Buy Dogecoin in Singapore (DOGE)

100 billion Dogecoins were initially created but now it has an unlimited supply to encourage use of the token for making payments.

Dogecoin is also known for its unique supply. Most blockchain networks either have a limit on their supply or deflationary mechanics to increase their digital currencies’ value. However, Dogecoin is one of the few cryptocurrencies that does neither. While it used to have a hard cap of 100 billion coins, the limit was eventually removed to encourage users to keep spending the currency.

With an inflationary supply, Dogecoin’s value didn’t increase as rapidly as Bitcoin's. However, its price has remained reasonably stable due to its popularity and high demand.

Dogecoin was created as a joke as a fun alternative to Bitcoin.

In 2013, cryptocurrencies became a massive phenomenon because of Bitcoin’s success. Many attempted to create the next Bitcoin using the same technology. However, this wasn’t the case with the developers of Dogecoin; Billy Markus and Jackson Palmer. Their goal was to poke fun at the hype surrounding cryptocurrencies, and so they created the world’s first “dog coin” and used the, already very famous, Shibu Inu as the face of their new cryptocurrency.

Immediately after its launch, Dogecoin gained a mass following. Many influential people expressed their support for it and it was “shilled” by seemingly every YouTube trader around. It was even named as the SpaceX token for the moon by Elon Musk. As Dogecoin madness swept the world, Doge was the first major case of FOMO (fear of missing out) that saw retail investors rush in to buy DOGE. The digital currency that started out in good humour surprisingly became one of the biggest in the market due to its fast rate of adoption.

In 2014, the members of the Dogecoin team established the Dogecoin Foundation to provide governance and support the currency’s growth as it strives to become a currency for the people. Dogecoin’s community is a dedicated bunch of crypto enthusiasts who call themselves the Dogearmy.

You can buy Dogecoin in Singapore right here on Independent Reserve.

We are a trusted cryptocurrency exchange regulated by the Monetary Authority of Singapore (MAS), Singapore’s financial services regulatory body. We are one of the first digital currency exchanges to receive a Digital Payment Token (DPT) licence under the Payment Services Act (PSA). This affirms that our policies, processes, and systems are held to the highest standards.

We are proud to offer Singaporeans a safe and secure platform to buy DOGE and other cryptocurrencies. After you sign up you can start buying Dogecoin with as little as S$10. We offer customers world-class security and have a 24/7 support team if you need help.

You can purchase DOGE after you deposit SGD into your trading account.

It only takes five minutes to create your account with Independent Reserve.

Instantly deposit Singapore dollars from your bank account by selecting FAST transfer as your payment method. Receive free deposits on amounts of S$1,000 and above.

To buy DOGE enter the dollar amount you want to trade and click “buy Dogecoin”. We offer low trading fees and have a range of tools and features for crypto investors, including; a mobile app and large OTC desk. Visit our FAQs page to learn more.

Yes, we have world-class security to protect our customers.

We take security seriously. After you buy DOGE in Singapore on Independent Reserve, you can simply leave it on the exchange to be stored safely. If you prefer, you can easily transfer your DOGE tokens into your own crypto wallet to be stored with other digital currencies.

When it comes to integrity, we set the bar high. Unlike other crypto exchanges, we are fully audited and can provide proof of reserves at any time. Our customer assets never leave our control, so when you need your crypto, we've got it. We keep your assets safe - that is our promise.

Dogecoin is more than just for fun and memes.

This cryptocurrency has various use cases. Let’s dive in and explore how Dogecoin has been used over the years:

Rewarding Miners

Dogecoin uses a consensus mechanism protocol known as Auxiliary Proof of Work (AuxPoW) to process transactions and secure the blockchain. In the Dogecoin ecosystem, these network nodes or miners are incentivized through rewards which are denominated in DOGE. Miners can sell their DOGE rewards or keep them as a store of value.

Transactions

Dogecoin is used as a substitute for a traditional transactional currency. It has an inflationary supply, which makes it suitable for transactions rather than as a store of value. Dogecoin has also gained enough attention that many businesses and brands started to accept DOGE as a legitimate form of payment. However, you should keep your local cryptocurrency laws in mind before using DOGE as a payment for services.

Subscriptions and Tips

Perhaps the most popular usage of Dogecoin is for transactions on social media websites. Many websites have incorporated Dogecoin into their payment system as an option for their users. You can give a Redditor a tip through your subreddit of choice or subscribe to your favourite Twitch streamer with DOGE.

Charity and Fundraisers

Donations and fundraisers are a huge aspect of Dogecoin usage. The community has raised funds for several charities like 4 Paws for Ability and Charity: Water through DOGE. Their most notable project was the fundraising effort through DOGE donations to help the Jamaican bobsled team attend the 2014 Winter Olympics in Sochi, Russia.

Mining Dogecoin is a method to mint new DOGE tokens.

Dogecoin runs on a decentralised blockchain maintained by a network of independent nodes. It does not rely on a single entity to create and distribute the cryptocurrency out into the world; instead, this is done through mining.

Mining is a process that produces cryptocurrencies in exchange for completing tasks on the blockchain. It is a common practice in blockchain networks to process transactions, secure the network, and keeps all nodes in sync.

To mine DOGE successfully, a miner needs to add a new block to the Dogecoin network by solving a cryptographic equation. Only one miner can successfully add a new block and receive rewards, like Bitcoin, so it’s necessary to have specialised hardware and massive computing power to win this race.

Like any cryptocurrency, Dogecoin is susceptible to price changes affected by several factors:

Supply and Demand

The law of supply and demand drives the relationship between the total supply of any goods and the buyers’ demand for it, which affects its price. Cryptocurrencies are no exception, which is why digital currencies like Bitcoin are designed to be scarce. The limit in supply drives its value as more investors are attracted to the currency.

On the other hand, DOGE has no maximum supply. Some cryptocurrencies like Ethereum are similar but burn their tokens through gas fees or other measures to stabilise the number of coins in circulation. Dogecoin continues to add more DOGE to the blockchain without any way to reduce them. While this can’t drive its value to the same heights as Bitcoin, Dogecoin’s popularity ensures that its value remains relatively consistent, as far as cryptos go.

Celebrity Endorsements

The demand for Dogecoin is heavily driven by endorsement from high-profile names, most significantly, Tesla CEO and billionaire Elon Musk, who posted multiple tweets playing along with the joke. His supportive tweets have the effect of bolstering the cryptocurrency’s popularity and, therefore, its investment appeal.

Online Culture Influence

Even before the support from prominent figures, Dogecoin was already popular because of its dedicated online community. The digital currency immediately exploded online due to meme culture. At the time, a meme currency seemed absurd and Dogecoin created a massive discourse and hype around it.

Dogecoin grew to become more than a one-off joke. It built its own community and became integrated into online culture as it became a common practice to tip people online with DOGE. The community also occasionally attempts to organize serious events such as fundraisers. All of this garnered media attention, which inflated demand even further.