How to buy Dogecoin in Australia – Forbes Advisor Australia

Elon Musk's unwavering support for Dogecoin has catapulted it into the spotlight, driving a 30% surge following his recent tweets. The meme-based cryptocurrency, initially created as a joke, has experienced significant volatility, reaching an all-time high in 2021 and a 78% drop in 2022. Currently trading at $0.1544, Dogecoin remains a volatile asset, and investors are advised to exercise caution when considering cryptocurrency investments.

Few cryptocurrencies attract as much intrigue as Dogecoin, thanks, in large part, to its enthusiastic booster and X (formerly Twitter) CEO, Elon Musk. Musk, a strong supporter of Dogecoin, has raised its profile through countless memes and mentions online. 

The DOGE coin is based on an internet meme of the Japanese dog breed and was originally created as a joke version of Bitcoin.

For a brief period, when users visited Twitter, the Shiba Inu image was visible on the log-in prompts and users’ home pages.

pic.twitter.com/wmN5WxUhfQ

— Elon Musk (@elonmusk) April 3, 2023

Musk’s move caused DOGE to surge by as much as 30% on the day and came two days after Musk’s lawyers asked a US judge to throw out a $US258 billion lawsuit accusing him of running a pyramid scheme to boost an unregistered security.

Musk’s lawyers said, “There is nothing unlawful about tweeting words of support for or funny pictures about a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.”

“This court should put a stop to plaintiffs’ fantasy and dismiss the complaint.”

Predictably, Dogecoin is just as volatile as every other type of crypto, reaching an all-time high of over 73 cents in May 2021 per coin before experiencing a 78% drop in May 2022. By October last year, DOGE was worth $US0.063, but after the recent surge in cryptocurrencies, the coin is trading at $0.1544 and March 22, 2024.

If you’re keen to purchase a piece of the action, here’s what you need to know about buying and selling Dogecoin.

It is worth noting, however, that authorities, such as the Australian Government’s Moneysmart site, caution Australians to be careful when dealing with cryptocurrency, with some would-be investors falling victim to crypto criminals in recent times.