Dogecoin's Future: Can You Invest Via Ameritrade?

Dogecoin has become a popular cryptocurrency, but it is not universally available on all crypto exchanges. As of February 2024, TD Ameritrade does not deal in Dogecoin or any other digital currencies. However, the platform has started offering Bitcoin and micro Bitcoin future contracts, and there is speculation that it may offer crypto services in the future. Other popular crypto exchanges include Coinbase, Kraken, Robinhood, and Binance. Before investing in Dogecoin, it is important to understand the risks involved, as cryptocurrencies are highly volatile and speculative.

How to buy Dogecoin on TD Ameritrade

It is not possible to buy Dogecoin on TD Ameritrade as the platform does not deal with digital currencies. However, the exchange has started to offer Bitcoin and micro Bitcoin future contracts.

If you are interested in buying Dogecoin, there are several other online brokerage firms that allow you to do so. These include Robinhood, Coinbase, and Kraken.

Dogecoin's price volatility

Dogecoin is a highly volatile cryptocurrency. Its price has fluctuated significantly since its launch, with several short-lived price jumps.

Dogecoin's price soared 1,061% in 15 days from $0.0002 to $0.0023 almost immediately after its launch. The second big hike took place in March 2017, during the early stages of a crypto bull market, with its price rising by 1,494% to a peak of $0.004. While many other digital assets continued to rise through the second quarter of 2017, Doge prices fell below $0.001.

It wasn't until November 2017 that Doge's price found support again from bullish investors. By January 2018, its price reached a peak of $0.018. It took over three years for Doge to reach that level again, after experiencing a prolonged period of low trading activity as hype for the token waned.

In January 2021, renewed interest spurred by Tesla CEO Elon Musk and other celebrity supporters sent Doge's price surging past its previous all-time high. The coin posted a 9,884% gain between January and May 2021, peaking at a new all-time high of $0.74.

As of August 2024, Dogecoin's price has continued to fluctuate. It experienced a weekly decrease of 3.80% and a monthly decrease of 3.06%. However, over the past year, Dogecoin has increased by 36.36%.

The volatility of Dogecoin and other cryptocurrencies is due to their speculative nature and the influence of various factors, such as media coverage, celebrity endorsements, and community interest. As a result, investors should carefully consider their risk tolerance and financial situation before investing in Dogecoin or any other cryptocurrency.

Pros and cons of investing in Dogecoin

Investing in Dogecoin can be a double-edged sword. On the one hand, Dogecoin has some advantages over other cryptocurrencies, such as faster confirmation times, lower transaction fees, and a more approachable image due to its association with a dog meme and its use of the Comic Sans font. Dogecoin also has a devoted and generous community, making it ideal for smaller transactions and tipping.

On the other hand, Dogecoin has its drawbacks. It has lower network security compared to other cryptocurrencies like Bitcoin, and fewer payment processors and vendors accept it as a form of payment. Additionally, Dogecoin has an unlimited supply, which means its price is heavily influenced by investor demand. For its price to increase or stabilize, investors must continuously buy more coins, otherwise, the value of Dogecoin decreases rapidly due to inflation.

Another factor to consider is that Dogecoin is not available on all crypto exchanges or trading platforms. For example, as of 2024, TD Ameritrade does not deal with Dogecoin or any other digital currencies.

Therefore, before investing in Dogecoin, it is essential to carefully weigh the pros and cons, considering factors such as your risk tolerance, financial situation, and investment goals.

How to store Dogecoin

As of February 2024, TD Ameritrade does not deal in Dogecoin or any other digital currencies. However, the platform has started to offer Bitcoin and micro Bitcoin future contracts, and it has invested in a strategic partnership with ErisX, which would allow it to offer digital crypto services in the near future.

If you have already purchased Dogecoin through another platform, there are several ways to store it. Here are some options for how to store your Dogecoin:

• Hardware wallets are considered one of the safest and most secure ways to store your cryptocurrencies. Examples of popular hardware wallets include the Ledger Nano S and the Trezor One. These wallets are offline and allow you to store your private keys securely, making it difficult for hackers to access them. They also offer additional security features such as PIN protection, two-factor authentication, and backup and restore options.
• Desktop and mobile wallets are software applications that can be installed on your computer or mobile device. Examples include the Exodus Wallet and the Official Dogecoin Wallet. While these wallets are convenient and user-friendly, they are always connected to the internet, which may make them more vulnerable to hacking attempts.
• Online wallets are web-based solutions that can be accessed from any browser. An example is the Dogechain Wallet. While these wallets are easy to use, they are generally not recommended due to security concerns.
• Paper wallets are a simple and secure way to store your cryptocurrencies. You can use a service like WalletGenerator.net to print your private keys and QR codes on a piece of paper. This method ensures that your Dogecoin is "offline" and safe from hackers. However, it is important to keep the paper wallet safe and consider storing it in multiple secure locations to prevent theft or destruction.

It is important to prioritize security when choosing a storage option for your Dogecoin. Additionally, always do your research and use platforms and wallets that have been verified and audited by the community.

Alternatives to investing in Dogecoin

As of August 2024, TD Ameritrade does not deal in Dogecoin or any other digital currencies. However, the platform has started to offer Bitcoin and micro Bitcoin future contracts, and it has also invested in a strategic partnership with ErisX, which would allow the company to offer digital crypto services in the near future.

If you are looking for alternatives to investing in Dogecoin, there are several other cryptocurrencies to consider. Here are some of the top alternatives:

• Bitcoin (BTC): This is the most well-known and widely accepted cryptocurrency. It is both free and open-source, with no central authority issuing new money or keeping track of transactions.
• Monero: A secure, private, and untraceable digital currency that is open-source and freely available to all. With Monero, you are your own bank and only you control and are responsible for your funds.
• Ethereum: A decentralized platform that runs smart contracts, which are applications that run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference.
• Litecoin: A peer-to-peer internet currency that enables instant payments to anyone in the world. It can be efficiently mined with consumer-grade hardware, unlike its parent Bitcoin.
• Bitcoin Cash: A peer-to-peer electronic cash system and a permissionless, decentralized cryptocurrency that requires no trusted third parties and no central bank.
• Shiba Inu (SHIB): Often dubbed the "Dogecoin Killer," Shiba Inu has gained significant traction with its decentralized exchange, ShibaSwap, and a vibrant ecosystem.
• SafeMoon (SAFEMOON): This cryptocurrency has captivated the DeFi community with its unique tokenomics and a dynamic reflection mechanism. Its liquidity pool acquisition model sets it apart from competitors.
• Baby Doge Coin (BabyDoge): Inspired by Dogecoin, Baby Doge Coin has gained attention for its focus on charity and community engagement. It has established itself as the "baby version" of Dogecoin with a loyal following.
• SafeMars (SAFEMARS): Operating on the Binance Smart Chain, SafeMars is a decentralized autonomous organization (DAO) with a strong emphasis on community-driven initiatives.
• Kishu Inu: Another meme-based cryptocurrency inspired by Dogecoin, Kishu Inu has a decentralized community and focuses on charitable initiatives.
• Akita Inu: Operating on the Ethereum blockchain, Akita Inu is associated with the Shiba Inu ecosystem. It strives to be a decentralized and community-driven platform, offering an alternative perspective for investors.
• FLOKI Inu: Riding on the influence of Elon Musk and SpaceX, FLOKI Inu positions itself as the "people's cryptocurrency," with a strong focus on community engagement.
• EverGrow: Built on the Binance Smart Chain, EverGrow combines frictionless yield with liquidity generation, prioritizing sustainable growth and community participation.
• Hokkaidu Inu (HOKK): Operating on the Ethereum blockchain, Hokkaidu Inu is a community-driven token inspired by Dogecoin, with an emphasis on decentralization and community involvement.

These alternatives to Dogecoin offer a range of features and benefits that may align with your investment goals and risk tolerance. It is important to do your own research and carefully consider your financial situation before investing in any cryptocurrency.

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