to fiat onramps. Just be sure to look into each exchange’s fees, features, and security before signing up.

2. Create an account and complete KYC

Once you’ve picked a platform, you’ll need to register and verify your identity to meet know-your-customer (KYC) requirements. Most CEXs ask for your name, home address, phone number, and a government-issued ID like a driver’s license or passport.

3. Deposit funds

After your account is approved, you’ll need to deposit money to start buying crypto. Many exchanges accept ACH transfers, wire transfers, debit or credit cards, or other payment services. If you already own crypto assets, you can also transfer them to the exchange and trade them for DOGE.

4. Buy Dogecoin

Next, search for Dogecoin on the exchange’s trading page. Review the live price feed, choose how much you want to buy, and place a buy order. Once the order clears, your Dogecoin will appear in your account.

5. Store your DOGE

You can leave your DOGE on the exchange or move it to a crypto wallet you control. Options include hot wallets for easy access or cold wallets for offline storage. Choose based on your comfort with security, convenience, and long-term holding plans.

Got crypto? Get CoinTracker 

Whether you’re holding Bitcoin, exploring NFTs, or trading memecoins like Dogecoin, crypto activity often comes with tax implications. CoinTracker makes it easy to stay on top of it all.

CoinTracker's Portfolio Tracker syncs with cryptocurrency exchanges, wallets, and blockchain addresses to give you a real-time view of your digital assets. When it’s time to file, CoinTracker generates IRS-compliant tax forms that work seamlessly with your CPA or platforms like TurboTax and H&R Block.

Try CoinTracker for free to see how simple it can be to track, manage, and report your crypto holdings.

Disclaimer: This post is informational only and is not intended as tax advice. For tax advice, please consult a tax professional.