In the ever-busy cryptocurrency market, building a valuable asset is the aim for all cryptocurrency creators. But as the patient dogs’ story goes, the fattest bone is always assured. This was the case of Dogecoin (DOGE) – a cryptocurrency that was only in the background until the world’s richest man, Elon Musk, developed an interest in it.
The keen interest of Elon Musk and fellow businessman David Cuban in Dogecoin has made it a profitable coin. In the early parts of 2021, Dogecoin increased in value with a whopping 7000% margin. For a cryptocurrency that started as a meme, Dogecoin is the true definition of growth.
The two brains behind the creation of Dogecoin – Jackson Palmer and Billy Markys made the coin using a combination of codes from Litecoin, Bitcoin Lucky Coin, and Bitcoin. Therefore, buying and selling Dogecoin is easy! All you need to do is buy the currency on any exchange like Binance and Changelly, then sell. It may not be that simple if you’re new in the crypto world.
This guide will go over the proper steps to sell Dogecoin on any exchange.
How to Sell Dogecoin
You first need to own Dogecoin before you can sell it. You have to sign up on a trusted cryptocurrency exchange platform to buy Dogecoin. There is no limit to how many Dogecoins you can own; therefore, buy as much as you can afford.
On most platforms, there are two ways you can buy Dogecoin or any other cryptocurrencies. You either set up a supported payment gateway to buy the currency or transfer cryptocurrency to the exchange platform selling Dogecoin.
Once you have some money for investment or a cryptocurrency in your exchange, you can buy Dogecoin. You have to buy at the market price when you want to acquire the coin, but after that, you can sell it in different ways. Some of the ways to sell dogecoin include:
Selling as a Limit Order
On any crypto exchange, many transactions are ongoing, and Dogecoin is only one of many. Selling your DOGE as a Limit Order is more like predicting a rise or a fall in the value of the coin. These trades usually take a more extended period to complete because you’re not presently buying at the market price.
For example, if the present value of the Dogecoin is around 0.0030. Let’s assume that you bought the Dogecoin at a higher rate of 0.015. Selling your crypto in this scenario will put you at a loss. But with your trading analysis and calculations, you can predict the market trends.
When you’re sure that the coin will get to a higher value, you can sell your coin at that price. When the coin’s market value goes up to your predicted range, your coin will sell, and you take your profit.
Selling as a Market Order
In the market behavior of Dogecoin, many traders prefer to sell as a market order. Basically, a market order means you’re selling your currency at the current state of the market. Mostly, sales that come as market orders often happen immediately or within very few seconds.
Market orders for Dogecoin usually come when there’s an imminent dip or an imminent pump. For people who bought loads of Dogecoin during its launch in 2013, they sold at market order when profits rose to about 7000%. Moreso, for people who still held on to their Dogecoin profit, they will want to sell at market orders when they notice an imminent dip.
Sell for Cryptocurrency or Fiat Currency
As long as you have bought or acquired Dogecoin on any exchange, you can use the coin for any exchange. The only twist is the exchange must support both cryptocurrencies you want to exchange. You can also comfortably sell your Dogecoin for FIAT like USD or EUR.
In most cases, you can either withdraw your Dogecoin value into your debit card depending on your exchange. Also, you can sell to an exchanger who can send direct money into your account. Mainly, ensure you trust the exchanger properly.
Before buying or selling any cryptocurrency, including Dogecoin, you should first do your adequate calculations. With adequate estimates and the wrong platform, you can make much profit. Selling your Dogecoin may matter most to you! But the exchange you’re using also matters.
While Binance is the most popular exchange globally, another great exchange is Changelly. With Changelly, their focus isn’t on your 0.25% transaction fee. They have a crash course on their website to ensure you understand trading properly.