Wow! What a few days we have had in crypto and on the stock market.
Dogecoin absolutely exploded going up from a penny all the way to eight pennies in just a day.
Question is, can Dogecoin sustain this pump?
Today, I'm going to give you everything you need to know about DOGE.
I'm even going to be giving you guys a tutorial on how to buy it along with a massive price prediction
you're definitely gonna want to see.
Let's get it!
Doggy style.
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Welcome to BitBoy Crypto!
My name is Ben.
Everyday on this channel, I show you how to make money in cryptocurrency.
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This lets YouTube know you love Dogecoin.
In today's video, we're going to be discussing DOGE,
and I'll do a quick tutorial on how to find where to buy it and then how to actually buy it.
If that is something that interests you, I do suggest Binance.US for US citizens.
You can get there by visiting bitboycrypto.com/deals
and then scroll to the Binance section to get started.
Today, we are going to be covering what Dogecoin is, how to take profits on it and where to buy it.
So, let's kick this thing into high gear with Dogecoin.
Probably the reason you're watching this video is because of the current Wall Street madness
concerning WallStreetBets, GameStop, Robinhood and more.
The strategy of the WallStreetBets Subreddit was to choose stocks that were getting short squeezed
due to downward selling action on dying companies such as GameStop, AMC Theatres and Nokia.
This is all being done by hedge funds.
This is truly a time when the retail investor realized they could win this David versus Goliath battle.
There is more of us than there are of them basically.
But then something happened.
Trading at Robinhood caved due to a hedge fund and political pressure.
They announced they were halting trading on the stocks in question.
And this is a beautiful moment for those of us in crypto
because the new darling of these young modern retail investors is Dogecoin.
[dog barks]
Putting the fun back in crypto.
It's not a dying company by any stretch of the imagination,
but it's definitely not what we would consider to be a blue chip cryptocurrency.
You see, it was created back in 2013 by Jackson Palmer as a meme coin.
It was a reaction to the early explosion of altcoins.
An altcoin is, of course, for those of you that don't know, any coin that is not Bitcoin
in the world of crypto.
Jackson Palmer would leave Dogecoin and has nothing to do with it really anymore.
He pops up time to time making political commentary.
But DOGE became a coin of the people very early on.
DOGE is the fun coin in crypto, while many of the other projects like to keep professional profiles.
Dogecoin certainly enjoyed a big run in 2017 when altcoins exploded for the first time.
But its highest profile event was Elon Musk calling himself the CEO of DOGE
on his Twitter bio back in 2019,
posting that it was his favorite cryptocurrency.
He continued following up on it intermittently in 2020 calling Dogecoin the standard.
Basically, a meme of a meme.
You can think of it as crypto "meme-ception."
But the insane price action we've seen in the last 48 hours
is not because cryptocurrency in general is blowing up.
We were actually in the doldrums of the Bitcoin bull run till this insanity occurred.
The point is, there could be much more upside for DOGE in the short and long term.
But we have to keep things realistic at this point.
While Bitcoin heads back to $40K, there's no way DOGE could ever reach a number like that.
There's not enough money in the world.
This is because of the supply.
Dogecoin has 128 billion coins, while Bitcoin only has 18.6 million currently circulating.
To go to $1, the market cap would need to reach $128 billion for Dogecoin.
That's about 80%-ish of the cap of Ethereum, the No. 2 crypto.
Could it get there?
I mean, at this rate, it would need to get almost to 25X.
But getting above $1 is going to be a big problem.
So, what does this mean for you?
Well, you need to be taking profit off the table as the price increases.
I bought some yesterday before all the madness began,
and I took some profits off the table once it went up around 150%.
I withdrew my original investment and some profit on top of that.
In crypto, we call that remaining amount a moon bag.
When the price hit 6¢, I took some more profits.
But I still have a big chunk remaining.
You guys will see how much Dogecoin I own when we do this tutorial in a few minutes.
But here's the point.
Don't be duped into thinking DOGE will go up forever.
Because it won't.
Nothing does.
Even the crazy stock market bull runs that's gone on for over 10 years now is going dead
maybe sooner rather than later.
This could actually be the catalyst.
But you need to be taking profits off the table as the price goes up.
From the peak to where it is at the time of this writing,
it's already fallen about 30%.
And it could fall more.
So make sure to lock in those profits as you go.
Also, what should you be doing with those profits?
Well, you can, of course, withdraw cash,
but I would say cash will most likely continue losing value as well due to inflation
and reckless stimulus money printing.
So, the optimal strategy would be to reinvest some of your profits in other cryptocurrencies
such as Ethereum, Chainlink, Cardano and Aave.
These are can't-miss projects,
and many of them have yet to find their explosion points.
The question is though,
how high can Dogecoin go?
Fact is, it's already melted our faces off.
But if Bitcoin continues to rise,
the profits will flow down to other coins,
and with all the notoriety Dogecoin has received, it will continue.
It is in the realm of possibility it could reach $1,
but I believe the most realistic target for moon is 25¢ for Dogecoin.
But drop your price prediction down below.
Okay, so let's show you how to buy Dogecoin.
First, I'm going to show you guys how to figure out where to buy it.
So what you do is you go to coingecko.com.
You search and you find your asset.
You come down here, Dogecoin is coming in at No. 10,
so we're gonna click on Dogecoin,
and it is going to take you to a place that looks like this.
It's got information at the top.
It shows you its rank, shows you the website, different information about it.
Over here are the numbers, right?
It shows you the market cap, the trading volume, the circulating supply.
As you can see, it doesn't have a cap.
That's what that little infinity symbol stands for.
And these are kind of really important numbers that shows you how much it is over the day
and things like that.
But if you come down here, you can look at the chart,
you can click on the last 24 hours.
You can see it topped out close to 8¢ before dropping back down.
And then you can click Markets right here.
So it says Overview, Markets, Chart, Historical Data.
So we'll click Markets,
and this right here shows you all the exchanges where you can buy it.
I know United States citizens are allowed to trade on Kraken.
There are several other ones down here that you can trade on,
but we want to go to Binance.US,
which down here is ranked No. 29.
So this is where I'm going to show you guys how to buy it.
So, to get an account on Binance US, just head over to bitboycrypto.com/deals.
And then right here, you can actually just click Binance. It will take you down.
To sign up for Binance.US to get the widest assortment of coins for US citizens,
you click here.
It's going to take you to the signup page.
Well, this took me straight to my account.
So here we are. So we're on my account right now,
and I'm going to be showing you guys how to buy Dogecoin.
So what you're going to want to do is you're going to want to come up here to Trade,
and you are going to want to click Markets. Now,
obviously,
I think this goes without saying,
you're going to want to set up an account.
You're going to want to get verified with them.
It's available in 42 states.
If it's not in your state, then you can go back to that list on CoinGecko and find a place like Kraken
where you can trade it at.
And--
So you're going to-- after you do that, after you get set up,
after you send in the verification, then you're ready to buy.
So I think you guys probably know how to sign up for an account somewhere.
So, what you're going to want to do is come over here to Trade and click Markets.
So, at this point, it is going to take you to this page. Now,
you see, DOGE is not on here, well, because it's the BTC market.
You're only going to want to be able to trade--
or you're only going to be able to trade Dogecoin on the USD or USDS markets.
So we click USD here.
This is dollars.
If you want to put money in, you're gonna have to buy--
you know, you're gonna have to spend US dollars in order to get Dogecoin or any other asset.
You're basically going to load money on here and then you're going to move it around.
USDS
These are what we call stablecoins,
USDT, which is Tether,
you're allowed to trade with that as well.
So what you're going to want to do is you're going to want to figure out which one you want to do.
So you're going to most likely put money straight in to buy Dogecoin unless you already have money here.
You're gonna click on this.
It's going to take you to this trading page.
I'm very sorry I had that on day mode. I don't know why we did that.
I sincerely apologize to you guys.
So, here we are on the page.
This over here are your order books.
These are sell orders and these are buy orders.
You can kind of look and see at different points people are wanting to buy or sell at,
which is kind of interesting.
Over here, you've got all the list of markets,
so if you decide, "Hey, I don't want to buy this. I want to buy something else,"
come over here and click this.
All you're going to do to make a buy is you're going to come right here and
type in your--
for a limit order, which is what you want to do, you want to use a limit order.
You don't want to use a market order.
You're going to get hit with a lot of fees doing market orders. Okay?
You're going to hit Limit,
and then usually like what you can do is just kind of click these numbers over here,
and this will change,
or if you have a different price point, if you say, "Okay, I want to buy it when it drops to 4¢,"
you can just type in "4" right there, and it would do that.
Okay? But let's just say we want to buy it about where it is now. I'm going to click that.
And then you can decide how much you want to buy,
but if you put money in and you want to buy all the money you put in,
like you put in $100, you want to buy $100 worth,
you would simply just click 100%,
or 75% of that or 50% of that.
So you can see over here,
in terms of selling it,
I've got Dogecoin right now.
I've been selling off at different points.
I've still got a quite a considerable amount here at 480,000,
but to sell, you do the same thing.
Like if I want to take profits and lock profits in,
I just come over here and I hit 25%, and then boom!
I'm gonna pull out $6400.
And then, of course, if you do the math on that,
that means I've got probably about $26,000, $27,000 in the account right now total.
So if I pulled out $6400,
I would still have about $20,000 worth, and I can keep riding that up to the moon.
Locking in profits and selling at certain points is vital.
I know people don't like it.
You know, that the--
People would just say, "We'll hold it until it gets to some crazy number like $20."
It will never hit $20.
Not really possible.
But you do want to be able to ride the upside.
So to do that, just sell off percents at a time.
Set different orders and say, "Okay, every time it hits a certain price, I'm going to sell off 25%."
And it's not like every time you're going to sell off 25% of the same 100%.
You just sell off 25% of whatever the amount goes up to at the time.
So that's kind of been my strategy. I've been selling off 25% here or there.
I made some good profits on DOGE.
But that is how you go to Binance US and you actually buy Dogecoin,
also how you sell it and lock in profits.
Okay, so let me know what you guys think about Dogecoin,
if you found this tutorial helpful.
If there's other coins you want me to cover and do tutorials on,
you can drop those down below.
That's all I got.
Be blessed.
BitBoy out.