When Bitcoin was first invented in 2008, perhaps a handful of people knew the potential impact it would have on the world. Fast forward to the current year; we have many cryptocurrencies to choose from and trade. One of these cryptocurrencies is the memes-inspired Dogecoin, which has recently gained in popularity.
Showing unprecedented growth, Dogecoin went from $ 0.05 in April to a record high of $ 0.45 in a matter of weeks. Most recently, it broke past its previous highs to hit $ 0.60. There are a few factors that influence its price, which we will cover in this article, as well as the methods on how you can buy Dogecoin to take advantage of any future price hikes.
Dogecoin was invented in 2013 by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer. Created as a joke, the duo envisioned this as a friendly way for the masses to understand and delve into crypto. However, it has become much more important, with people investing their life savings in it. become millionaires.
Elon Musk, CEO of Dogecoin?
Elon Musk was elected CEO of Dogecoin in a 2019 Twitter poll. However, the title is not wasted on the CEOs of Tesla and SpaceX. Musk is constantly boosting Dogecoin prices with his tweets. Almost every time Musk tweeted about Dogecoin, its price has gone up.
In one of his recent tweets, Musk mentioned the hosting of Saturday Night Live and hinted at the possibility of bringing up Dogecoin as well. This once again fueled a rise in the price of dogecoin as people gathered to buy it, so much so that the Robinhood trading app fell during this period. Elon called himself the “Dogefather” in the tweet, soon after the crypto value rose 20%.
How to buy Dogecoin
Investing in Dogecoin is now quite easy as there are a plethora of options available for investors in UK. There are many providers who offer to buy cryptocurrencies like Dogecoin and others, with particularly low fees.
Binance and BC Bitcoin
One of the most popular and cheapest options is Binance, which is a well-known cryptocurrency exchange. It can be used to buy Dogecoin through direct bank transfers and charges less than one percent a fee for purchasing Dogecoin on its platform. It is currently the only exchange that allows you to buy Dogecoin directly by paying via GBP.
Likewise, BC Bitcoin is a well-known brokerage in UK that allows buying and selling cryptocurrencies. It offers additional convenience when buying or selling cryptocurrencies, but it also charges a minimum of 5% fee.
Bitpanda is another crypto broker that offers buying and selling of cryptocurrencies. Note that there are Bitpanda and Bitpanda Pro, which differ in the services they offer. While Bitpanda allows the purchase of cryptocurrencies or digitized metals, the Pro variant is a digital asset exchange for advanced users who want to manually trade large volumes or connect automated trading robots. The fee structure used by the supplier depends on the volume you trade and you can view it in detail here.
For people who start by investing in cryptocurrency, Kriptomat might be a better option. The government-regulated European cryptocurrency exchange offers the purchase, storage, sending and receiving of cryptocurrencies. One can make crypto transactions through all major EUR payments and you can view their fee structure in detail. here.
If you want to pay Dogecoin via Bitcoin or other cryptocurrencies, Changelly, ShapeShift, and Bittrex are great options. All three platforms also charge less than 1% fees for their services.