How To Invest In Dogecoin (DOGE) In 2023

The Ultimate Beginner’s Guide to Investing in Dogecoin (DOGE)

Last Updated May 4th 2023
17 Min Read

Investing in Dogecoin is easier than beginners might think - all you need is an online brokerage account to get started.

Dogecoin, which was first created as a ‘joke’, has been going through a phenomenal phase since the turn of the year. 

Tweets from tech icon Elon Musk sent the price of Dogecoin up 25% in March 2021.

If you are thinking about adding this digital coin to your cryptocurrency portfolio - then our How to Invest in Dogecoin Guide will walk you through the entire process. 

This guide comes with an explanation of what Dogecoin is, why you should consider this asset, and crucially - how you can make an investment using a reliable online broker today. 

If you want to invest in Dogecoin quickly and easily, check out eToro!

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

How To Invest In Dogecoin (DOGE) – Quick Guide

  • Step 1: Open an account with eToro. Head to eToro’s website and click join now to open a new account.
  • Step 2: Verification. By uploading essential documents that show proof of identity and home address, you will get your account verified in a short time. 
  • Step 3: Deposit Money.  Fund your new eToro account with a minimum of $10. 
  • Step 4: Search for Dogecoin on eToro.  Search for DOGE or Dogecoin in the eToro crypto market.
  • Step 5: Buy DOGE. Enter the amount of the worth of Dogecoin you want to purchase, then click Open Trade. 

That’s it! By following these easy steps, you can buy Dogecoin in less than 5 minutes.


invest in dogecoin

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

What Is Dogecoin (DOGE)?

Dogecoin is a decentralized cryptocurrency that allows fast and secure peer-to-peer transactions at a low cost. 

When launched in 2013, the initiative behind Dogecoin was to develop a digital currency with a humorous approach. Hence, the name 'Doge' - was taken from a Shiba dog meme that was viral at the time. 

investing in dogecoin

Since then, Dogecoin has quickly gained a community of followers eager to support the cryptocurrency. In its framework, Dogecoin is a derivative of Litecoin. It adopted a large portion of its code and its underlying concept from LTC, which, in turn, borrows from Bitcoin. 

When the coin was released, the developers behind Dogecoin, Billy Markus and Jackson Palmer, emphasized that its focus as a cryptocurrency is for transactions.  Over the years, the coin has been used widely on the internet, but mainly for 'tipping.' 

For instance, if you came across a very interesting comment on Reddit, you could tip the writer with Dogecoins. The amount rarely added up to much, but served primarily as a token of appreciation. 

Thanks to the internet and Reddit community, Dogecoin has now evolved into a powerful brand. Its low price makes it a great choice for transactions, and as a decentralized currency, it is appealing to investors as well. 

At the moment, there is no hard cap implemented on the number of Dogecoins - which makes it challenging to predict where the coin is headed for.  At the start of 2020, each Dogecoin token was valued at approximately $0.0025. 

By October 2021, the token had reached $0.30 - translation to a gain of over 13,000% in over just 12 months. This sudden frenzy means that Dogecoin is now one of the top cryptocurrencies in the market at the moment. 

How Does The Invest In Dogecoin (DOGE) Process Work?

The best way to understand how Dogecoin investments work is to think of them like any other asset. In simple terms, you invest a certain amount into this digital asset - hoping that it will rise in value over time. 

Although it might sound straightforward, we recommend that you do sufficient homework before taking the leap. In other words, you should have a firm grip on what affects the price of Dogecoin in order to determine whether the crypto-asset makes for a worthwhile investment. 

Essentially, whether Dogecoin increases in value or not is mostly dependent on market mechanisms. For example, if there is a sudden interest among investors to go long on this coin - then the price of Dogecoin is likely to go up. 

On the contrary, if the market sentiment towards Dogecoin is weak, then the value will also drop. In other words, if there is a high interest from buyers, it will be reflected in the market with rising prices. 

Let us give you an example so that you can better understand how to invest in Dogecoin:

  • You want to invest an amount of $1,000 in Dogecoin. 
  • When you make the purchase, the price of Dogecoin stands at $0.050 per coin. 
  • You continue to 'hold' on to your coins - storing them in a digital wallet. 
  • After three years, the price of Dogecoin is now worth $10 per coin. 
  • That translates to an increase of 19,900% in the price of Dogecoin. 
  • You sell your Dogecoin assets. 

In this example, your $1,000 investment in Dogecoin would now amount to $200,000. This is one scenario of how you can multiply your stake with the right timing and the market on your side. 

Why Should You Invest In Dogecoin (DOGE)?

If you are intrigued by the world of cryptocurrencies, now you have over 12,000 digital coins to pick from. However, cryptocurrency markets are largely volatile, and thus, before you make any investments, you need to ensure that you have done sufficient research on the market. 

If Dogecoin has caught your eye, here are some of the reasons why you might want to invest in the coin: 

1. Dogecoin is Supported by a Vibrant Community

When it comes to the success of cryptocurrencies, the brand plays a crucial role today. Along with the likes of Bitcoin and Ethereum, Dogecoin is also emerging as one of the top known brands in the ever-growing crypto arena. 

It is quintessentially crypto-spawned by its loyal Reddit following. It was established with a purpose and has continued to thrive on it. 

From offering the coins as 'tips' and being generally helpful, the Dogecoin community has built a positive reputation in the online space. Even without an update since 2019, it was the community that made it possible for the coin to survive this long.

2. Collective Beliefs that Outweighs Fundamentals

The sudden surge in the price of Dogecoin has been fuelled by celebrities and social media influencers encouraging their followers to invest in the coin. Social media mentions of Dogecoin by Elon Musk are at the forefront of this. 

As you can guess, this upsurge is sentiment-driven, as is the case with most cryptocurrencies. Until recently, it was feared that coin was close to being abandoned by its developers. After all, the last major update release occurred over two years ago. 

There were also reports that Dogecoin lacks its own miners; instead, miners rely on Litecoin to find this digital asset. It is easy to see that the price upsurge this coin is experiencing at the moment is primarily due to speculation. 

However, there are several cases these days where wider sentiment has been the rocket fuel in spiking crypto prices. The examples of MarsCoin and GameStop are convincing cases. 

In other words, collective belief can be a powerful force when accompanied by collective action. In the era of social media, it remains to be seen whether celebrities will be able to continue leveraging their fan base to drive up prices and for how long. 

3. A Bullish Prediction 

In line with the current sentiment, Dogecoin is expected to head towards its first $5 price-point by the end of 2025. Thanks to the ever-growing community, popularity, and worldwide adoption, the coin could stay in a bullish market trend for several years. 

There will certainly be ups and downs - but the general upward price trend might continue to prevail. That said, such predictions will only be credible as long as the trading environment remains ideal. 

With cryptocurrencies suffering from high volatility and regulatory updates all the time, there are, of course, chances that growth projections can be impeded.  In light of the current events, if you are planning to invest in Dogecoin, there is plenty to be optimistic about in the upcoming years. 

Check Out: Dogecoin Price Predictions

Would You Consider Investing In Dogecoin?

invest in dogecoin

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

How To Invest In Dogecoin (DOGE) - Various Options Available

These days, it has become incredibly easy for you to get your hands on a cryptocurrency. There are a number of ways available, albeit, it is up to you to decide which method is more preferable. 

Regardless, be sure that you consider all aspects, such as the safety and fees involved when you make your Dogecoin purchase. 

how to invest in dogecoin

Below you will find some of the most popular ways to invest in Dogecoin in 2021. 

1. Dogecoin ATMs

Cryptocurrency ATMs are no longer a rare sight. In fact, there are over 12,500 such ATMs located across 71 countries that give out Bitcoin and other altcoins. You will find many Dogecoin ATMs located in the US, Canada, Mexico, and Europe - largely concentrated in major cities. 

In simple terms, these ATMs allow you to buy digital coins by inserting cash into the machine. 

This is how the Dogecoin investment will work while using a cryptocurrency ATM. 

  • Find your nearest cryptocurrency ATM. 
  • You select Dogecoin from the list of cryptocurrencies
  • You specify the amount you want to invest in Dogecoin - let's say you wish to invest $500. 
  • The ATM will tell you how many Dogecoins you will get for $500 and the fees involved in making the purchase. 
  • For instance, if the cryptocurrency ATM charges you a 5% fee, then you will be able to get $475 worth of Dogecoin at the current DOGE/USD rate. 
  • You insert $500 into the ATM. 
  • The machine will then print out a receipt that includes the details of the Dogecoin wallet and how you can claim the digital coins. 

Now, at first, glance, using a cryptocurrency ATM will indeed strike as a very convenient choice. The process is fast and hassle-free, especially if you have a machine close to your location. 

That said, there are also certain other aspects that you should evaluate first. Most importantly, cryptocurrency ATMs often charge exorbitant fees for transactions. You could find yourself paying anywhere between 5% to 20% every time you make a purchase. 

Furthermore, your investment process is not completed at the machine. When you have inserted the money, you have only invested the respective amount - as you are yet to claim your coins. 

In order to do that, you will have to access them through another third-party cryptocurrency wallet. While experienced cryptocurrency investors will have no trouble with this step - it might be a bit confusing for beginners. 

All things considered, there are much more convenient ways to invest in Dogecoin rather than going to an ATM. 

If you are in the market for a cost-effective way, we recommend using a regulated online broker. Continue reading to find out more about how Dogecoin investments work at a cryptocurrency broker. 

2. Dogecoin Broker

As with any other tradable asset, you can find regulated online brokers that offer cryptocurrencies alongside traditional markets like stocks and ETFs. If you are wondering how to invest in Dogecoin online - no other method is easier than using a brokerage platform. 

As we mentioned above, the entire process often takes less than 10 minutes to complete - which includes signing up on the website, adding your funds, and buying Dogecoin. Crucially, you can do this without leaving the comfort of your home. 

Online brokers also offer flexible choices on how you can pay for the digital coins. For instance, you will be able to deposit trading funds using a debit/credit card or through a quick bank transfer. On some brokers, you will also find options for e-wallets such as PayPal and Neteller. 

Most importantly, the best online brokers will also hold licenses from regulatory bodies that authorizes them to function in the respective jurisdictions. This will also serve as another layer of safety and protection when it comes to your cryptocurrency transactions. 

In addition, the fees involved while investing in Dogecoin through online brokers are also considerably lower when compared to other channels. 

To help you get started, below we discuss how you can find a good regulated broker when choosing to invest in Dogecoin. 

Read Also: Where To Buy Dogecoin

How To Choose A Platform To Invest In Dogecoin (DOGE)

Considering the advantages mentioned above, it is no surprise that the online cryptocurrency trading scene is crowded with brokers and exchanges. When so many of them competing for your attention - it can be a daunting task to know which platform to opt for. 

In this section, we define some of the most important parameters you need to weigh in when choosing a brokerage platform for your Dogecoin needs. 

Licensing and Reputation

If you are given a choice between a regulated platform and an unregulated one - the choice is obvious, isn't it? The same goes for online brokers as well. 

No matter how low the fees are or what attractive features they offer, if the platform does not hold a license from at least one financial regulatory body, it is best to shop elsewhere. 

The reason is simple. There is no shortage of cryptocurrency exchanges in the online trading space. 

However, the lion's share of them are unregulated. Meaning - you will be entrusting your funds to a platform that does not give proper attention to its regulatory responsibilities nor the safety of your money. 

As such, the chances of getting scammed on such sites are relatively high. 

On the other hand, opting for a regulated broker means that you are taking your business to a platform that takes the interest of the customers seriously, keeps your finds secured in segregated accounts, and submitting itself to regular audits. 

Therefore, it would be best to shorten your search to platforms that hold a license from a well-respected body - such as the FCA in the UK, ASIS in Australia, and CySEC in Cyprus. 

This will ensure that you can invest in Dogecoin without concerning yourself with any cases of fraud or malpractice.  

dogecoin trading and investing

invest in dogecoin

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Fees to Invest in Dogecoin

Adjacent to regulation, the fee structure is another aspect you need to consider closely. Regardless of which online broker you choose, you will be liable to pay a fee in order for them to execute your Dogecoin investments on your behalf. 

As with any other business, the fees can vary notably from one broker to another. 

Let us give you a practical example to offer some insight. 

  • Let us take the case of Coinbase - a cryptocurrency exchange that offers multiple payment methods for you to invest in digital coins. 
  • However, the platform also charges you a hefty fee of 1.49% on all your trading orders. 
  • For example, if you want to invest $2,000 in a digital currency, you will have to pay $29.80 in trading commission. 
  • If you have invested $10,000 - your commission will add up to $149.

Further, when you are ready to cash out, you will have to pay this commission again. 

In addition to the trading commission, you will also have to consider any transactional fees you are liable for. These will be applied every time you make a deposit to your trading account or withdraw cash to your bank. 

Minimum Dogecoin Investment and Payments

In most cases, your chosen broker will require you to invest a minimum amount in Dogecoin. Considering that the all-time high price of Dogecoin stands at $0.078, it allows you to purchase a high volume of this cryptocurrency without burning a hole in your wallet. 

However, considering how volatile the cryptocurrency market is - it is best that you choose a broker that allows you to stake small sums. 

At the other end of the spectrum, you will also find exchanges with no minimum investments in place. However, it is likely that any small investment amounts will also be accompanied by high trading commissions. 

But it is not uncommon for online brokers to offer you zero-commissions and low minimum investments. If such platforms also hold regulatory licenses - this is optimal

It is also equally important that you make a note of what payment methods are available for you to make any deposits. The best brokers will offer you a variety of options - ranging from bank cards to e-wallets.

If you choose a platform that only supports bank transfers - you might have to wait a few business days for the money to find its way to your trading account. 

Storage and Cashing Out

Lastly, purchasing Dogecoins is only one-half of your investment plan. You should also contemplate how you are going to keep your digital assets safe - until you are ready to cash out. 

There are online brokers that offer you digital wallet services on its platform. This way, you do not have to worry about keeping your funds safe or go through the bother of finding a third-part cryptocurrency wallet. The only thing is - make sure that this chosen broker is regulated. 

Alternatively, you can withdraw your Dogecoin investment to a private wallet once you have made the purchase. If you already have another cryptocurrency wallet - this option is worth considering. 

Ready To Start Investing In Dogecoin?

invest in dogecoin

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

How To Invest In Dogecoin (DOGE) Today - Step-by-Step Walkthrough

If you are investing in a cryptocurrency for the first time - here is how you can complete the process in under 10 minutes. 

Follow our guidelines to find out how to invest in Dogecoin today in six simple steps. 

Step 1: Open an Account

When you have made a decision with which online broker to use, head over to its website. You can create an account by entering your personal data and required contact information. 

You will receive a confirmation email, and once you have verified it - you are all set to go. 

Open an Ethereum Trading Account

Step 2: Upload Some ID

Across all regulated online brokers, you will be required to go through a KYC process in order to verify your identity. This will be mandatory in order to make a deposit. 

Although it might sound complex, the process is quite simple. You only need to provide a valid photo ID and upload a copy to the website. 

This should be a passport or driver's license. If you need to attach proof of address, you can include a utility bill or bank account statement. 

Some platforms have automated this step, and hence, you will be able to confirm your account almost instantaneously. 

Step 3: Make a Deposit

The next step is to add funds to your trading account. Choose one of the payment methods supported by the platform. Ensure you meet the minimum deposit amount required, and complete the transaction. 

Step 4: Search for Dogecoin 

When the funds are available in your trading account, you have everything ready to start investing in Dogecoin. 

Search for 'Dogecoin' on the brokerage platform. You will be redirected to the trading page of the digal asset. 

trading Dogecoin on etoro

Step 5: Complete Dogecoin Investment

Enter the amount you wish to invest in Dogecoin. Once you are ready to complete the investment, confirm the order. The Dogecoins will be added to your wallet. 

Step 6: Cash Out Your Dogecoin Investment

If your chosen broker has digital wallet functionality, the coins will be directly added. If not, the site will give you instructions on how you can withdraw the coins to your private wallet. 

When it is time for you to cash out, you can sell your Dogecoin back to the broker you bought them from. The proceeds from the trade will be sent back to the payment method you used to make the original Dogecoin purchase. 

How To Invest In Dogecoin (DOGE) - The Bottom Line

Does Dogecoin have a bright future ahead? The question is a tricky one to answer. With that said, you might want to trade lightly before making any hefty investments solely based on the current market scenario. 

If you have read our guide thoroughly- you now know how to invest in Dogecoin when you are ready. 

The process is very straightforward - simply choose an online broker, add funds, and specify the amount you want to invest in Dogecoin to complete the purchase. 

For those who are eager to start right away - make sure you follow our guidelines on picking the right online broker in order to protect your trading capital. 

eToro – Top Cryptocurrency Platform To Invest In Dogecoin 

eToro have proven themselves trustworthy within the Crypto industry over many years – we recommend you try them out.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Read More:

How To Invest In Dogecoin FAQs

What is the minimum amount I can invest in Dogecoin?

At the time of writing this guide, one Dogecoin is valued at $0.14. Hence, you can invest a small amount and still get a considerable number of Dogecoin in return. If you choose a broker with a small minimum investment policy, you can purchase from $10 worth of Dogecoin.

Is it a good idea to invest in Dogecoin?

Dogecoin was on a bullish trend until mid-2021. Some believe that the digital coin pick up its upward direction again - but there is no guarantee. For this reason - it is always recommended that you do your homework before taking the plunge.

How can I invest in Dogecoin?

All you need to do is find a regulated cryptocurrency broker that offers low trading fees. Deposit the minimum amount required and make your Dogecoin investment.

Is it possible to invest only $100 in Dogecoin?

Yes, you simply need to choose an online broker that has a minimum investment amount of less than $100.

Will I encounter losses on my Dogecoin investments?

Yes, you can. If the price of Dogecoin drops after you have invested in the asset, you will end up losing money.