Digital assets, also known as crypto assets, have gained popularity in recent years, providing investors and traders with a diverse range of options. Dogecoin (DOGE) is one of the top-traded digital coins, known for its unusual and humorous nature. Despite starting out as a meme coin, Dogecoin has built a dedicated following and has even attracted the attention of well-known individuals such as Elon Musk.
Dogecoin was released in 2013. Maybe it is not the best crypto to buy, for it does not bring any technological use. However, the DOGE token is actively used on social networks as “thanks” currency and for donations. DOGE can also be used as means of payment. It is known as a more playful and approachable option compared to the market’s leader Bitcoin.
Conversely, Tether (USDT) is a type of crypto that is created to have a stable value, often tied to a fiat currency like the US dollar. Stablecoins, such as USDT, aim to offer stability and decrease the volatility typically linked with cryptocurrencies. USDT is frequently used as a trading pair on different crypto exchanges, serving as an easy method of exchanging various digital assets. Using the DOGE USDT pair on crypto exchanges, you can convert Dogecoin to Tether or vice versa, USDT to DOGE. See the conversion process below.
Conversion of Dogecoin to Tether
To convert DOGE USDT, follow these steps:
- You need to have an account on a crypto platform such as Binance, WhiteBIT, or Huobi.
- To deposit your DOGE into your account, you need to generate a Dogecoin wallet address provided by the trading platform. After that, you can move your Dogecoins from your personal storage to the newly created wallet on a trading platform.
- After you have deposited your Dogecoin into your new account, you can start converting it. Find the trading section and choose the DOGE USDT pair. Indicate the amount of Dogecoin you want to convert into USDT and verify the transaction. The exchange will carry out the trade according to the existing market rates and subtract relevant fees.
- Once the conversion is finished, you will receive USDT in your account. Since USDT is a stablecoin, its value should remain more or less constant when compared to volatile assets like DOGE.
Take into account the market conditions and crypto rates before converting any currency. Dogecoin and USDT values can be affected by market fluctuations as crypto prices can change rapidly. To ensure balanced decisions, it is recommended to conduct extensive research and stay informed on current market trends.