11/28/2022 | Investopedia
Best Dogecoin Wallets
The 5 best software wallets for managing your Dogecoin
Dogecoin (DOGE) is a parody cryptocurrency based on a virtual internet meme of a Shiba Inu dog. Created as a mockery of the crypto market in 2013, it quickly exploded in growth and is now one of the top ten cryptocurrencies in the world by market capitalization. Dogecoin allows users to make crypto payments and purchases quickly and inexpensively. However, like any other cryptocurrency, a wallet is required to store Dogecoin.
The best Dogecoin wallets not only facilitate basic functionalities like peer-to-peer trading and storage or exchange of Dogecoin, but also focus on costs, user experience, staking support, portfolio tracking, and other features. If you are on the hunt for a Dogecoin wallet, read our list of some of the best wallets available in the market.
Best Dogecoin Wallets of 2022
Best for Ease of Use: ZenGo
Best for Earning Rewards: Atomic Wallet
Best for Security: Guarda Wallet
Best for Beginners: Exodus Wallet
Best for Mobile: Trust Wallet
Warning: While all leading cryptocurrency wallets provide a high level of security for safekeeping your crypto assets, improper security practices on behalf of the user can lead to a complete loss of funds. Crypto enthusiasts should take care to store the bulk of their assets meant for trading on exchanges using cold storage methods, and never share your wallet’s login details, recovery phrase, or private keys with anyone.
Due to the immense popularity of Dogecoin, most wallet providers offer cold storage of DOGE cryptocurrency, and it’s up to users to determine what works best for them. A beginner might need an Exodus wallet because it offers educational content to navigate the crypto space, while a long-term holder would demand Guarda for asset security. Whereas Trust Wallet, with its mobile-friendliness, could be preferred by users who want quick access to their Dogecoin holdings, someone on the hunt for crypto rewards would want Atomic Wallet.
Our research finds ZenGo is ideal for users entering the crypto space due to its user-friendliness and intuitive user interface. Plus, ZenGo offers excellent customer support and allows the trading of Dogecoin and other popular cryptocurrencies. Though you can pick a Dogecoin wallet per your requirements, you should consider using a wallet that offers custody of multiple cryptocurrencies and has a stable history and a high security level.
What Makes a Great Dogecoin Wallet?
The best Dogecoin wallets offer a balance of security and easy access. Not only should it meet the recognizable security standards of the crypto ecosystem, but a good Dogecoin wallet also has an intuitive user interface design, cross-platform support, and mobile and desktop friendliness, among other features.
Since each Dogecoin wallet has different strengths and purposes, it is up to users to weigh these options and analyze what works best for them according to their experience level, security requirements, or other specific needs.
Frequently Asked Questions
What Is Dogecoin?
Dogecoin is an open-source, peer-to-peer cryptocurrency developed by Billy Markus and Jackson Palmer in 2013. The name and Shiba Inu logo are based on a meme. Essentially, Dogecoin was created as a joke to make fun of wild speculation in traditional cryptocurrencies like Bitcoin at that time. Today, it is considered a legitimate investment project and is among the top ten cryptocurrencies in the world by market cap.
The cryptocurrency is a fork of Luckycoin and can be used to make online payments. Though Dogecoin was designed to act only as a payment system, it quickly amassed a community of supporters who developed new use cases, including tipping and donations.
How Can You Buy Dogecoin?
If you're looking to buy Dogecoin, the easiest way is to open an account with a cryptocurrency exchange that has Dogecoin available. After creating the account, you can deposit money and use it to purchase Dogecoin. You may also need to pay a small fee for the trade. Once you have the Dogecoin, you can decide whether to keep it on the exchange or send it to your other crypto wallets.
While Dogecoin has become popular lately, it may not be available in all exchanges. Therefore, before you deposit money, check if the platform offers Dogecoin for purchase.
How Is Dogecoin Mined?
Dogecoin uses a similar concept to that of Bitcoin for mining new coins. In this process, miners compete to solve a complex mathematical puzzle to validate data blocks. Upon winning, a new block is added to the Dogecoin network, and miners are rewarded with 10,000 DOGE in exchange for their efforts.
You can also participate in mining if you have access to computer-processing power. However, the surge in Dogecoin's popularity has increased the mining difficulty level. Therefore, it can no longer be mined efficiently with a computer processing unit (CPU). You would require a powerful graphics card unit (GPU) or better mining equipment.
How Can Twitter Integrate Dogecoin?
Twitter can integrate Dogecoin as a payment option for users looking to buy Twitter Blue, which was also suggested by Twitter's new CEO, Elon Musk. While Twitter users have the option to tip content creators in the form of money and Bitcoin, the social media platform can also add Dogecoin to the list.
What Are the Best Ways to Mine Dogecoin?
Currently, there are three ways to mine Dogecoin.
Solo mining: You join the Dogecoin blockchain as an individual node and start mining.
Pool mining: You join a mining pool consisting of multiple miners. You receive mining rewards per your share in the pool.
Cloud mining: You pay a fee to a cloud mining provider that mines Dogecoin for you.
One of the most important things to consider before you transact in and store Dogecoin is that you have a suitable Dogecoin wallet in place. To help determine the wallet that works best for you, we conducted a comprehensive review process of the top Dogecoin software wallets. With your digital holdings at stake, the most crucial consideration is the reputation and security of the wallet you choose. Our top Dogecoin wallets were selected after we reviewed 24 companies based on their security, reputation, features, fees, and customer service.