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How to Sell Dogecoin in 2023?

Simar Marwaha
Simar Marwaha
Published on February 14, 2023 02:04 PM

This article is for you if you bought DOGE at a cheap price and want to sell at a high price. For more information, keep reading.

Sell Dogecoin
Source: Unsplash

The process of selling Dogecoin is quite similar to that of purchasing it in the first place. Selling Dogecoin is simple, especially if you work with reliable brokers. It is simply only a few clicks to finish the process. 

When you know the process for selling Dogecoin, you'll be prepared to trade Dogecoin when it makes the most financial sense.

Let's briefly go over some fundamental information regarding Dogecoin before we look more closely at how to sell Dogecoin.

  • Dogecoin is a meme coin that was founded in 2013 by two software developers, Billy Markus and Jackson Palmer.
  • Dogecoin gained its reputation as a meme currency since it began as an internet joke mocking the volatile alt currencies of the time.
  • Dogecoin is a proof-of-work (PoW) cryptocurrency that needs miners to verify transactions because it is built on Bitcoin. Miners are referred to as "diggers" in the Dogecoin network to make fun of the idea of mining cryptocurrencies.

How to Sell Dogecoin?

Dogecoin must first be purchased in order to be sold. To invest in Dogecoin, a user must register with a cryptocurrency exchange that accepts Shiba-faced money. Good examples of exchanges that offer DOGE are Binance and Coinbase.

The user must provide a payment method or transmit an already-existing bitcoin to the exchange wallet after signing up for it. From there, buying an asset using cash or converting current cryptocurrency to DOGE is all it takes to invest in Dogecoin.

When buying or selling cryptocurrencies, traders have a variety of order types to choose from, giving them various options whether they want to target a certain selling or purchasing price or determine the timeframe of the transaction. Market orders used by traders to purchase or sell digital currencies include limit and market orders.

Investors can purchase DOGE using market orders at the current market price. Market orders often get filled immediately, if not right away. Limit orders are less dangerous than market orders because of their near-instant nature and lack of volatility.

Investors can purchase DOGE at a set price by using limit orders. Consider the scenario where someone wants to purchase DOGE for $0.30 but it is presently $0.35. The investor would enter the desired quantity of DOGE at $0.30 when creating a limit purchase order. That purchase won't be carried out until DOGE reaches $0.30. A limit order will never be honoured if the price of a coin never reaches the level requested in the order.

Owners of DOGE can sell their digital currency at any time on any cryptocurrency exchange that accepts Dogecoin, regardless of how they bought it.

Setting up a sell order is simple if a user has never removed their Dogecoin from the exchange wallet. It must be transmitted to a wallet on the exchange of choice if the DOGE was moved to another wallet.

The investor can sell Dogecoin instantaneously with a market order or at a future price with a limit order while it is in an exchange wallet. A stop-loss order technique is an additional selling option in addition to market orders and limit order kinds.

A stop-loss order shields a trader's money in the event of a decline in asset prices. One might establish a stop-loss for 15% of their current DOGE portfolio while selling DOGE. The stop-loss order would have automatically sold shares when the portfolio fell by 15%, even if DOGE falls overnight and declines by 25%.

In either case, the trader is out of pocket. However, by selling assets before the price goes too low, stop-loss guards against the trader losing more than they otherwise could have.

Sell Dogecoin: Different Ways

You may sell Dogecoin in a variety of ways. Each choice has benefits and drawbacks. Investors are urged to research the best strategies based on their own requirements. Any of the following methods can be used to sell Dogecoin:

Using an Exchange to Sell Dogecoin

Online exchanges like Coinbase and eToro are preferable when you wish to take advantage of market rumours, price movements, futures, CFDs, or FX. Moreover, they serve as brokers. Perhaps the most common way to sell Dogecoin is on exchanges. Traders have the option of exchanging their DOGE for money or another crypto asset.

Sell Dogecoin for Fiat Currencies

Fiat refers to our common money, such as the dollar, euro, pound, etc. If you seek rapid money, be aware that your capital is at stake. The following steps will show you how to swap Dogecoin for cash on exchanges:

Step 1: Create and validate your account.
Step 2: Add money to your exchange account using your bank account, PayPal, or credit card.
Step 3: From the list of currencies you want to sell, pick DOGE.
Step 4: Sell your Dogecoin on the exchange, get your fiat money, and withdraw to a bank or other payment processor in your area.

Sell Dogecoin for Other Cryptocurrencies

All Dogecoin crypto-to-crypto trading pairings are available on platforms like Coinbase and Binance. By following a few procedures, you may swap or sell Dogecoin for another coin. Coinbase has served as our point of reference.

Step 1: Log in to your Coinbase or Binance account.
Step 2: Select Buy/Sell > Convert from the menu at the top of your screen.
Step 3: There is a conversion option for one cryptocurrency to another.
Step 4: Enter the Dogecoin you want to convert into fiat currency. Suppose you wanted to exchange $50 worth of Dogecoin for LTC.
Step 5: Select Preview Convert.
Step 6: Verify the conversion transaction.

To complete these transactions, you must have the minimum amount needed. The price and fees disclosures page also include a summary of any applicable costs.

Direct Trades (person-to-person)

Owners of Dogecoin can exchange their currency directly. Peer-to-peer platforms or in-person interactions might be used for this. You'll learn more about p2p transfers in the next section, which several exchanges now provide.

P2P Online Trading

As demonstrated in the following steps, you may also exchange Dogecoin with other users using peer-to-peer platforms like Binance P2P or LocalBitcoins:

Step 1: Open the Binance mobile app and log in.
Step 2: Before selling your Dogecoin or any other cryptocurrency, make sure you've finished their SMS Authentication and KYC Identity Verification requirements.
Step 3: Choose Sell.
Step 4: Decide which Dogecoin to sell.

Sell Dogecoin in Person

Dogecoin may be sold for cash to individuals, organisations, and exchanges who accept this form of payment. For example, if you have friends or relatives, you may sell them Dogecoin by following the instructions below:

Step 1: Request their wallet's address.
Step two is to access your wallet.
Step 3: Select "send" after finding Dogecoin.
Step 4: Enter their wallet address and confirm the transaction.

Because you don't need to register any accounts or complete any verification procedures, this step is simpler than other approaches. To avoid fraud, it must be carried out with reliable partners.

Selling Dogecoin: Privacy and Security Tips

There are several privacy and security precautions consumers may take, just as with every cryptocurrency transaction. Below, we've selected some of the most practical advice:

Turn on 2FA

For a higher level of security, choose a strong password and activate two-factor authentication.

Just do the necessary KYC

Not every KYC function is required. Hacker websites may try to access your wallet by posing as KYC processing sites. It is advised to only sell your Dogecoin on trustworthy marketplaces.

Ask for assistance only from authorised sources

This is a certain technique to acquire the appropriate assistance. Verify that the website, email, and live chat choices are accurate and coordinated.

Verify the Receiver Address twice

Pasting recipient addresses after copying them is insufficient. Cross-checking the address is essential to preventing money loss.

Use unique passwords

It's a good idea to use several passwords if you use many exchanges, wallets, or brokers. This could come in handy, especially if your device is stolen or has been compromised.

Store data offline

Use cold storage solutions to preserve Dogecoin quantities. Compared to exchange systems, hardware wallets are more secure and less vulnerable to assaults.

Future of Dogecoin

In comparison to other cryptocurrencies like Bitcoin, DOGE is quicker and less expensive to transact with, making it a superior investment. Before determining if DOGE is a wise investment, there are a number of important elements to take into account.

DOGE is viewed as an inflationary asset by certain traders. Since DOGE is inflationary, there is no longer any sense of scarcity associated with Dogecoin. Dogecoin's lack of scarcity might cause its value to decline as the network creates more tokens.

Upon each block's validation, the Dogecoin network distributes 10,000 DOGE to the general public. Each block releases 10,000 DOGE, for a total of around 5 billion DOGE issued annually.

It's crucial to keep in mind that Palmer and Markus created DOGE as a joke, which explains the inflationary nature of the token. One can conclude that DOGE is a bad future investment based on Palmer and Markus' intentions. However, because blockchain networks are open source, the community is what ultimately makes the difference.

In fact, during the coming year, the DOGE community will seek to introduce significant scalability and security advancements. It's anyone's estimate whether or not these improvements lead to a reliable long-term token.

In the end, the opinions of the investors will determine whether or not DOGE is a worthwhile investment. Some people could utilise DOGE to make straightforward purchases or pay for products and services. Others could be seeking a long-term DOGE investment that they can sell down the road, in which case they should do their research beforehand.

Selling Dogecoin FAQs

Should you sell Dogecoin?

Selling DOGE makes sense for numerous reasons. Learning the best approach for your cryptocurrency portfolio will help you learn how to sell Dogecoin. Why therefore should you think about selling your Dogecoin at this time? unable to compete favourably with alternatives like Bitcoin and Ethereum. There are no volume restrictions for Dogecoin, unlike Bitcoin, to prevent massive mining operations and hoarding.

What is the most effective way to sell Dogecoin?

A cryptocurrency exchange is your best bet for selling Dogecoin. You can make use of Kraken, Gemini, Binance, etc.

Can I easily sell Dogecoin?

Owners of DOGE can sell their digital currency at any time on any cryptocurrency exchange that accepts Dogecoin, regardless of how they received it. Setting up a sell order is simple if a user has never removed their Dogecoin from the exchange wallet.

When should I sell my DOGE?

To various people, a respectable profit will imply different things. If you've doubled, tripled, or quadrupled your initial investment, it serves as an excellent yardstick for determining when to sell Dogecoin.

Does WazirX allow us to sell Dogecoin?

On WazirX, you may purchase, sell, trade, convert, and even stake your cryptocurrency tokens. Their platform is quite simple to utilise. Use your money balance to buy currencies like Bitcoin, Ethereum, and of course, Dogecoin—the subject of this article—by making a deposit with fiat money through a bank transfer or UPI.

When would be the ideal time to sell Dogecoin?

It is ideal to acquire Dogecoin at a cheap price and sell it at a high price. It's hard to foresee when these circumstances will occur, and luck will always play a role. If it weren't the case, everyone would own millions of Dogecoins! Also keep in mind that Dogecoin's value may eventually decline to zero, just like that of any other cryptocurrency.

Can I make purchases using Dogecoin?

You might be able to pay for goods and services in Dogecoin at some stores. But at the moment, its volatility makes it quite inappropriate for use as a currency. Instead, it's frequently used as a digital commodity for long-term store value.

Is it possible for me to sell Dogecoin from anywhere in the world?

Yes, as long as there are no restrictions on cryptocurrencies in your region of residency, you may sell Dogecoin anywhere. However, there are nation-specific restrictions on platforms, taxes, and payment processors.

What should I keep in mind when selling cryptocurrency?

Before selling cryptocurrency, you need to take a number of factors into account. You should first consider an exchange's trading and payout costs. Second, seek for an exchange that accepts your preferred payment method, such as PayPal or a bank transfer. In case something goes wrong, and third, make sure your exchange has good customer service. Last but not least, before you sell, make sure to estimate your tax burden.

Dogecoin

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