Dogecoin (DOGE) is a digital currency that acquired a lot of traction in 2021. DOGE is the symbol (ticker) for Dogecoin. Despite its unlimited maximum supply and comic reputation, Dogecoin has reached major price highs and is available on a number of centralized cryptocurrency exchanges, including Coinbase.
Coinbase is a publicly traded cryptocurrency corporation that offers a variety of products. One such product is the Coinbase app, a well-known and straightforward program for buying and trading multiple cryptocurrencies.
Do you want to know how to purchase Dogecoin on Coinbase or sell Dogecoin on Coinbase? Is it possible to buy Dogecoin on Coinbase? Continue reading for more details.
Brief Dogecoin history
Billy Markus and Jackson Palmer launched Dogecoin in 2013 as a joke, basing the concept on a famous meme — the one with grammatically bad sentences placed around a photo of a Shiba Inu dog sitting properly and facing the camera.
Dogecoin has no maximum currency supply, with roughly 10,000 new DOGE tokens being created every minute. In contrast to Bitcoin (BTC), which has a limited quantity of 21 million coins, DOGE is an inflationary asset.
DOGE and BTC both have their own blockchains. DOGE’s blockchain generates a new block about every minute, whereas BTC’s network generates a new block every 10 minutes. Because of this, DOGE transactions are often quicker than BTC transfers.
Is it wise to invest in Dogecoin? DOGE has historically witnessed massive price hikes. According to its market price index, DOGE’s price has risen from less than a cent in 2019 to about $0.74 in 2021. What is the value of Dogecoin? DOGE’s price fluctuates continuously, however, the price index tracks DOGE’s price in real-time.
According to history, investors or traders who purchased and sold DOGE at that time period may have made a substantial profit. However, various elements, such as trade timing, come into play when it comes to profit.
With his comments on Dogecoin, billionaire Elon Musk helped thrust the coin into the public limelight. Dogecoin was also mentioned in the context of WallStreetBets, a Reddit-based market-focused organization.
Before you buy and sell Dogecoin
Understanding Coinbase
You may invest in Dogecoin through Coinbase. Coinbase, located in the United States and founded in 2012, is a notable firm in the cryptocurrency market.
Coinbase went public in 2021, with its stock trading under the ticker COIN on the Nasdaq. The exchange offers a variety of cryptocurrency solutions, including the Coinbase mobile app, website platform, and Coinbase Pro mobile app and website interface.
Dogecoin may be purchased and sold on two platforms: Coinbase and Coinbase Pro. The user interface of Coinbase differs from that of Coinbase Pro.
The Coinbase Pro interface is designed for traders, containing price charts and order books, whereas the normal Coinbase platform is simpler. Visit pro.coinbase.com to access the website.
Set up a Coinbase account
To buy or sell Dogecoin on Coinbase, you must first create an account. Completing the procedure via the mobile app appears to be the same as joining up via the web page.
Coinbase takes customers through several phases of the account creation process with prompts that must be filled out. Personal information such as name, date of birth, email address, and phone number are commonly included in these questions. Users must adhere to Anti-Money Laundering (AML) guidelines and supply a picture of a government-issued identity that matches the name used when registering.
The account creation procedure and information requirements may differ depending on the user’s jurisdiction. Nonetheless, because of legal constraints, Coinbase demands a significant quantity of information from its consumers in general.
Users in some places of the world may also be denied access to Coinbase. To open a Coinbase account, you must be at least 18 years old and agree to specific terms and conditions.
Opening an account on Coinbase often entails validating an email address and supplying a phone number for initial two-factor authentication (2FA) setup. Users can modify their 2FA method after creating an account to something other than a phone number, which may be desired owing to the hazards of sim swapping.
Are you curious about Coinbase Pro? A user’s Coinbase account functions as a foundation, with Coinbase Pro acting as an extension of Coinbase. For instance, clicking the button on the Coinbase Pro browser page sends visitors to the main Coinbase website to join up.
Funding your Coinbase account
If fiat money is requested, creating a Coinbase account entails attaching a means to spend or send fiat cash (U.S. dollar, for example). Users can also transfer cryptocurrency to their Coinbase account.
How does one buy Dogecoin on Coinbase Pro? If a user creates a Coinbase account and transfers assets to the normal Coinbase platform, he or she must move any monies requested from the main platform to the Coinbase Pro platform.
Users may now transfer funds straight from other crypto wallets or banks to their Coinbase Pro platform. Fiat and cryptocurrency funds can be sent to and moved between the Coinbase and Coinbase Pro platforms.
The main Coinbase platform, however, includes more currency payment alternatives than Coinbase Pro. The performance of any app should be similar to that of the browser.
How to sell Dogecoin on Coinbase
Selling Dogecoin via Coinbase (browser platform) appears to be the same as purchasing the asset. Follow these steps to sell Dogecoin on Coinbase:
1. Once users are logged in to their Coinbase account, they may click on the Buy/Sell option. The user is taken to the pop-up page to buy, however, there are three tabs are the top of the box labeled Buy, Sell, and Convert.
2. Click on the Sell tab, search for Dogecoin on the list, and type the amount of Dogecoin you want to sell. Click on “Preview Sell” to cross-check the details you have inputted as well as the fee and then click on “Sell Now.”
The “Convert” option, which stands next to the buy and sell tabs, may also be used to convert Dogecoin into other digital assets and vice versa.
The DOGE sale process on Coinbase Pro (browser interface) is similar to the Coinbase Pro buying process. Select a DOGE pair from the drop-down menu, check the “Sell” and “Market” options, enter the amount of DOGE to sell, and click “Place sell order.”