Dogecoin, listed as DOGE on the cryptocurrency market, increased in price when electric car maker Tesla began accepting Dogecoin payments on Friday, January 14.
In a tweet on Friday, Tesla CEO Elon Musk tweeted: “Tesla Merchant can be purchased with Dogecoin.”
He initially announced Tesla’s plan to start accepting Dogecoin and “see how it goes” in a tweet in December 2021, leading to a sharp increase in the cryptocurrency’s price at the time.
At the time of reporting on January 14th, live Dogecoin was priced around $0.199461, according to CoinMarketCap – marking an increase of 16.05 percent over the past 24 hours – with 24-hour trading volume of over $4,319,112,779, which is monitoring. cryptocurrency price.
According to CoinMarketCap, Dogecoin is currently the 11th largest cryptocurrency in the world by market cap, which is the total market cap of a cryptocurrency’s circulating supply. “This is similar to free-float capitalization in the stock market,” the website explains.
According to CoinMarketCap, at the time of publication on January 14, Dogecoin was reported to have a live market cap value of $26,462,676,821 and a circulating supply was 132,670,764,300 DOGE.
What is Dogecoin?
Dogecoin is a digital currency that was launched in 2013 as a joke cryptocurrency. The meme cryptocurrency recently saw a resurgence following the Gamestop stock buying frenzy, which was fueled by investments from users on the subreddit r/Wallstreetbets.
The price of Dogecoin skyrocketed in 2021 and reached record highs, at one point gaining more than 800 percent.
According to data compiled by CoinMarketCap, the price of Dogecoin rose sharply from the beginning of April to the beginning of May and mostly flattened out before falling until the end of July.
The rise of the cryptocurrency has been helped by discussions on social media in recent months, with approval from various public figures such as Musk and several celebrities.
HOW TO BUY DOGE
Dogecoin can be bought using various cryptocurrencies and stock exchange platforms.
But before diving into the Dogecoin market, it is important to note that cryptocurrency trading comes with risks as they are not backed by the government.
The Federal Trade Commission (FTC) states: “Cryptocurrency accounts are not insured by the government such as US dollars deposited in a bank account. If you store cryptocurrency with a third-party company, and the company goes out of business gets hacked or hacked, the government has no obligation to step in and help you get your money back.”
Cryptocurrency prices can also become more volatile. The FTC explains: “The value of a cryptocurrency can vary rapidly, even by the hour. It depends on many factors, including supply and demand.
“An investment of thousands of dollars today may only be worth hundreds tomorrow. And, if the value goes down, there’s no guarantee that it will rise again.”
Customers should also be aware of other costs associated with purchasing cryptocurrency, such as trading fees, wire transfer fees, and other costs.
Check the website of the cryptocurrency and stock exchange platform you use for more information before making any purchases.
Among the widely used platforms for buying Dogecoin is Robinhood, the commission-free stock trading app.
However, the app came under fire in late January 2021 after users of r/WallStreetBets began a short squeeze on GameStop stock to push its price up, restricting users’ ability to buy some highly volatile stocks went.
Back in April 2021, Robinhood refused to ban Dogecoin trades after some users reported pending messages appearing when trying to trade the cryptocurrency.
In November 2021, the email addresses of 5 million Robinhood customers and the full names of 2 million others, as well as the personal information (such as name, birth, date and zip code) of 310 people were compromised, following a hack at that time. Compromise was made.
Binance is another cryptocurrency platform where Dogecoin can be bought.
Describing itself as “a safe and secure platform to buy and sell cryptocurrencies”, Binance says: “We work only with verified and trusted partners to give you a safe and seamless crypto-buying experience “
The platform accepts a wide range of currencies, allowing you to buy crypto using the US Dollar as well as the Euro, Pound Sterling, and other fiat currencies (government-issued currency).
Kraken is a cryptocurrency exchange platform that claims to offer “the lowest fees in the industry”.
According to its website, it is “consistently rated as one of the most secure and trusted crypto exchanges in the world.”
The company explains: “It is important to note that Kraken is an exchange service, not a wallet service. Therefore, while we allow our customers to hold DOGE in their accounts, we allow you to separate your DOGE holdings across multiple wallets. highly encourage.
“Kraken is secure, but it is safest to store your DOGE in a wallet, a software or hardware device that you control that stores the public and private keys needed to conduct crypto transactions.”