How Can I Invest in Dogecoin… and Then What Do I Do with It?

July 07, 2021 Quick read

When it comes to investing in cryptocurrencies, most retail (and even serious) investors are in it for the long haul. Buying the dips and holding on for dear life. Which does indeed make some millionaires, but can also be an excruciating test of a person’s patience. So if you’d rather make smaller gains by placing smaller bets— you can’t go wrong with a coin like Doge. Especially if you’re looking to invest now.


What is Dogecoin?


While it may have started out as a bit of a farce, Dogecoin has actually mutated into something more of a force to be reckoned with. Created in 2013 as a bit of an inside joke concerning the wild volatility that cryptocurrencies and their associated hype can engender, the creators chose the token meme of the day— a shiba inu— as their mascot. The coin itself didn’t catch on for years, becoming one of the cautionary tales to come out of the 2017 altcoin boom and subsequent bust, however, in recent months the coin has actually been seen to take flight.


Possibly because of some light-hearted support from some of cryptocurrencies biggest influencers, and possibly down to the fact that it’s found some seriously niche use cases, the coin has enjoyed a bit of an enduring rally. Becoming the go-to digital currency of certain social media networks (like Twitter and Reddit) as well as some adult sites. Primarily used for tipping posters. But these small gains are making some people some serious returns. Which is unquestionably behind a portion of the memecoins appeal.


In cryptocurrency, everybody loves a coin that you can buy for pennies and exchange later for some serious cash, better allowing retail investors a genuine on-ramp into the crypto space without having to dump their savings into the market. Instead, easily purchasing several coins for a handful of cash and returning a few years later with the proverbial wheelbarrow. If this is a driving force behind the ever-growing retail crypto investment market— then Dogecoin perfectly fits the bill.


Where to Buy Dogecoin?


Buying Dogecoin is no different from buying pretty much any other crypto in existence. So, about where to buy dogecoin, should not be a dilemma. The only hang up being finding a reliable platform that deals with it. It could be because of the coin’s past as little more than what passes for a joke amongst Adobe software engineers, many larger platforms have taken the lofty route and refuse to deal with the coin, lest it sully their prestigious reputation.


However, Evonax understand the appeal of a coin that’s not only useful for microtransactions— something few of the top coins can say— but also has a massive and demographically diverse user base. Which is, especially these days, the backbone of sound investment choices. Specifically, as the market has begun to attract large numbers of retail investors looking to get their feet wet with a reliable altcoin before delving into the multi-million-dollar game of BTC hodl and seek.


Outside of reputable exchange platforms, the waters do become quite a bit murkier. While it gets a bit dicey to invest in any crypto outside of the safety nets that exchange platforms provide, most commonly through peer-to-peer networks, engaging with altcoins like Doge the risk becomes even higher. Possibly because it is such a low sum game. Which makes it much easier for transactions to fall through or sellers to not hold up their end of the bargain. Which is why it’s always a good idea to not only purchase from an exchange platform that can offer some degree of buyer protection, but also to hold your gains in the right wallet.


Dogecoin to PayPal


Or, onvert them over directly to your PayPal account. If you’re choosing to simply exchange, or day trade, your dogecoin, PayPal can offer an extremely easy and safe way to convert those Doges into cash. But only if you’re dealing in USD and a platform that supports the exchange. While this is easily one of the fastest and most secure ways to get your dogecoins converted into real, tangible cash, there are other routes.


Bank transfers are often looked upon as favourable, however due to the related fees and the fact that some institutions still have yet to recognize cryptocurrencies as a viable form of currency, platforms like PayPal have become an increasingly popular option for those who deal with retail level investments or day trading strategies. This is because most exchanges will not only allow you to convert cryptos like Dogecoin to PayPal, but also allow you to buy cryptos with your PayPal balance. Meaning that any gains made for Dogecoin can be easily transferred to bigger coins like Bitcoin or Bitcoin Cash.