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Dogecoin is an open-source cryptocurrency that features the popular internet meme of the Shiba Inu dog. Software engineers Billy Markus and Jackson Palmer created Dogecoin as a means to mock the wild speculation around Bitcoin and other cryptocurrencies back in 2013.  

Developed as a fork of Litecoin (a fork of Bitcoin), Dogecoin falls under a popular class of cryptocurrencies known as ‘Meme Tokens’. Meme tokens are inspired by jokes or memes on social media with their price action more often governed by speculation than the utility.

In general, these tokens tend to be heavily community-driven, and the hype created on social media and FOMO among investors makes them pretty volatile. While the popularity of meme tokens is generally short-lived, Dogecoin has sustained in the market more than any other token of its class. 

Meme tokens have been notoriously famous for delivering staggering gains in a very short period, owing to their volatility. That’s why investors must look beyond the FOMO and exercise extreme caution while dealing with such speculative instruments.

Dogecoin implements an Auxiliary Proof-of-Work (AuxPOW) consensus architecture to mine new units of DOGE. The mining of DOGE is merged with Litecoin network, where the work done by miners in the Litecoin network is used for Dogecoin transactions and block mining.

Dogecoin is a fairly launched project, which means that every unit of DOGE was organically mined by the POW miners in the network with zero circulating supply in the beginning. Given its consensus mechanism overlap with Litecoin, the mining difficulty and throughput of Dogecoin are similar to Litecoin.

Back in 2013, cryptocurrencies such as Bitcoin were viewed as instruments that supported illicit activities around the globe and were perceived as against the moral code of conduct. Thus, Dogecoin was launched in December 2013 as a “fun” version of Bitcoin to improve the tarnished reputation of the industry. Within two weeks of the launch of Dogecoin on 6th December 2013, the value of DOGE jumped 300%. The community has done their fair share of charity such as donating approximately $30,000 in DOGE to the Jamaican bobsled team in January 2014 to fund their trip to the Winter Olympics. 

Quite recently, in April 2021, Dogecoin was endorsed by the popular celebrity entrepreneur Elon Musk, and the resulting hype drove the price of DOGE to new all-time highs.

Dogecoin leverages its security from the Proof-of-Work validator network of Litecoin. POW consensus systems derive the security of their networks from the commitment of computational power that is spent to validate new blocks for the network. 

The blockchain itself is not the only link that can be manipulated to comprise user funds. There are elaborate online scams that trick uninitiated users into revealing their private keys. Online/hot wallets are also susceptible to malware attacks capable of leaking such sensitive information. Therefore, investors must be diligent about safeguarding their wallets and private keys.

One way to do that is using hardware/cold wallets instead of online wallets. These devices are more secure than online wallets as they reside in physical storage devices cut off from the internet, thus, out of reach of scammers and malware attacks.

Conventionally, crypto investors trade cryptocurrencies such as DOGE on centralized exchanges(CEXs). However, the private keys to the wallets holding the user’s investments are not revealed, and therefore, they don’t really own and control their assets. Furthermore, these platforms also demand KYC information which is not ideal for users seeking anonymity. 

Decentralized exchanges (DEXs) overcome these shortcomings by letting users directly transact on-chain using personal wallets. Even DEXs can be exposed to online scams and thefts when used with online wallets.

As a means to safeguard oneself against that, users often prefer a hardware wallet such as Ledger. With Ledger, users can buy and transfer DOGE into Ledger hardware wallets and have supreme control over their assets and private keys. Ledger Live is a dynamic tool to track the real-time performance of one’s investments and make diligent investment decisions.

Learning to use Ledger services is pretty simple. Options to pay with fiat money from Credit/Debit cards or with PayPal are also available. Follow these steps:

• Get a Ledger hardware wallet.
• Download and install Ledger web or mobile application.
• Connect the Ledger app with the Ledger hardware wallet.
• Install the Dogecoin application from the app catalog.
• Add a Dogecoin account.
• Start buying DOGE using Ledger Live via our on-ramp partners like Transak, Ramp and much more.

Users also can swap or trade DOGE on Ledger Live for other cryptocurrencies for a dynamic and diversified portfolio that maximizes returns. The hundred of swap pairs available on Ledger can be accessed as follows:

• Get a Ledger Hardware Wallet.
• Download Ledger Live.
• Install the ‘Exchange’ application on Ledger Live, along with the applications for the coins you wish to swap.
• One must have DOT in the linked hardware wallet to facilitate the swap. 
• Once there are sufficient assets in the wallet, swapping is possible.