Dogecoin (DOGE) CFD Trading
The friendly cryptocurrency. From an accidental “joke” to a payment system that makes us smile, Dogecoin is the lighthearted alternative to Bitcoin. Trade DOGE with ATFX today.
Why trade Dogecoin with ATFX?
Zero Commissions
ATFX charges no commission on Dogecoin CFDs trading, and no bank fees for deposits and withdrawals from your ATFX account, dramatically improving the bottom line for Dogecoin traders.
Trading Open 24/5
Trade Dogecoin CFDs 24 hours a day, five days a week with the ability to open and close positions as you see fit with ATFX, your preferred Dogecoin broker.
Go Long as Well as Short
Trade the ups and downs of Dogecoin with our CFDs.
Trade Dogecoin on Leverage
With ATFX you don’t own the actual cryptocurrency, but you still gain exposure to Dogecoin’s price changes, and you only need to have 50% of the position value as margin. This also means that any profits or losses will be magnified and it is important that you understand the risks involved.
Dogecoin (DOGE) Price Today
Trading Conditions
| Name | Doge vs US Dollar |
|---|---|
PRODUCT | DOGUSD |
MINIMUM SPREADS | 0.005 |
LOTS SIZE (MIN/MAX) | 0.1/10 |
CONTRACT SIZE | 1,000 |
PIP VALUE/LOT | 1 USD |
CURRENCY | USD |
PROFESSIONAL 1:400 ACCOUNTS | 1:10 Leverage |
PROFESSIONAL 1:100 ACCOUNTS | 1:10 Leverage |
RETAIL ACCOUNTS | 1:2 Leverage |
SWAPS | Refer to Trading Platform |
TRADING HOURS* (MON) | 00:05-23:59 |
TRADING HOURS* (TUE-THU) | 00:01-23:59 |
TRADING HOURS* (FRI) | 00:01-23:55 |
What is Dogecoin?
Photo of a Shiba Inu named Kabosu that turned into a legendary memeDogecoin was created by two software engineers, Billy Markus and Jackson Palmer. Markus and Billy both worked at IBM and Adobe, respectively. Both founders didn’t have any prior experience in cryptocurrencies. Markus taught himself how to develop a cryptocurrency from an online guide. Since most cryptocurrencies at that time were nothing but sugar-coated forks of Bitcoin , the founders decided to create another spin-off as a joke.
This project was named Dogecoin, based on the viral meme of a Shiba Inu looking quizzically into the camera. The meme became a global hit, with many online polls awarding it the top spot. It made Dogecoin the first-ever meme coin and the first ‘dog coin’. The viral photo of the Shiba Inu dog named Kabosu became Dogecoin’s face and logo.
How to Mine Dogecoin?
Like most blockchains, Dogecoin is an open-source, peer-to-peer cryptocurrency that utilises distributed ledger technology. The project started as a Litecoin fork, and the first Dogecoin block was mined in December 2013. Being a Litecoin fork, Dogecoin also employs a proof-of-work consensus algorithm to create blocks.
The Auxiliary Proof of Work (AuxPoW) upgrade in 2014 enabled Dogecoin to be merged-mined with Litecoin. It also enhanced network security by increasing the mining hashrate. In addition, the AuxPoW update allowed users to mine Litecoin and Dogecoin simultaneously on the same machines. Therefore, if you’re googling ‘how to mine Dogecoin?’, you should know that Dogecoin mining is possible using the Litecoin mining hardware.
Dogecoin Development
Unlike most cryptocurrencies, the early development of Dogecoin wasn’t backed by any funding. Moreover, the founders didn’t pre-mine any coins before launching the network to the public. This made DOGE distribution very fair and entirely decentralised. Nevertheless, less than a year after founding the project, Markus left Dogecoin and handed all the development to Palmer.
The DOGE network initially had random block rewards. However, after a mining exploit, it was fixed at 10,000 coins per block in 2014.
DOGE Utility
The project was launched as a peer-to-peer payment network that could reach a broader demographic than Bitcoin. Today, Dogecoin has a large user base and can be traded on almost all the top cryptocurrency exchanges in the world. In addition, DOGE is also used by online communities as a medium of exchange for tangible items.
Since the project’s launch, the community and Dogecoin foundation have contributed to several charities and noble causes. These include separate fundraisers for the Jamaican Bobsled Team, building a well in Kenya and sponsoring NASCAR Sprint Cup Series driver Josh Wise.
Acceptance in the Mainstream & Pop Culture
Dogecoin has always been one of the more popular cryptocurrencies, but it gained a cult following in the 2021 bull run. It all started from TikTok videos, where influencers urged their followers ‘to buy DOGE as it was going to hit $1 soon.’ Gen Z immediately got on board, and the price of the top meme coin skyrocketed.
When everyone thought the world had enough of the dog coin meme, tech billionaire and SpaceX CEO Elon Musk started tweeting about it. This triggered an exponential bull run for DOGE, perfectly aligned with the Bitcoin bull run. Snoop Dogg and Gene Simmons also jumped on the DOGE bandwagon by endorsing the project.
The billionaire entrepreneur and Dallas Mavericks owner Mark Cuban also announced that ticket sales could be made in Dogecoin. Within two days of the announcement, the franchise processed about 20,000 transactions, becoming the top Dogecoin merchant.
Is Dogecoin a Good Investment?
What affects the Dogecoin price?
The price of Dogecoin is affected by meme trends and market sentiment. Most of the time, DOGE follows Bitcoin’s price action. Since the cryptocurrency’s
launch in 2013, it has seen several pumps and dumps. In December 2013, the Dogecoin price surged by more than 300%
within 72 hours. However, the price crashed after three days and fell 80%, erasing most of its recent gains.
Like all other altcoins, a direct correlation between DOGE crypto and Bitcoin prices can be seen. This connection can be
observed by comparing the Bitcoin and Dogecoin price charts. In 2017, the Bitcoin price started surging as investor
interest in crypto rose significantly. The price of Bitcoin ultimately went on a parabolic run, hitting an all-time high
of $20,000 in December 2017. This was an over 26X rally from its January 2017 low of $748. DOGE also followed the
Bitcoin price during the entire bull run, with the price hitting $0.018 at one point, putting Dogecoin’s market cap at
$2 billion.
In the following bear market, the DOGE price hit lows of $0.00189 as the whole crypto market faced a multi-year slump.
In the 2nd half of 2020, the price of cryptocurrencies started to soar again due to massive money printing by the US
Federal Reserve. The influx of retail investors into crypto pushed BTC prices above $20,000 in December 2020. Since most
cryptocurrencies were paired against Bitcoin on exchanges, their prices also went ballistic.
As the Bitcoin price went on a parabolic run in 2021, the DOGE price also soared to record highs. Celebrity endorsements
and social media hype fueled the rally, and DOGE hit an all-time high of $0.73 in May 2021. This peak occurred the same
evening Elon Musk appeared on Saturday Night Live, mentioning the meme coin multiple times. The SpaceX CEO also called
himself the ‘Dogefather’.
By May 2021, BTC was trading around $60,000 after tagging a high of $65,000 in April. This was when a sudden Bitcoin
crash jolted the whole crypto market. The massive sell-off sent Bitcoin prices below $29,000 in June 2021. The Dogecoin
price also took a massive hit and plummeted to $0.16 in July 2021. The mover showed how the Dogecoin price depended on
Bitcoin’s price action.
In the 4th quarter of 2021, Bitcoin prices hit a new all-time high, but Dogecoin failed to do so. Instead, the DOGE
price could only manage a dead cat bounce to the $0.21 level before entering another nosedive.
After topping out at $69,000 in November 2021, the Bitcoin price is in a severe downtrend. The ongoing bearishness has
pushed the Dogecoin price into a downward spiral. The coin is now trading at only $0.063, which is 91.3% below its
all-time highs. This correlation also suggests that any future Dogecoin price prediction depends on Bitcoin’s price
action.
What is the circulating supply of DOGE coins?
How can you invest in Dogecoin?
If you are wondering how to buy Dogecoin, there are several ways through which you can gain exposure to its native asset, DOGE. These include spot markets, futures contracts and CFDs. Spot Exchanges like Coinbase, Binance, FTX and Kucoin could be helpful if you have a long-term perspective. However, CFD trading could be a better option if you’re a trader and want exposure to the volatility of the DOGE coin’s price action.
CFDs or contracts for difference allow you to increase your position size with little capital, known as ‘margin’. When trading CFDs, you don’t own cryptocurrencies; instead, you speculate on the direction in which the prices are heading. This feature makes the CFD products ideal for investors with low initial capital. Another benefit of leveraged products like CFDs is that you don’t have to hold or manage the crypto assets on any blockchain.
FAQ
Dogecoin is an open-source, peer-to-peer cryptocurrency that utilises distributed ledger technology. The project started as a Litecoin fork, and the first Dogecoin block was mined in December 2013.
Dogecoin’s price follows Bitcoin’s price action most of the time. However, it is also affected by other memes, news and market sentiment.
You can trade Dogecoin on a reliable CFDs broker like ATFX Australia. You can also buy it from crypto exchanges like Binance, Kucoin, etc.
The best way to gain exposure to Dogecoin is by trading CFDs. This is because they allow you to hold a much bigger position with just a fraction of capital, known as ‘margin’.
There are no minimum requirements. You can invest as low as $10 on most spot exchanges. You can increase your position size by trading CFDs as well.
Dogecoin was created as a payment system and an internet joke. It was named after the viral Shiba Inu meme of 2010.
