A Beginner’s Guide on How to Sell Dogecoin
DOGE is a cryptocurrency that has been in existence since 2013, built on a code from BTC and LTC. Crypto has attracted many investors since its inception, leaving many wondering how they can sell their DOGE and cash in big money.
In this article, we will be looking at how you can sell your DOGE for fiat money and have the profit in your hands. DOGE is currently held by many whales in the crypto market and is also used by companies as a payment method. It has a market cap right now of over $21 billion. So, it is a valuable asset to own right now.
What is Dogecoin?
Dogecoin is one of the meme cryptocurrencies, started as a joke by two engineers, namely Billy Markus and Jackson Palmer, in 2013. The coin is based on the doge meme given to it when Palmer tweeted that it’s dog-themed crypto.
Dogecoin has quickly gained popularity. Elon Musk, who has been drumming support for Dogecoin since the beginning of 2021, is one of its biggest fans.
It is important to keep in mind though that DOGE has no real utility. Despite this, the meme coin has created so many millionaires. It was created as a payment network, but unfortunately, many have not adopted it globally.
How to sell Dogecoin
Selling Dogecoin is not tedious work. However, being a beginner, it might look complex because of the processes you have passed through. There are requirements needed for you to be able to sell Dogecoin. Here are the basic steps that you can follow:
- You must, first of all, have the Dogecoin you want to sell. This is the first step. However, if you don’t have any Dogecoin, kindly refer to our buying Dogecoin and acquire some.
- You need an account with a reputable cryptocurrency exchange platform. In this case, Coinbase and Binance are the best-known exchanges. The exchange account must be connected to the wallet holding your crypto.
If you have the above requirements ready, you can transfer the dogecoin to your exchange wallet, and you can sell your DOGE anytime using either limit order or market order. The limit order simply means that you want to sell your dogecoins above the market price, and when the market reaches the set order, it will execute automatically.
The market order is selling at the current market price. Apart from the two methods, there is also the peer-to-peer method to receive cash directly into your bank or the payment method you prefer. The most important thing though is to make sure you are avoiding scams. Always sell your DOGE in established exchanges with a proven record of success.
Where to Sell Dogecoin
There are places where you can sell your dogecoins, known as crypto exchanges. The exchanges offer dogecoin trading and wallets to store your coins as you wait to sell. These are the best places to get started on how to sell dogecoin. There are some leading exchanges you can consider including Kraken, Robinhood, and Binance.
Selling on Robinhood
Many investors look at Robinhood as a stock trading platform. But it is also a crypto trading section that makes it easy for you as a beginner. You can follow a few steps below to be successful.
- On the platform, navigate to the DOGE section
- Select the sell option and click
- Decide which sell order you want to use
- Put the amount of DOGE you would like to sell
- Ensure that you review the sale before clicking the submit option.
Selling on Kraken
The Kraken users have a more protracted process when selling their Dogecoin. They have to convert their DOGE to BTC or USD, and EUR. For a beginner trader, this can be a complicated process but it’s still doable. However, to sell DOGE, beginners must follow the steps below.
- Have an account on Kraken and link the DOGE wallet to their account.
- Sell their DOGE using the NEW ORDER page
- Fill out the order form
- Click the sell option
Selling on Binance
The Binance app is the most famously used exchange in the crypto industry. Almost every beginner begins their journey with Binance. Here are the steps beginners should follow in this journey.
- They must be holding DOGE in the Binance DOGE wallet that is linked to the account they have opened. If the DOGE is in their crypto wallet, it must be transferred to the exchange wallet.
- They can navigate to the Trade option on the Dashboard on Binance
- Click the sell option after choosing the order they want to sell with (either limit or market order.)
- Apart from that, if they want to sell for cash, they just have to navigate to the P2P tab and be redirected to a page with like-minded sellers and buyers. After that, they can sell the amount of DOGE they want for money.
Other platforms that offer a simple way to sell your DOGE include Coinbase, Gemini, and decentralized platforms like Uniswap.
What to Consider Before Selling Dogecoin
The main reason why people sell assets is to either raise money or to simply cut losses. But regardless of the reason why you are selling DOGE, there are a few things you should consider. The following is the full list:
- How much profit do I want to make? This will help you understand what you are getting back when cashing out. The money should cover a few expenditures like tax and remain a significant amount as your profit.
- Dogecoin is a very speculative crypto. All cryptos are highly speculative and volatile, including DOGE. The speculative moves can hinder you from selling at the right time. Therefore, you have to be patient to wait at the right time for selling your DOGE.
- Consider the crypto exchange you want to use because each exchange has different fees that it charges for transactions. This can be on transfers from private wallets to exchange wallets. There will also be fees when trading your DOGE on the P2P platform.
- Consider the price of the DOGE at the particular time you want to sell. Is it giving you a small or big profit above your buying price? This will guide you well because some part of the profit will help cover the fees during the transaction.
How to Profit from Dogecoin and Other Memecoins
Due to a few factors, the crypto market is slumping right now. But that does not deter anyone from investing in cryptocurrencies. After all, we have been here before and the market bounced back in a big way. Most attention has always been on the biggest cryptos like BTC and ETH. However, there are other categories of cryptocurrencies known as meme coins.
Memecoins are often referred to as a joke in the crypto industry because of their nature of creation. Cryptos like DOGE, SHIB, Kishu Inu, Floki Inu, and others are so volatile that they can make you rich or poor overnight. But many people have always made a lot of money with these assets. So, can you profit from DOGE and meme coins assets, and how?
Currently, meme coins are the easiest way to profit in the crypto market. To benefit from meme coins, you have to be very timely at buying their dip because they are highly speculative. Remember, the meme coins do not represent any physical utility. Therefore, they depend on the value of the market at the moment. Buy the dip and sell the highs.
Selling DOGE is a straightforward process. All you need to do is to make sure you buy the coins on time and hold them for some time. You could come out a millionaire in a matter of months. As discussed above, if you also want to increase your dogecoins, you can trade them on the exchanges.
* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.