The people’s currency. The underdoge. Dogecoin cannot be stopped. This fan-favorite cryptocurrency has broken out of the stratosphere yet again, reaching a new all time high of over $0.73 on Saturday morning in anticipation of Elon Musk hosting SNL for the first time. Dogecoin has all but casually increased by more than 850% in the past month thanks to a few notable “dogedays”, including 4/20 and Elon’s SNL appearance.

If you’re thinking about investing in DOGE, understand the risks. Our guide for beginners will help you learn more about DOGE and assist you in making your first investment.  

What is DOGE?

Branding itself the “fun and friendly” internet currency, Dogecoin is a peer-to-peer and open-source digital currency introduced in December of 2013. The original idea behind Dogecoin was to create a more memorable cryptocurrency project to help the public understand the technology behind blockchains. Since then, Dogecoin has become an icon in the internet-powered individual investor era we live in today. The meme coin’s logo, the Shiba Inu, has been hard to avoid this year.

Dogecoin is built on the same basic technology as other cryptocurrencies like Bitcoin. However, DOGE introduces a few improvements to Bitcoin’s technology to enable users to access faster and more affordable trading. You can tap into an unlimited supply of Dogecoin and the cryptocurrency trades on a number of major exchanges.  

How to Buy Dogecoin

1. Open an online account.The first step to buying Dogecoin is to open an account with a cryptocurrency exchange that supports DOGE. Dogecoin is available on Robinhood, Kraken and Gemini.
   
   Some of the things you may want to consider when opening your crypto brokerage account include:
   
   – The broker’s fee and commission schedule
   – Features and education tools you can access through each exchanges crypto wallet abilities
   – The type of coins and tokens available to buy and sell on the exchange, as well as send and receive
2. Fund Account & Make your purchase.After both your wallet and your exchange account are open, you can place a buy order to purchase DOGE. First, open your exchange’s trading platform and take a look at the current price of DOGE. Though the prices of cryptocurrencies always change, you can expect to pay near the market rate — you may want to track the price of DOGE and how it’s moving to ensure that you don’t overpay for your coins.
   
   The best exchanges will offer you a wide range of order types to choose from. If you’ve ever traded stocks before, you’re likely already familiar with the basic types of orders. If you haven’t, be sure to gain a basic familiarity with the most common order types before you invest. Choose an order type and calculate how much DOGE you want to buy based on your available funds and the current market price.
   
   From here, your broker will take care of filling your order on your behalf. When you see your DOGE in your exchange wallet, it means that your order has been completed. If your broker cannot fill your order according to your specifications, they may cancel it at the end of the trading day.
3. Buy a wallet (optional)A cryptocurrency wallet provides you with a set of keys that you can use to store your DOGE off of an exchange. This helps keep your investment safer in the event that your exchange is targeted in a hack or theft.
   
   Robinhood does not currently offer users access to send or receive their assets to another wallet. If you want to hold your own cryptocurrency, use a wallet that lets you control your own private key. Coinbase, eToro and Gemini all provide access to send and receive from their respective exchange wallets. For the best security, use a wallet that lets you manage your own private key.
   
   There are 2 major types of cryptocurrency wallets: hot software wallets and cold hardware storage wallets. Software wallets are free, but they must be connected to the internet in order to access your investments. Hardware wallets store your coins offline for maximum security but may cost up to $50.