Recently, the market popularity of Dogecoin (DOGE) has significantly increased. Looking back over the past year, its price has surged by as much as 161 times, which is astonishing. In other words, if you had invested 10,000 yuan in Dogecoin a year ago, its current value would have risen to 1.61 million yuan.
Such an incredible return rate quickly topped the Weibo trending search list, attracting the attention and discussion of many investors. This article will provide a detailed analysis of the Dogecoin purchasing process.
Before proceeding, let's briefly understand the essence of Dogecoin: Dogecoin is a digital currency like Bitcoin, with the code DOGE. It was inspired by internet memes and has developed a unique ecosystem in recent years within community culture, social dissemination, and specific application scenarios. Below, using Binance as an example, we provide a detailed tutorial on buying and trading DOGE to help investors get started quickly.
1. How to buy Dogecoin? Detailed steps for buying DOGE#
Dogecoin is listed on over 120 mainstream exchanges worldwide, including well-known platforms like OKX, Binance, Huobi, and Gate.io. Below is the complete process for purchasing DOGE through the OKX exchange. To buy DOGE, you first need to hold USDT—
Visit the official website of OKX (one of the top three exchanges globally), where registering can reduce transaction fees by 20%. New users can receive a blind box for free upon registration, containing randomly valued tokens worth 2 to 8 dollars.
Click here–> Go to the official website to register an OKX account or alternative link, a VPN may be required in some regions
- Access the OKX official website via the link above and enter your registration email:
- Set your phone number: Select the China area code 86 and enter the 6-digit SMS verification code to complete verification:
- After completing the SMS verification, select your country or region (e.g., China), click next, and confirm the pop-up prompt:
Note: The country or region information must match your identification or proof of residence, so it is recommended to fill it out truthfully. Check the service terms/privacy policy agreement and proceed to set your login password. After creating the password, you will be automatically logged into the backend:
Account registration is complete, but you must complete identity verification to purchase or recharge digital currency. After real-name verification, you can randomly receive a blind box reward, with a maximum of 50 USDT.
After registering with OKX, create an account and log in to buy and sell USDT on the trading platform.
Click the [Register] button, select China as your residence, fill in your email, and click [Register] to complete account creation.
After registration, download and install the APP. If a security risk prompt appears during installation, it can be ignored (this is a common prompt for virtual currencies).
Apple users need to use an overseas Apple ID (such as from Hong Kong or the US) to log in to the app store to download the APP. After successful installation, follow these steps to purchase USDT:
This step completes the exchange of RMB for USDT (USDT is pegged 1:1 to the US dollar).
After purchasing, check your USDT balance through [Asset Management] > [My Assets]. If you need to exchange for other currencies, transfer USDT from your funding account to your trading account, enter [Spot Trading], select the currency, and input the amount to complete the transaction.
Buying and selling USDT#
Once you have an OKX account, you can purchase USDT through C2C trading or quick trading, or exchange USDT for RMB. The steps are as follows:
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- Enter the OKX platform, click [I want to buy coins] > [C2C buy coins].
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- On the app homepage, select [I want to buy coins (C2C buy coins)] > [Quick Trading] > select USDT > enter the purchase amount > choose Alipay, WeChat, or bank card for payment. Transfer to the merchant assigned by the system as prompted and wait a moment.
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- Click the merchant's [Buy] button, enter the amount, and select the payment method. After payment, click [I have paid], and the seller will verify before USDT is credited to your account.
This step completes the exchange of RMB for USDT.
After purchasing, check your balance through [Asset Management] > [My Assets]. After transferring USDT to your trading account, enter [Spot Trading], select the currency, and input the amount to complete the transaction.
- Click the merchant's [Buy] button, enter the amount, and select the payment method. After payment, click [I have paid], and the seller will verify before USDT is credited to your account.
Purchasing DOGE with USDT#
To exchange USDT for Dogecoin (DOGE): Click on the bottom of the APP [Trade] > [Spot] > select the [DOGE/USDT] trading pair. Enter the amount of DOGE you wish to buy and click "Buy DOGE." When selling DOGE, enter the amount and click "Sell DOGE."
You can use limit orders (set a target price, automatically trade when the market price meets the target) or market orders (trade immediately at the current market price).
After purchasing, check your DOGE balance in [Asset Management].
Selling DOGE for USDT: Choose a market order, enter the selling amount, and the system will execute quickly. After selling, transfer USDT from the trading account to the funding account, and then sell it for RMB through [C2C trading].
2. Is it still worth investing in Dogecoin now?#
Compared to traditional Bitcoin, Dogecoin takes a more relaxed and community-oriented approach. Initially used for online tipping and small payments, it resonates with the American "tipping culture" and quickly gained popularity on social platforms. With its low entry barriers and fun attributes, it became the second most popular electronic tipping currency in the U.S. within a week of its launch.
Although Dogecoin started as a joke project, its actual performance has far exceeded expectations. The DOGE project, created by Jackson Palmer and Billy Markus, has remained active even during downturns in the crypto market and is considered one of the few network projects that can transcend cycles.
Canadian crypto researcher Kevin Rooke analyzed that DOGE's activity surpasses most mainstream coins. In December 2018, its daily average active addresses exceeded levels from 2017, ranking third among all cryptocurrencies, only behind Bitcoin and Ethereum. Messari data shows that on a certain day, DOGE had 72,955 active addresses, far exceeding Tron (21,255).
In terms of 24-hour trading volume, Dogecoin performed impressively: nearly 30,000 transactions with a total volume of 264 million dollars, reflecting a highly active network.
Kevin Rooke pointed out that DOGE's network processing capacity and transaction throughput outperform established cryptocurrencies like Bitcoin Cash, Litecoin, and Dash. From a technical perspective, DOGE has become an undeniable force in the crypto network.
3. Advice for newcomers to the crypto space#
Overall, Dogecoin possesses a unique "character"—absurd, free-spirited, humorous, and rich in community sentiment, aligning with the current cultural backlash of the "American leek community" against traditional financial institutions. Coupled with Elon Musk's repeated support on social media, the market attention for DOGE has further increased.
With a low price and market cap threshold, it is easy for ordinary investors to enter, offering significant potential for price increases. Compared to high market cap mainstream coins, DOGE has low operating costs and low pressure for price manipulation, making it a favorite among retail investors.
Some veteran players in the crypto space hold a cautious attitude, believing that DOGE lacks practical application scenarios and has been marginalized in the DeFi wave, primarily used for tipping in the past.
However, DOGE has evolved from a joke to an undeniable force. Understanding its mechanisms and purchasing methods is the first step for novice investors to enter the crypto world.
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