Recently, the popularity of Dogecoin has been evident. Looking back over the past year, its astonishing increase has reached 161 times. In other words, if I had bought 10,000 yuan worth of Dogecoin a year ago, it would now be worth 1.61 million yuan.
Such an incredible return rate has quickly climbed to the top of Weibo's trending topics, attracting a lot of attention and discussion from investors. Today, we will provide a detailed introduction to the process of purchasing Dogecoin.
Before we get into the specifics, let's briefly understand what Dogecoin is. Like Bitcoin, Dogecoin is a type of digital currency, with the code DOGE. It was originally inspired by an internet meme, but in recent years, it has developed a unique ecosystem within community culture, social dissemination, and certain application scenarios. Next, we will take Binance as an example to provide a detailed tutorial on buying and trading DOGE, helping investors quickly get started.
1. How to buy Dogecoin? Detailed steps for buying DOGE#
Dogecoin is currently listed on over 120 mainstream exchanges worldwide, including well-known platforms such as OKX, Binance, Huobi, and Gate.io. Below is the complete process for purchasing DOGE through OKX. To buy DOGE, you first need to have USDT—
Open the official website of OKX, one of the three major exchanges globally, and register to enjoy a 20% discount on trading fees! New users can also receive a free mystery box upon registration, which can yield random values between $2 and $8.
Click here–> to register an OKX account on the official website or alternative link, some regions may require a VPN
- First, visit the OKX official website through the link above. Then, enter your registration email:
- Next, you need to set your phone number. Fill in according to your actual situation; you can set a domestic phone number starting with 86, then enter the 6-digit SMS verification code to complete the verification:
- After completing the SMS verification, proceed to the next step, where you need to verify your country or region. Select China, then click next. A pop-up will appear; choose confirm:
Note: The country or region verification must match the information on your identification or proof of residence, so it is recommended to fill it out truthfully. After selecting the region, check the service terms/privacy policy agreements and proceed to the next step. Next, you need to set a login password. Once the password is created, you will be automatically logged into the backend:
Thus, the account registration is complete, but identity verification is not yet finished. Currently, OKX requires identity verification to purchase or recharge digital currencies. Completing real-name authentication can randomly grant you a mystery box, with a maximum reward of 50 USDT.
After registering on OKX, you can easily create an account, complete registration, and log in. Then, you can buy and sell USDT on the trading platform.
By clicking the [Register] button, you can choose China as your residence area and fill in your email. After filling in the information, click [Register] to complete account creation.
Wait for the OKX account registration to complete, download and install the app. If the system prompts a security risk during installation, you can ignore it; for virtual currencies, the system often misreports this. This is a legitimate download from the official website, and it is a routine risk warning, so you can disregard it.
If you are an Apple user, you need to use an overseas Apple ID to log in to the App Store to download the app. This guide will not elaborate on how to apply for an overseas (Hong Kong, US) Apple ID; you can search for it on Zhihu. Be patient while waiting for the OKX App to install successfully. Then we will follow the steps below to first purchase USDT:
After completing the above step, you will have exchanged RMB for USDT. USDT can be understood as USD, which is pegged at a 1:1 ratio. This step of exchanging RMB for USDT is essential.
After completing the purchase, you can check your USDT balance by clicking on [Asset Management] and then [My Assets]. If you need to exchange USDT for other currencies, you can transfer it from your funding account to your trading account, and after completing the transfer, you can perform the exchange operation on the trading platform. Enter the trading interface, select [Spot Trading], and choose the currency you want to trade. After entering the purchase amount, you can complete the transaction.
Buying and Selling USDT#
With an OKX exchange account, you can purchase USDT through C2C trading, quick trading, and other methods. You can choose to buy USDT with RMB or convert your USDT into RMB. Below are the specific steps for buying and selling USDT—
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- First, after entering the OKX platform, click the [I want to buy coins] button and select [C2C Buy Coins].
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- Click on the app homepage— I want to buy coins (C2C Buy Coins)— Quick Trading— select USDT— enter the amount of USDT you want to purchase— select payment method (Alipay, WeChat, or bank card) to transfer the money to the merchant assigned by the system as prompted, and wait a moment.
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- After clicking the merchant's [Purchase] button, enter the purchase amount, select the payment method, complete the payment, and click [I have paid]. Once the seller verifies receipt of the payment, you can successfully purchase USDT, and the funds will be credited directly to your account.
After completing the above step, you will have exchanged RMB for USDT. USDT can be understood as USD, which is pegged at a 1:1 ratio. This step of exchanging RMB for USDT is essential.
- After clicking the merchant's [Purchase] button, enter the purchase amount, select the payment method, complete the payment, and click [I have paid]. Once the seller verifies receipt of the payment, you can successfully purchase USDT, and the funds will be credited directly to your account.
After completing the purchase, you can check your USDT balance by clicking on [Asset Management] and then [My Assets]. If you need to exchange USDT for other currencies, you can transfer it from your funding account to your trading account, and after completing the transfer, you can perform the exchange operation on the trading platform. Enter the trading interface, select [Spot Trading], and choose the currency you want to trade. After entering the purchase amount, you can complete the transaction.
Buying DOGE with USDT#
If you want to convert your USDT into other virtual currencies, such as Dogecoin (DOGE), you can click on the bottom of the APP "Trade"— select "Spot"— select the [DOGE/USDT] trading pair. Based on the amount of USDT you hold, enter the amount of DOGE you wish to buy in the trading area, and click "Buy DOGE" to complete the purchase. If you want to sell DOGE, fill in the amount you wish to sell and click "Sell DOGE."
You can use limit orders or market orders to buy Bitcoin.
- Limit Order— means you set a target price, and when the market price reaches your set price, the system will automatically execute the trade.
- Market Order— the system will trade at the current market price, which is very suitable for users who want to complete the transaction urgently.
After completing the purchase, you can check your DOGE balance in [Asset Management].
If you want to sell DOGE and convert it to USDT for cashing out, you can also choose a market order. After selecting the selling amount, the system will quickly execute the transaction at the current market price. After completing the selling operation, you can transfer USDT from your trading account to your funding account, and then sell it for RMB through [C2C Trading].
2. Is Dogecoin still worth investing in now?#
Compared to traditional Bitcoin, Dogecoin takes a more relaxed and community-oriented approach. It was initially used for online tipping and "tip payments," a use case that aligns with the American "tipping culture," quickly gaining popularity on social platforms. With its low entry barrier and "cute" attributes, Dogecoin became the second most popular electronic tipping currency in the American internet just a week after its system launch.
Although Dogecoin started as a joke project, its actual performance has far exceeded that. The DOGE project, co-created by Jackson Palmer and Billy Markus, has remained active even during downturns in the crypto market, being considered one of the few network projects that can transcend cycles.
According to Canadian crypto researcher Kevin Rooke, Dogecoin's activity even surpasses many mainstream currencies. He pointed out that in December 2018, the daily average number of active addresses for DOGE exceeded the levels of December 2017, and it ranked third among all cryptocurrencies, only behind Bitcoin and Ethereum. According to data from the Messari platform, on one day, DOGE had 72,955 active addresses, only behind Bitcoin's 536,738 and Ethereum's 235,004, far exceeding Tron (21,255).
Moreover, in terms of 24-hour trading volume, Dogecoin also performed impressively— with nearly 30,000 transactions in a single day and a total trading volume of up to $264 million, demonstrating its network's high activity and sustained vitality.
Kevin Rooke also pointed out that DOGE's network processing capability and transaction throughput surpass many established cryptocurrencies, such as Bitcoin Cash, Litecoin, and Dash. From a technical perspective, DOGE has become a crypto network that cannot be ignored.
3. Advice for newcomers in the crypto space#
Overall, Dogecoin possesses a unique "character" that is rare among other digital currencies— absurd, unruly, humorous, and rich in community sentiment. This characteristic perfectly aligns with the current cultural backlash of the "American leek community" against traditional financial institutions (such as hedge funds). Coupled with Elon Musk's multiple endorsements on social media, it further amplifies DOGE's market attention.
In terms of price and market capitalization, Dogecoin has a relatively low overall threshold, making it easier for ordinary investors to enter and offering greater potential for price increases. Compared to high-market-cap mainstream currencies, DOGE has lower operational costs and less upward pressure, becoming a new favorite among many retail investors.
Of course, some veteran players in the crypto space hold a reserved attitude towards DOGE, believing it lacks practical application scenarios, primarily used for online tipping in the past, with limited future promotion, and has not shown many advantages in this wave of DeFi. Its overall performance tends to be marginal.
However, it cannot be denied that DOGE has gradually evolved from a joke into a force that cannot be ignored in the investment world. For new investors, understanding its operational mechanism and purchasing methods is the first step into the crypto world.
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