How to Buy Dogecoin (DOGE)

Dogecoin may be making headlines, but make sure it's right for you before you buy in.
Apr 15, 2022

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For years, Dogecoin (pronounced dowzh-koyn) existed on the fringes as a joke cryptocurrency that traded for less than a penny. But in recent years, the shiba inu-themed coin has found a place among the most valuable assets on major cryptocurrency trading platforms.

The simplest way to buy Dogecoin is on a cryptocurrency exchange, where you can buy Dogecoin for U.S. dollars or sometimes for other digital assets. Other options for getting Dogecoin include receiving it as payment for a good or service.

Some users also mine Dogecoin, which provides rewards for helping verify transactions on its network, but this is a complicated process that might be difficult for beginners.

Dogecoin has one of the most passionate user communities in the world of cryptocurrency. But don't just buy into the hype. Before you add Dogecoin to your portfolio, make sure you know what you're getting into. Here are some things to consider before buying Dogecoin.

How will Dogecoin fit into your portfolio?

Given their volatility, emerging status and low regulation, all cryptocurrencies are still considered alternative investments, which investment rules of thumb say should make up the smallest portion of your investment portfolio. The traditional advice says you should try to contribute to tax-advantaged retirement accounts, such as an IRA or, if available, a workplace 401(k). If you’re already contributing to or maxing out either of these accounts, you could consider opening a supplemental taxable brokerage account, as well.

And what can you invest in with these accounts? A good place to start may be using these accounts to invest in highly diversified, low-cost index funds. They may not be as exciting as Dogecoin — don’t expect any 13,000% gains here — but they’re a lot less volatile and, in the long term, returns are more consistent. Over the past several decades, the S&P 500’s annualized average comes out to about 10%.

If you’ve already built a diversified portfolio of low-cost index funds via tax-advantaged accounts or taxable brokerage accounts — and have a plan to regularly contribute to these accounts — you may be in a place to add alternative investments like cryptocurrencies to your portfolio, but be sure you fully understand the risks involved.

How much Dogecoin can you afford?

To determine how much to invest in Dogecoin, ask yourself this: If you lost your entire investment tomorrow, would you still be financially sound? Sure, you’d be bummed, but would you still have your core portfolio of diversified, long-term investments and enough cash on hand to pay the bills?

If the answer is no, then you’re probably investing more than you can afford to lose. Generally speaking, it’s wise to earmark money for alternative investments only if you’ve paid off high-interest debt, built up healthy cash savings and already created a diversified portfolio.

Where to buy Dogecoin

You’ll find Dogecoin on a wide range of cryptocurrency exchanges, and follow the same process you'd use to invest in any other cryptocurrency. As with any crypto, be sure to check if the platform allows you to access your own digital wallet, which means you can send and receive Dogecoin. Some brokers only let you buy and sell Dogecoin with USD.

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Disclosure: Author Andy Rosen owned DOGE, BTC and ETH at the time of publication. 

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