Buy Dogecoin (DOGE)
The history of the emergence, development, rise, fall and new rise of cryptocurrencies has clearly shown us that the world needed a new form of money in addition to the usual cash and non-cash one. The cryptocurrency fever has very seriously stimulated leading central banks to work on the concept of a third form of existence of national currencies - digital. What can be done with digital money? It's clearly not a question everyone can answer, but it opens up a wide range, from managing people's consumption to controlling their behavior.
Cryptocurrency is one kind of digital money.
The cryptocurrency market has definitely gone through a transformation. In the eyes of the financial world, it has entered a stage of acceptance, if not maturity. A few years ago, it definitely became an attempt for unsophisticated investors to find their "financial paradise" - this translated into a veritable epidemic of home cryptocurrency mining. You could see a lot of people investing all their spare cash in cryptocurrencies, and there was even a shortage of gaming graphics cards - you need their power to "mine" cryptocurrencies.
Cryptocurrencies have a number of advantages that set them apart from other forms of settlement:
- Decentralized (distributed) management, which means that no single entity controls the network;
- Global access, allowing any user connected to the Internet to participate in the cryptosystem;
- Smooth operation of the network. The cryptocurrency network has been running error-free for years. And there is no suggestion yet that this situation could change;
- An easy path to investment. You don't need any special knowledge to start trading cryptocurrency. It is enough to register on the trading platform, to have an e-wallet.
In today's review, we will look at investing in Dogecoin shares in Kenya.
Dogecoin: the success story
There are so many unusual occurrences on the internet that we are slowly becoming accustomed to their strangeness. One such story is how a fifty-year-old Japanese kindergarten teacher once took a photo of her dog, a Shiba Inu. She published the picture on her blog, and within four years the image became famous worldwide, later giving the name to a cryptocurrency and helping it become quite popular. We are talking about Dogecoin, of course.
For those unfamiliar with the doge meme, it's a picture of a Shiba Inu surrounded by captions that reveal the dog's inner monologue.
The Japanese doge's fame peaked at the end of 2013. Former Adobe marketing specialist Jackson Palmer came up with the idea of making his own currency and naming it Dogecoin - after the doge. On 28 November 2013, he tweeted, "Investing in Dogecoin, I'm sure it has a future. Thus began the journey of this interesting currency.
Dogecoin is based on the source code of Litecoin. Technically, it doesn't differ much from it. The main thing that makes Dogecoin stand out from other cryptocurrencies is its branding: a Shiba Inu with its playful look adorns all coin images, client programs and websites dedicated to Dogecoin.
The DOGE exchange rate has remained at a stable low level since mid-2017 (excluding brief moments of a total cryptocurrency boom in 2015). In January-February 2021, the first significant jumps in the Dogecoin exchange rate occurred. The cryptocurrency rose to $0.08 then slowed. But in April, the rise began to accelerate, and the cryptocurrency nearly reached the $0.7 level. After this rapid rise, Dogecoin corrected significantly to reach $0.2 in July. Although the price seems small when compared to Bitcoin, Dogecoin has seven thousand times more coins in circulation. As a result, the cryptocurrency ranks seventh in market capitalization at $37 billion. Dogecoin has grown tremendously over the past year. It is now trading at $0.28.
Dogecoin's popularity has several reasons:
- It started at a good time: the market was buzzing with excitement about Bitcoin at the time. A community formed around the cryptocurrency, using it for charity. In 2014, for example, Reddit raised $30,000 in Dogecoin to send the Jamaican bobsleigh team to the Winter Olympics. And Doge4Water raised $32,000 to buy clean water for Kenya;
- The coin has a memorable image. However, the coin would not have reached such heights without the support from billionaire and SpaceX and Tesla ceo Elon Musk. Elon Musk has been promoting the cryptocurrency for a long time with his Twitter posts. For example, in February he posted an image of a flying rocket with the caption "Doge", and in April the phrase "Doge Barking at the Moon". This correlation is not hard to spot: after each post by Ilon Musk, the coin rose. Dogecoin is no longer just a joke: for example, a number of companies have already begun to accept it as a means of payment. If acceptance of Dogecoin continues, this will have a positive impact on the coin's value.
Is Dogecoin worth investing in Kenya?
The demand for the cryptocurrency is significantly influenced by a number of factors:
- Active marketing - media advertising, various ongoing promotions, attract the attention of potential investors to the currency.
- Affordability of purchase and ease of handling the cryptocurrency.
- Possibility to conduct most currency operations by means of DOGE: payment for purchases and services on the Internet, transfer of funds to bank cards or electronic wallets, etc.
First of all, the popularity and persistence of Dogecoin is due to a strong user community that actively promotes the cryptocurrency in social networks and online channels.
Dogecoin is chosen by many investors because of its reliability, the amount of capitalization, and the trust of users around the world. Well-known projects do not generate large returns due to high asset values. The main advantage of investing in Dogecoin shares in Kenya is the prospect of growth. This cryptocurrency behaves unpredictably, but it is the volatility of Dogecoin that makes it worth considering. If you're lucky, you could potentially make good money by investing now. In order to trade this coin successfully, you need to follow all of Ilon Musk's tweets in the first place. As long as the head of Tesla shows interest in Dogecoin, the cryptocurrency could grow many times over.
How to start investing in Dogecoin in Kenya?
Nowadays, learning how to invest is not as difficult as one might think. There are many opportunities to do so. Almost all modern online platforms now offer free educational resources such as articles in mobile apps, email newsletters, video tutorials, etc. The best advice you can give someone new to investing is to take investing seriously from the start. Don't start out of curiosity, not to try, but to get positive results. When investing in cryptocurrency, don't forget the basic rules of investing.
Today, you can buy DOGE in Kenya from the comfort of your home through online trading platforms.
You need to find a broker that provides services through which you can register on the trading platform, open an account and then buy Dogecoin and get notifications when the value of the cryptocurrency changes. You need to find an online broker that fits your trading style and requirements.
Traders can choose a strategy: long-term or short-term.
You can safely store Dogecoin in your account and trade and make profits. If you choose a long-term strategy - you will wait for constant growth to earn more. This can lead to a high cash investment and a longer expectation of profit. One of the advantages of such long-term investments is that you don't have to worry about the short-term spontaneity of the market. If you are interested in a short-term strategy, it is worth learning about a concept such as CFD.
CFD, which is an acronym for Contracts for Difference, is a unique way to trade assets online that does not require direct ownership of the asset.
CFDs allow you to speculate on price movements (up or down), with the investor receiving all the benefits that come with trading cryptocurrencies without actually owning them. The short-term strategy thrives on the self-seeking nature of the cryptocurrency market. You will seek to capitalize on the smallest price movements by placing multiple trades simultaneously.
The most attractive feature for traders is the possibility of using leverage. This allows you to pay only a small portion of your desired wager and borrow the rest from your broker. To put it in perspective, if you were to apply 1:10 leverage to a $100 bet, for example, your position would be worth $1,000. Leverage can significantly increase your profits.
How to buy Dogecoin in Kenya?
CFDs are traded through a broker. If you've chosen an online broker and are ready to invest in Dogecoin, we'll tell you how easy it is to set up trading and make money on an online trading platform in Kenya, all without spending a lot of time. You can register and then make your first deposit. You need to have a budget set for buying digital assets. This will protect your savings and avoid unexpected losses.
How to register?
The registration process on the platform is usually simple and only takes a few minutes. Go to the broker's website, then click on the "Register" button. Following the instructions requested by the platform, you will need to enter the required information about yourself. You will also be asked to enter your email address and your own password. After completing and submitting the form you will receive an email which is required to activate your account. Once you have completed the registration, you may open a Demo or Live account.
How to open a Demo account?
As soon as the registration is completed, you will get a free demo account. A demo account is the best training tool for beginner traders. The functionality of a demo account is identical to a real account, but you are trading virtual rather than real Dogecoins. While working on your demo account you get practical experience in trading on the platform and learn all possibilities of trading. With a virtual demo account you can learn the technical side of trading and all the intricacies of the trading platform, as well as learn how to use the trading platform and invest in general. To open a demo account, all you need to do after registering on the platform is to choose trading in demo mode.
How to open a live account?
If you do not want to trade on a demo account as soon as you sign up, you can switch to a real account straight away. It is through a brokerage account that you make all your trades and make deposits and withdrawals. To get started, you need to log into your account on the trading platform and choose the asset you want to trade. You can fund your account whenever you want. Many brokers set a minimum amount threshold for opening an account. Of course, everyone should be guided by their own financial capabilities. If you want to open an unlimited number of assets, this is a good way to maximize your profits.
You can trade on the CFD platform in Kenya with leverage to make more profits.
How to make a deposit?
One of the main advantages of the crypto market is that you don't need a large initial capital to get started. Funding your trading account to invest in Dogecoin in Kenya is very easy. The investment platform provides you with various payment methods. These can be credit or debit cards, bank transfers, or payments through electronic platforms.
Instructions for making a deposit are:
- Select a payment method.
- Choose which currency you will be using in the future.
- Enter the desired deposit amount.
- Fill in your details (e.g. if you are using a credit or debit card).
How to withdraw money?
To withdraw money, you can use the same methods as when you make a deposit. This can be through bank transfers, credit or debit card payments or e-wallet transfers.
Dogecoin has managed to overcome many challenges in its short but tumultuous history. The fact that Dogecoin is still alive proves its ability to survive for a long time in a competitive financial environment, among other digital coins and traditional currencies. Today, it is often used as a means of payment, which is accepted by merchants almost all over the world.
By trading CFDs in Kenya you can make profits in the short term while minimizing your losses. The investment platforms adhere to the highest standards of security against hacking. The developers use unique software and technological methods to ensure maximum security and confidentiality of data. These security measures make the websites fully protected from unauthorized access and guarantee the security of investing in Dogecoin.
Investing in cryptocurrency has a lot of positives that make it one of the most attractive types of income.
If you start trading in the cryptocurrency market, it will give you a lot of freedom. Here, unlike in a salaried option, you have no managers, you are your own boss.
You can trade cryptocurrency wherever you are in the world!
You will surely succeed! Try it!
We wish you success.