Dogecoin isn’t necessarily the currency to invest in if you want to buy a new pet, but it is a lighthearted cryptocurrency with a Shiba Inu, nicknamed “Doge,” as its mascot. And in recent years, it has become one of the most popular digital currencies in the world.
With its increase in popularity, dogecoin has been adopted as a payment method at hundreds of stores and retailers worldwide. Learn about who accepts dogecoin and how it works.
What is dogecoin?
Dogecoin (DOGE) is a cryptocurrency, which is a digital currency that’s not backed by a government like traditional or fiat currencies. Cryptocurrencies run on networks known as blockchains.
Two software engineers created dogecoin in 2013. The creators, Billy Markus and Jackson Palmer, followed in the footsteps of other recently released cryptocurrencies such as bitcoin and litecoin. But they added a fun twist of creating dogecoin as a joke.
The official mascot of dogecoin is “Doge,” an internet meme involving a popular Japanese breed of dogs named Shiba Inu. The doge meme typically consisted of a humorous image of a Shiba Inu with internal monologue captions.
This meme coin quickly grew in popularity and enjoyed a growing number of fans and dogecoin enthusiasts over the years. But its value wasn’t necessarily increasing like bitcoin and other cryptocurrencies.
That is until 2020, when digital currencies in general, including dogecoin, got in the spotlight. Values started skyrocketing, reaching record highs in 2021. Dogecoin saw its highest valuation ever at about $0.74 on May 7, 2021.
The price increase was partly because tech billionaire Elon Musk, co-founder of Tesla and founder of SpaceX, had been tweeting about dogecoin. Speculations of further price hikes were linked to Musk’s appearance on Saturday Night Live on May 8, 2021, but the cryptocurrency failed to push past the $0.74 price point.
But Musk wasn’t the only wealthy individual or celebrity who became a dogecoin fan. Billionaire investor Mark Cuban has commented about the value of dogecoin, especially as a medium of exchange and a way to learn about investing.
He fully backed up his remarks by buying dogecoin here and there and offering it as a payment option for tickets and merchandise for his NBA team, the Dallas Mavericks.
Dogecoin has had several ups and downs with its cost and popularity since its all-time high in 2021. It currently costs about $0.13 per dogecoin as of May 2, 2022. While this is a sharp drop from its record high, it’s still a higher valuation than its price in its early years.
How to buy dogecoin?
Learning how to buy dogecoin is primarily done in one of two ways: using a cryptocurrency exchange or an investment app.
Cryptocurrency exchanges are typically platforms where you could buy and sell cryptocurrencies. You create an account on an exchange and then transact with other people who are also buying or selling cryptocurrency.
It’s common to be able to trade one cryptocurrency for another or to use cash to make a purchase. Many cryptocurrency exchanges offer a variety of cryptocurrencies. This often includes popular options such as bitcoin, bitcoin cash, ethereum, tether, dogecoin, and more.
Some of the most well-known exchanges include Kraken, Coinbase, and Gemini. Keep in mind that cryptocurrency exchanges typically charge fees for their services, including funding fees, trading fees, and withdrawal fees.
If you’re new to cryptocurrency investing, you might not know what happens to your crypto after you buy it. You have multiple options for storing crypto, though a popular option is to use a crypto wallet. This could be as simple as a physical piece of paper with your information written down, a software wallet connected to a secure website, a hard drive, a USB drive, and more.
For a potentially more beginner-friendly experience, you could consider using an investment app for your dogecoin investment.
Apps such as Robinhood make it easy to sign up for an account, add funds to it, and immediately start investing. This is helpful if you know what you want to do with your money but might be risky for beginner investors who could use more investing experience. However, if you're going to get your hands on some dogecoin, this could be a simple option.
Robinhood doesn’t charge any fees for buying and selling cryptocurrencies. However, it doesn’t have as many cryptocurrencies as popular cryptocurrency exchanges. Learn more in our Robinhood review.
It could make sense for investors with more experience to use an app like Webull. This app offers an all-in-one solution for investing by providing access to stocks, options, ETFs, cryptocurrencies, and more. Similar to Robinhood, Webull doesn’t charge fees for trading crypto. Learn more in our Webull review.
11 companies that accept dogecoin payments
The number of stores and services worldwide that accept dogecoin is well into the hundreds, if not more. And it’s not only small e-commerce stores either. Here are 11 companies and organizations you may have heard of that accept dogecoin crypto payments.
1. A Future For Veterans Foundation
With over 22 million veterans in the U.S., this charitable organization seeks to help veterans meet their basic needs and continue to support them in their daily lives. A Future For Veterans Foundation uses the Coinbase exchange to accept crypto donations.
AirBaltic is a Latvian airline known as the world’s first airline to accept bitcoin as a form of payment for flights. Dogecoin and other cryptocurrencies are also accepted through the services of BitPay. AirBaltic flies to over 70 destinations across Europe, the Middle East, and Asia.
AMC is the largest movie theater chain by the number of screens in the U.S. It accepts cryptocurrency payments for ticket purchases. AMC uses the BitPay service, which supports cryptocurrencies such as dogecoin, bitcoin, ethereum, and more.
4. American Cancer Society
The American Cancer Society is a charitable organization with a mission to free the world from cancer by promoting healthy lifestyles, conducting cancer research, and more. It accepts crypto donations, including dogecoin, through a portal built on the Gemini exchange.
With over 20 years of combined industry experience, CDKeys.com offers gamers digital codes for popular games at low prices. The site supports game purchases using cryptocurrencies, including bitcoin, paxos, tron, nano, dogecoin, etc.
6. Dallas Mavericks
Owned by billionaire Mark Cuban, the Dallas Mavericks use BitPay to accept popular cryptocurrencies payments for tickets and merchandise. The Mavericks were the first NBA team to accept dogecoin as a payment method.
7. Hope For Paws
Hope For Paws is an animal rescue organization that rescues cats, dogs, and other animals that have been abandoned on the streets or in the wild. Hope For Paws uses services from the Giving Block to accept cryptocurrency donations.
For electronics enthusiasts and computer builders, Newegg is a vast resource for finding the parts they need — from graphics cards to hard drives and more. At checkout, you can select BitPay and use dogecoin as a payment method.
9. Private Internet Access
Private Internet Access (PIA) is a virtual private network (VPN) company based out of the U.S. that offers safe and reliable VPN service to its millions of worldwide users. PIA uses BitPay to accept cryptocurrency payments, including dogecoin.
10. Save the Children
Save the Children is a charitable organization that seeks to support suffering children worldwide. It accepts crypto donations using services from the Giving Block.
Tesla is one of the most valuable car companies globally and has Elon Musk, a dogecoin fan, as its CEO. If you have enough dogecoins, you could use them to buy a Tesla.
Or you could exchange your dogecoin
If you’d rather exchange your dogecoin for another cryptocurrency or cash rather than spend it, you could use one of the best cryptocurrency exchanges. Here is how you can exchange dogecoin for bitcoin or ethereum, as well as U.S. dollars (USD).
For bitcoin or ethereum
Certain cryptocurrency exchanges allow you to exchange dogecoin for other cryptocurrencies, including bitcoin and ethereum. The process is typically straightforward and requires you to set up an account, connect your crypto wallet containing your dogecoins, and then sell them for your desired cryptocurrency.
For U.S. dollars
Selling your dogecoin for U.S. dollars usually follows the same process you’d use to cash out bitcoin or other cryptocurrencies. If you use an exchange service, this would require setting up an account, connecting your dogecoin wallet, and selling your coins. Depending on the exchange service, you might have to provide additional verification, including sending the exchange proof-of-residence documents.
Exchanging your dogecoins on an investment app such as Robinhood might be even easier since all you need to do is select your dogecoins and click a few buttons to sell them. Learning how to buy cryptocurrency with investment apps is typically just as simple.
Should I wait until dogecoin reaches $1?
Waiting until dogecoin reaches $1 is a personal decision that could potentially benefit from some professional financial advice. Any type of investing is risky, including investing in cryptocurrencies such as dogecoin. Remember that buying crypto and selling it for a profit after holding it for less than a year would likely subject it to short-term capital gains tax.
Is dogecoin accepted at Walmart?
Dogecoin isn’t accepted at Walmart, but there are ways to use dogecoin and other cryptocurrencies to make Walmart purchases. If you have the BitPay crypto debit card, you can use the card virtually anywhere Mastercard is accepted. But rather than being linked to a bank account, the BitPay card is loaded from a crypto wallet, which could hold dogecoin or other cryptocurrencies.
Do I get taxed on dogecoin?
Yes, you’re taxed on dogecoin just like other crypto assets. Buying and selling dogecoin for a profit typically results in paying a capital gains tax, much like the capital gain tax on stocks you may pay. Earning dogecoin in one form or another often counts as taxable income.
Cryptocurrencies are now a daily topic in finance and dogecoin is one of these cryptocurrencies. This meme coin is a bit of a peculiar case among other cryptocurrencies because it was created as a joke and was meant to spread fun and joy.
But that hasn’t stopped investors from seeing the potential value in dogecoin and other related cryptocurrencies. If crypto is an area of interest for your investment plan, consider the risks involved with this type of investment.
Before jumping into the next trending digital currency or stock, learn how to invest money by outlining your goals and seeing what options are available.
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