In case you haven’t been keeping up with all the excitement surrounding the incredible stock run and subsequent collapse of GameStop (GME), you’ve seen some relevant media attention from Elon Musk.

Musk, on the other hand, was not just interested in GME.

He’s also interested in the cryptocurrency Dogeco (DOGE).

Also owing to Musk’s tweets, Dogecoin has lately had a meteoric rise of its own, which may be attributed in large part to Musk’s statements.

And just how can you get your hands on some Dogeco? And will it be extinguished in the same manner as GME?

In this article, we’ll try to explain what Dogecoin is all about in simple terms.

Do You Know What Dogeco Is?

Dogeco(pronounced DOJ-coin) is a cryptocurrency that was created in 2013 as a joke and has since gained widespread popularity. Shiba Inu dog memes from 2012/2013 were the inspiration for the name.

The DOGE project received some attention during the summer of 2020, thanks to a viral TicToc video. Traditional pump-and-dump footage was used in this clip.

Nowhere near the $1 mark has Dogeco been able to achieve. If it had, DOGE’s market capitalization would have been more than that of Bitcoin.

As a result, what is the current value of Dogecoin? The cryptocurrency is presently worth around $0.45 per coin, according to CoinGecko.com, and it has a market capitalization of $10,383,370,714.

The market capitalization of bitcoin is $832,167,825,180 (more than 80 times the market capitalization of DOGE).

In May 2021, the price of Dogeco coin reached a peak of USD 0.55. By January 2021, it had fallen to below $0.01 per share, signaling the beginning of a meteoric rise.

What is the best place to buy Dogeco?

Unfortunately, Dogeco isn’t as extensively accessible as other cryptocurrencies such as Bitcoin, Litecoin, or Ethereum, which are more freely available.

Trades in DOGE may be dismayed to learn that several renowned cryptocurrency exchanges, like Coinbase and BlockFi, do not yet offer the coin.

Dogeco is currently only available on a few exchanges, including Uphold, Webull, Robinhood, Kraken, and Crypto.com.

If you do not already have a cryptocurrency wallet, you may wish to do so first. A wallet enables you to keep your cryptocurrency safely and to withdraw it from an exchange.

Because exchanges are great targets for hackers, it is a smart idea to keep your cryptocurrency on your servers.

When your cryptocurrency is in your wallet, you also have complete control over it.

Cryptocurrency wallets are often integrated into web browsers or mobile applications, respectively.

As an added security measure, wallets are equipped with a password that you should store in a secure location and not forget.

Hardware wallets, which can be purchased for about $70-$100, are also an alternative.

However, unless you’re investing in a large amount of cryptocurrency, you’re unlikely to need one at this time.

What is the procedure for purchasing it?

You’ll most likely have three options for paying for Dogecoin (or any other cryptocurrency) after you’ve signed into an exchange: Bitcoin, Ethereum, and Litecoin.

1. The credit card is used for this–

Buying cryptocurrency through this technique is the quickest and most convenient option, but it is also the most costly. In addition to a fixed cost, fees may vary from a little less than 2 per cent to 3 per cent.

2. Transfer of funds through a bank account –

As a result, this procedure is the most time-consuming, taking anything from 2-3 days to finish. The majority of exchanges provide direct access to the market.

3. Cryptocurrency is a kind of digital money –

Trading cryptocurrency for DOGE allows you to exchange cryptocurrency that you already hold for DOGE owned by another cryptocurrency trader. Fees are often cheaper when using this method, with many times less than 1 per cent of the total amount due being charged to you.

Although direct trading is less complicated than other types of trading, it might be scary for newcomers to begin with.

You will transfer Dogeco from the exchange to your wallet after you have completed your transaction. To withdraw your coins from the exchange, just provide the address of your wallet.

In what direction will Dogeco be heading in the future?

Even though Dogeco has been in the news a lot, its price continues to rise due to the media coverage. The billionaire entrepreneur Elon Musk has also gotten in on the fun.

At the end of last year, he began tweeting about Dogeco and hasn’t stopped since.

For the past several months, Dogeco has been steadily rising in value. Because the coin appears to have no practical application, it is difficult to imagine it having a long-term existence.

The supply of Dogeco is unlimited, unlike some other cryptocurrencies. Dogecoins are currently in circulation in an amount of 128 billion units (bits).

Again and again, Musk has expressed his support for the coin on Twitter.

People will likely continue to buy it as long as he does.

Nevertheless, while adhering to social media hype can be a profitable short-term trading strategy, it does not necessarily imply that DOGE will be a successful coin in the long run.

Conclusion

Dogeco, like the vast majority of cryptocurrencies, is very volatile.

DOGE is for individuals who are ready to wager that the excitement will continue to drive the price higher, at least in the near term.

However, at this moment, we wouldn’t consider it to be a sound investment since it might come tumbling down at any time.