Benzinga Shorts: Buying Dogecoin

If you still haven’t heard of Dogecoin, you probably live under a rock. After hype driven by Tesla CEO Elon Musk, Dogecoin surged to over $0.69 per coin, giving this meme currency a market capitalization of over $75 billion. Thanks to new listings from Coinbase and Gemini, Dogecoin has become easy to aquire. Here’s how you can buy DOGE today.

Making an account with a cryptocurrency exchange that supports Dogecoin is necessary for investing in DOGE. Luckily, Coinbase has listed Dogecoin, and that’s the easiest way for most investors to get into this doggy-themed cryptocurrency. If you don’t already have a Coinbase account, you can make one in minutes on your smartphone or desktop.

If you don’t have a Coinbase account, there are plenty of other ways to get into DOGE. Robinhood offers Dogecoin, but the platform doesn’t have a dedicated cryptocurrency wallet, so you won’t be able to send or receive Dogecoin on Robinhood.

A few other places you can buy Dogecoin today are Gemini, WeBull and Binance. Binance is unique in that you can trade Dogecoin against its Bitcoin pair, making it easy to track your portfolio against BTC.

At a market capitalization of over $40 billion, Dogecoin is seen as overvalued by most investors. However, these same investors said Gamestop was overvalued at $25. At the end of the day, Dogecoin’s price is rooted in speculation, so only invest money you’re willing to lose.

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© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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