Differences between Investing vs Trading
Differences between Investing vs Trading
The Dogecoin network was created in 2013 by software engineers Billy Markus and Jackson Palmer, who are reported to have initially devised it as a satire of the cryptocurrency world’s claims at the time to be taking over the world. Despite its roots as a meme coin and its ongoing claims to be a fun currency, it soon became regarded as a serious token and potential investment.
The Dogecoin price is shown with the DOGE code to represent this currency and the DOGEUSD acronym refers to its price in US dollars. Among the advantages of this token, it carries out transactions far more quickly than rivals such as Bitcoin (BTC). Dogecoin is much faster than both Bitcoin and Ethereum. Transactions on the Dogecoin network are confirmed in just 1 minute, while it can take up to an hour for Bitcoin transactions to be confirmed and up to 2 minutes for Ethereum transactions.
At the launch date, the Dogecoin price was just a fraction of a cent for each token, but it soon gained popularity and rose in value thanks to a Reddit community and many other online supporters. Elon Musk is another high-profile champion of the coin who has spoken out about it, with a SpaceX mission being completely funded by Dogecoin.
The market value of DOGEUSD rose to $2 billion in early 2018. 2021 saw the Dogecoin price reach its highest point until then and a market value of $50 billion with a 20,000% increase before falling back. It was among the five biggest cryptos at one point and has also been the most-traded crypto for a brief period.
The initial supply of DOGE was limited to 100 billion coins, which were all mined in the first couple of years. After this, an extra five billion coins have been added each year, although unlike BTC and most other cryptocurrencies, there is no fixed upper limit in place.
A key option for anyone looking to earn profits on this digital token involves CFD Trading, where you can gain from Dogecoin price swings without buying any of the tokens. This approach gives the possibility of using leverage to attempt to gain bigger profits than would otherwise be possible.
Like most cryptocurrencies, the Dogecoin price can vary widely even in the space of a single day. This high level of volatility has made it appealing to traders carrying out short-term strategies such as day trading and scalping. Tokens can also be bought directly on a crypto exchange if you want a direct purchase based on the current DOGEUSD rate.
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* The spreads provided are a reflection of the time-weighted average. Though Skilling attempts to provide competitive spreads during all trading hours, clients should note that these may vary and are susceptible to underlying market conditions. The above is provided for indicative purposes only. Clients are advised to check important news announcements on our Economic Calendar, which may result in the widening of spreads, amongst other instances.
The above spreads are applicable under normal trading conditions. Skilling has the right to amend the above spreads according to market conditions as per the 'Terms and Conditions'.
How to trade Dogecoin?
If you're interested in trading Dogecoin CFDs, the first step is to find a reputable broker that offers this product. Once you've found a broker that meets your needs, you can open and fund an account. After your account is open and funded, you'll be able to start trading Dogecoin CFDs. It's worth noting that most brokers will require you to put down a margin deposit before you can begin trading. This is because CFDs are traded on margin, which means losses can exceed your initial deposit.
When it comes to trading cryptocurrencies, many traders forego the use of leverage in order to avoid the inherent risks associated with it. However, there are a number of ways to trade crypto CFDs without leverage, which can still offer potential profits while limiting downside risk. Skilling offers zero-leverage Crypto CFD trading for this purpose. For more information, visit this page.
When was Dogecoin released?
Dogecoin was released on December 8, 2013. Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014. Dogecoin is a decentralized, peer-to-peer digital currency that enables you to easily send money online. The dogecoin community is one of the most active in the cryptocurrency world.
What is the future of Dogecoin?
Dogecoin has been increasing in value in recent months, due to the increasing interest in cryptocurrencies. However, there is no guarantee that this trend will continue. If the trend continues, Dogecoin could become a major player in the cryptocurrency market. There are risks associated with investing in any cryptocurrency, including volatility, regulatory changes, and security threats. Before investing in any cryptocurrency, you should do your own research and consult with a financial advisor.
Why Trade [[data.name]]
Make the most of price fluctuations - no matter what direction the price swings and without capital restrictions that come with buying the underlying crypto asset.