Buy Dogecoin in Canada

Dogecoin is the OG meme coin, a currency based entirely on an internet joke. Even though it wasn’t meant to be taken seriously, DOGE has seen some big increases in value (with subsequent dips, too).

At its peak in May, Dogecoin hit a market cap of $90 billion. It’s currently the tenth most valuable cryptocurrency by market cap.

Since Dogecoin lacks a supply cap, there are more than 129 billion DOGE available, with 10,000 new coins mined every minute.

There’s a handful of retailers that accept Dogecoin as payment — including the Dallas Mavericks and Air Baltic.

Some sites like Twitch accept DOGE as a way to tip creators on the platform. Makes sense, given that Dogecoin is rooted in internet culture.

Still, there aren’t a ton of ways to spend Dogecoin outside of the internet world. It’s self-proclaimed as the “fun and friendly internet currency,” so many crypto-curious investors use it as a starting point into the world of cryptocurrency, knowing that it’s prone to volatility.

Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.

Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:

Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.

Always keep solid records of any Dogecoin transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.

Dogecoin’s current market cap is $85,891,922,727.00.

The current price for Dogecoin in Canadian dollars is $0.56.

Buying Dogecoin with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.

From there, follow these steps:

1. Tap the magnifying glass icon in the top right corner of your screen
2. Type in Dogecoin
3. Tap Buy
4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue
5. Review the order details and tap Confirm order

You can choose between two different order types when buying Dogecoin. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.

You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.

A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.