Dogecoin Staking: Everything You Need to Know to Get Started

Dogecoin (DOGE)’s playful origins as a meme coin haven’t stopped it from gaining serious traction in the cryptocurrency world. As its popularity grows, so does the curiosity about Dogecoin staking as a way to earn passive income.

Platforms like Bybit and Binance are frequently discussed for their staking services, but Dogecoin’s system raises questions about how—and if—staking is possible for this iconic cryptocurrency. Let’s dive into the details and explore everything you need to know about Dogecoin staking, including the tutorials and essential considerations.

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Is Dogecoin Staking Possible?

Exploring Dogecoin staking often leads to the question of whether staking this popular cryptocurrency is even possible.

The uncertainty around its staking process stems from Dogecoin’s current Proof-of-Work (PoW) system, which inherently complicates the possibility of true staking. Questions such as "Where to stake Dogecoin?" reflect the confusion many users experience.

In this article, when I talk about Dogecoin staking, I’ll actually be referring to soft staking or, in other words, earning with Dogecoin using various tools on crypto exchanges.

DOGE's team is exploring the concept of its crypto moving to Proof-of-Stake (PoS) in the future, but it hasn’t transitioned yet. Until then, there are workarounds like participating in liquidity pools or using platforms that offer interest-like rewards for holding DOGE. These workarounds may not offer true staking but still provide ways to grow your Dogecoin holdings.

Below, let's explore where to stake Dogecoin and walk you through step-by-step guides and navigate the process effectively.

Where to Stake Dogecoin

Before we dive into the steps on Dogecoin staking, it's important to note that not every platform allows you to earn rewards with DOGE. The question of how to stake Dogecoin becomes trickier when factoring in the current status of Dogecoin moving to Proof-of-Stake.

Under those circumstances, can you stake Dogecoin on Coinbase? Sadly, no. While Coinbase supports staking for assets like Cosmos and Aptos, Dogecoin isn’t one of them.

What about Robinhood? No, you cannot stake Dogecoin on Robinhood, but you can stake Solana or Ethereum. As for Crypto.com, you can stake 29 different cryptocurrencies, including Cronos and Cardano—Dogecoin isn’t part of their staking lineup, though.

Now, I know what you’re thinking: "Where can I stake Dogecoin, then?" Don’t worry, all is not lost! Certain platforms allow you to earn rewards with Dogecoin through alternative methods; let's explore them!

Bybit

Bybit offers several earning mechanisms to help grow your crypto holdings, each catering to different preferences.

For starters, if you're looking to earn passive income without much risk, Bybit Savings is a solid choice. This program lets you stake your DOGE for a fixed 30-day term with an Annual Percentage Rate (APR) of 1%. It is an ideal choice for those looking to earn passive income without too much hassle.

Through Bybit Savings, you can opt for a flexible-term savings plan or a fixed-term option for higher returns. Remember, with the fixed-term plan, your DOGE will be locked in for the duration—no early exits allowed. It's a great option for risk-averse HODLers and those who prefer a more stable yield.

For those who enjoy flexibility in managing their assets, the flexible savings plan allows you to withdraw anytime, though with slightly lower returns. On the other hand, if you prefer more certainty in your returns, the fixed-term savings plan might be the better option, offering higher APRs for a set period.

If you're feeling a bit more adventurous and willing to embrace a little more risk for potentially higher rewards, Liquidity Mining might catch your eye. Here, you can add your crypto to liquidity pools (including DOGE/USDT) and use leverage to maximize your share, which could be especially exciting during volatile markets.

That said, liquidity mining might not be for everyone, as it suits those who prioritize long-term yield or are enthusiastic about decentralized finance (DeFi).

Binance

Binance Earn offers a range of features designed to fit different earning strategies, whether you’re looking for steady returns or experimenting with flexible investments. First on the list is Binance Savings, which allows you to stake cryptocurrencies (including DOGE) and earn interest over time.

Flexible savings are ideal if you prefer to keep your options open, as they allow you to withdraw your assets whenever you like. In contrast, locked savings require you to commit your funds for specific terms, such as 7, 15, or 30 days, in exchange for better yields.

Additionally, the Auto-Invest feature combines recurring investments with flexible asset staking for those who prefer a hands-off approach. This way, you can set up automated crypto purchases and still earn passive income without constant monitoring. So, whether you're looking for stable returns or something more tailored, Binance’s earning options will make the most of your digital assets.

MEXC

On MEXC, staking isn’t limited to PoS coins; it also works for tokens that don’t follow the PoS model. In other words, Dogecoin staking is entirely possible on this platform, and you can still earn rewards even though DOGE doesn’t use PoS for transaction validation.

MEXC Savings program gives crypto holders a chance to grow their assets by staking their favorite tokens without the fuss of technical complexities. Thus, if you’re looking for an easy way to earn passive income on Dogecoin, MEXC Savings is one of the great programs to consider.

With Locked Savings, your crypto takes a break and is locked away for a set period, much like a fixed deposit in traditional banking. During this time, you won’t be able to trade, transfer, or withdraw your assets, but you will get higher rewards in exchange. On the other hand, Flexible Savings gives you more freedom to trade, transfer, or withdraw your crypto at any time, much like having a regular savings account.

PancakeSwap

PancakeSwap's earning programs bring a fresh approach to staking, focusing on flexibility and simplicity. With traditional staking, tokens are often locked up, so users can't use or trade them for a specific period.

But PancakeSwap does it differently. Users can instead add liquidity to their targeted cryptocurrency pairs. Dogecoin is included in PancakeSwap's selections, along with a thousand other supported coins.

Liquidity is central to the workings of this DEX, and PancakeSwap is not shy to pay you handsomely. By providing liquidity, you'll earn trading fees and receive NFT or Liquidity Provider (LP) tokens.

Let's say you receive LP token rewards. You can then stake them in PancakeSwap's Farms. In return, you'll earn CAKE, the DEX's native token.

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How to Stake Dogecoin

Now, let’s walk through the steps of earning Dogecoin and explore alternative methods that offer similar benefits. While staking Dogecoin in the traditional sense isn't possible at the moment, I’ll cover the options available for earning rewards and maximizing your returns.

Bybit

As per the disclaimer above, you cannot theoretically stake DOGE on Bybit, but the platform offers a similar mechanism through its Savings program. Let me guide you through the steps.

Step 1: Log in to your Bybit account. Once logged in, locate the [Finance] tab in the top menu bar. Hover over it, and from the dropdown menu, click on [Earn]. Find and click on [Bybit Savings] on the Earn page to access the staking options for Dogecoin and other assets.

Step 2: Browse through the available staking plans based on the supported coin, staking period, APR, and term. Select the [Dogecoin fixed-term plan] and click on [Stake Now].

Step 3: Enter the amount of DOGE you wish to stake, review the parameters, and confirm by clicking on [Stake Now].

Step 4: To view your staking history, click on [View Order] in the successful order notification or go to [Assets] at the top right of the Bybit page to check your current staking orders.

Once the staking is successful, you’ll see the transaction details in your staking history. Congratulations—you’re now earning rewards on your Dogecoin!

Binance

If you’re interested in staking Dogecoin, Binance offers a seamless way to do it through Binance Earn, available both on the desktop platform and mobile app. While traditional staking isn't available for Dogecoin, Binance Earn lets you receive rewards through flexible or locked savings. Here's a detailed guide on how to stake Dogecoin using Binance Earn:

Binance Earn on Desktop

Here, I’ll guide you through the steps for staking Dogecoin on Binance Earn, starting with the desktop platform.

Step 1: Log in to your Binance account and click [Earn] from the top menu.

Step 2: You’ll be taken to the Binance Earn interface, where various products like Simple Earn, High Yield, and Auto-Invest are listed. On the right-hand side, a summary of your holdings and estimated 30-day returns is displayed.

Step 3: Scroll down to explore available products. Use the search bar or filters to locate DOGE and review its options, such as estimated APR and duration.

Step 4: Select a suitable product and click [Subscribe]. Enter the amount of DOGE you want to allocate, check the summary, and click [Confirm] when ready.

Step 5: Review the [Product Rules] tab for more details before finalizing. After completing these steps, your Dogecoin will be successfully staked using the Binance Earn program!

Keep an eye on your returns, as they might fluctuate depending on the market conditions and the type of product you selected. For ongoing management, you can always revisit the Binance Earn dashboard to adjust or withdraw your funds when needed.

Binance Earn on Mobile App

Learning how to stake Dogecoin on Binance through the mobile app is just as simple and efficient as using the desktop platform. With a few taps, you can access Binance Earn and get rewards. Here’s how to do it step-by-step:

Step 1: From the Binance homepage, click on the [Earn] option.

Step 2: Use the search bar to find [DOGE] and select it.

Step 3: Choose your preferred method on the pop-up window for Dogecoin Protected Products. This time, I'll choose the [Flexible] option.

Step 4: Click [Subscribe] to allocate your Dogecoin. Once confirmed, your staked DOGE will appear in the [Asset] section of your wallet.

With this approach, you can easily manage your staked assets while maintaining the flexibility to access them anytime. It's a simple yet effective way to earn passive income on your Dogecoin holdings.

MEXC

Whether you're new to staking or looking for a smooth way to earn passive income, MEXC offers an easy platform for Dogecoin staking. To begin, follow these simple steps to get started on earning rewards.

Step 1: Log in to your MEXC account on the web interface. Once logged in, locate the [More] option in the top navigation bar. Click on it, and from the dropdown menu, select [Savings].

Step 2: Once on the Savings page, you’ll see two categories: [Savings] and [Simple Earn]. A list of supported tokens for each program will be displayed. Since Dogecoin is only available under the Savings program, ensure you’re in the [Savings] section.

Step 3: To locate Dogecoin quickly, use the search bar on the Savings page. Type "DOGE" and wait for the system to display Dogecoin as an option.

Step 4: Once Dogecoin appears in the list, click the [Stake Now] button next to it. This will take you to the confirmation screen.

Step 5: Here, you’ll see details about the staking process. For Flexible Savings, the screen will display the [Subscription Date] (the day you begin staking) and the [Value Date] (when your staking period begins). Flexible Savings allows you to withdraw your Dogecoin at any time.

Step 6: Review all the details carefully, especially the interest rates and terms. Remember that the yield may vary depending on the amount you deposit—smaller deposits generally earn higher rates, while larger deposits might yield slightly lower rates. If everything looks good, confirm the transaction to start Dogecoin staking.

Yep. Staking Dogecoin on MEXC Savings is as simple as that! Once your subscription is active, you can sit back and track your rewards through the Savings dashboard.

PancakeSwap

Unlike centralized exchanges, PancakeSwap is a decentralized exchange (DEX) built on the Binance Smart Chain (BSC)—a blockchain known for its speed and low transaction fees.

While swapping tokens is PancakeSwap's main function, the platform lets users earn rewards by staking their assets. So, if you’re ready to put your Dogecoin to work on a DEX with some added perks, let’s break down how to stake Dogecoin on PancakeSwap.

Step 1: Visit PancakeSwap’s homepage and click the [...] icon at the top of the page. From the dropdown menu, select the [Info] option.

Step 2: Go to the [Tokens] tab and use the search bar to find Dogecoin (DOGE).

Step 3: Click on [Dogecoin] to open its details page, then hit the [Add Liquidity] button.

Step 4: Before you can stake Dogecoin on PancakeSwap, you need to add liquidity to the pool. Liquidity provision involves depositing your coins into a pool to facilitate trading. In return, you’ll earn a portion of the fees from trades in that pool.

After clicking [Add Liquidity], a table will appear. Enter the number of tokens you want to add liquidity with, and the platform will automatically calculate the equivalent amount of the other token.

If this is your first time, it’s best to stick with the default settings. PancakeSwap will automatically select the most popular fee tier and configure a price range for you. Advanced users can customize these settings as needed.

Step 5: Once the liquidity details are set, click [Enable DOGE]. Your wallet extension will pop up, asking you to set a spending cap. This feature limits how much of your token balance PancakeSwap can access. You can choose a lower cap for additional security.

Step 6: Confirm the liquidity addition by clicking [Add] twice. After completing the necessary wallet confirmations, the [Stake] button will appear. Click it, and you’re all set! Your Dogecoin is now staked on PancakeSwap. All that’s left is to watch your staking rewards grow.

Platforms like PancakeSwap make it possible to stake Dogecoin through liquidity pools, offering an alternative to traditional staking methods. While Dogecoin isn’t supported for staking on every platform, options like PancakeSwap provide a reliable way to earn rewards.

Things to Consider for Dogecoin Staking

Alternative earning options to Dogecoin staking exist, and weighing the potential risks and rewards is crucial to making informed decisions. So, let’s pause and consider the broader context before exploring how to stake Dogecoin or earn rewards through similar methods.

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Volatility

Cryptos often get compared to theme parks – thrilling and full of excitement, yet wildly unpredictable. Dogecoin staking (or any crypto) is no different. When you lock up your coins to earn rewards, you’re not just committing to a set amount; you’re betting on the volatile crypto market to maintain its stability.^[1]

Dogecoin's price can surge or tank at any moment, and that kind of market fluctuation can seriously impact the value of your staked coins. If the value of Dogecoin drops, the rewards you earn could be worth less in fiat terms, regardless of the amount.

Since staking rewards are usually paid out in the same cryptocurrency you’ve staked, any decrease in its market value directly impacts the real-world worth of those rewards. Even if the quantity of Dogecoin you receive stays the same, the actual value of your returns could diminish significantly if the market price falls.

Beyond market risks, platform-specific rules can add complexity. Some services penalize early withdrawals or require long lock-up periods, further exposing you to market fluctuations. While staking Dogecoin-like alternatives can offer passive income, they demand a solid understanding of crypto volatility and a willingness to manage its challenges. Balancing these risks with potential gains is key to optimizing your strategy.

Regulatory Risks

Dogecoin staking might seem like an easy way to earn passive income, but there's a factor that should always be on your radar: regulatory risks. As lawmakers and regulatory bodies increase their focus on crypto, staking platforms might face sudden changes in regulations that could disrupt the entire process.

Imagine discovering that the platform facilitating your rewards through Dogecoin staking has been hit with legal roadblocks, freezing your assets or suspending operations indefinitely. Staying informed about regulatory developments can help you adapt to changes that might affect staking opportunities and ensure you're better prepared for potential disruptions.

Though many parts of the world still have minimal regulation for staking, it is crucial to stay informed about potential changes. Monitoring the regulatory landscape can help you prepare for any shifts that might affect your staking experience.

The possibility of new laws or increased scrutiny from authorities could make staking less accessible or more complicated, especially for platforms or individuals trying to navigate a tighter regulatory environment.

In the US, for instance, the Securities and Exchange Commission (SEC) has made it clear they’re looking more closely at cryptocurrencies, including those that could be classified as securities. If regulations tighten, staking could face stricter compliance requirements, limiting the ability of platforms to offer these services or making it harder for individuals to participate.

On a more positive note, clearer regulations could help legitimize staking in the eyes of institutional investors, which could bring greater stability to the market. A more regulated environment might provide increased confidence to investors. It could also encourage larger, more secure investments, benefiting the long-term growth of crypto staking.

Lock-Up Period

One challenge often associated with staking Dogecoin is the concept of lock-up periods. These periods refer to a timeframe during which your assets would typically be inaccessible. The lock-up period also serves to stabilize the market by preventing an influx of tokens from being sold at once.^[2] As a result, it could potentially lower the value of Dogecoin.

By locking up tokens, platforms help maintain a balanced supply and demand, reducing the risk of drastic price changes. The said mechanism can be beneficial in making sure the value of your staked DOGE isn’t suddenly diluted due to mass selling.

Understanding this concept is crucial when learning how to stake Dogecoin, as you’ll need to decide if you're willing to have your assets tied up without the option to sell or make changes.

If you’re someone who prefers flexibility and might need quick access to your funds, a lock-up period can be restrictive. The inability to cash out during such a time might seem like a significant downside, especially in a market as volatile as cryptocurrency. If an emergency arises or a sudden price fluctuation creates a compelling reason to sell, you won’t be able to act immediately.

On the other hand, if you’re comfortable with the idea of letting your DOGE earn rewards without needing access for a set period, the lock-up period might not pose much of a concern. That said, this system can be a suitable option for long-term holders who aren’t worried about short-term market movements and prefer to earn passive rewards without actively managing their holdings.

Smart Contract Failures

Smart contracts are the backbone of decentralized platforms, enabling you to stake Dogecoin without relying on a centralized authority. These self-executing agreements automatically enforce the terms of the staking process, eliminating the need for intermediaries.

Despite their advanced functionality, smart contracts are not without their vulnerabilities. Even the most well-crafted code can have flaws, and a bug or poorly designed contract can expose you to significant risks, leaving your staked Dogecoin susceptible to loss or theft.

Understanding the potential for these risks is crucial, as the decentralized nature of these platforms means there’s often no authority to turn to for help if things go wrong. Exploits in smart contracts are not just hypothetical—they have occurred in the past, leading to substantial financial losses for users who trusted flawed contracts.

For instance, in July 2022, a hacker exploited a vulnerability in Crema Finance, a decentralized crypto platform on the Solana blockchain. They siphoned funds by targeting weaknesses in its smart contracts.

A single line of faulty code can create those vulnerabilities, enabling malicious actors to compromise staked assets. Hence, staking Dogecoin—or engaging in reward-earning activities through such contracts—requires understanding these potential vulnerabilities.

To protect yourself from such vulnerabilities, it’s essential to stake only through reputable platforms that have undergone thorough code audits. Independent security firms conduct these audits to identify and address potential weaknesses in the smart contract. Audited contracts provide a higher level of assurance that the platform you’re using has taken appropriate steps to safeguard your assets.

For those new to DeFi, it might be wise to stick with well-known, trusted platforms initially. Platforms with a strong security track record and positive community feedback are less likely to harbor bugs or vulnerabilities.

Additionally, doing thorough research before Dogecoin staking can help you make informed decisions, reducing the chances of using a platform with unaddressed security risks. Always check for audits, reviews, and community discussions about the platform's security practices to ensure your assets are as safe as possible.

Transition to Proof-of-Stake

While Dogecoin moving to Proof-of-Stake is still very much speculative, it’s a potential game-changer for staking in the future.

If Dogecoin does transition to PoS, it could open up new and more accessible staking opportunities for its community. Instead of relying on PoW, which involves energy-intensive mining, PoS would allow holders to validate transactions and earn rewards by simply staking their coins.

As of now, Dogecoin is still operating on PoW, which is why its staking options are more limited. If Dogecoin adopts PoS, holders could start to earn rewards without needing to mine or use complex hardware setups.

It’s still early days, and this transition has no set timeline. However, keeping an eye on developments in the Dogecoin ecosystem could give you a heads-up about future staking possibilities.

How to Get Free Dogecoin

If staking Dogecoin via alternative programs doesn’t fit your plans, other ways exist to get your hands on some DOGE without spending a dime. From completing simple tasks to participating in giveaways, these methods might not make you rich overnight, but they’re fun and can give your wallet a small boost. Let’s explore how to get free Dogecoin through some of the easiest and most rewarding ways below.

Crypto Faucets

Crypto faucets are a playful way to earn Dogecoin by completing various tasks online. These tasks can range from answering surveys to solving captchas, and while the rewards might be small, they can add up over time.

One popular platform is Cointiply, where users can earn coins by playing games, taking surveys, or even watching videos. For instance, surveys can pay up to $1.50, while watching a video can reward you with up to 500 coins. Once you've accumulated at least $3 (30,000 coins), you can withdraw your earnings as Dogecoin, Bitcoin, or Dash.

If you’re feeling adventurous, Cointiply creates a multiplier game where you stake your coins to pick the correct gem color. A correct guess multiplies your earnings, while a wrong one costs you your staked coins.

Another option is Lootup, a platform similar to Cointiply. Lootup offers daily spins for free coins, surveys, and paid offers. While you only need $1 to cash out via PayPal, the threshold to get paid in Dogecoin is $5.10. The flexibility of these platforms makes them an interesting option for anyone wondering how to make a Doge without investing upfront.

Lucky Draws

Lucky draws are another fun way to earn free Dogecoin. These events often require you to complete specific tasks to qualify for a drawing, with the potential to win substantial prizes. These tasks may include following the platform on social media, referring friends, or participating in promotional events.

When joining a lucky draw event, just make sure to read the rules carefully and follow the required steps to ensure your entry is valid. The more tasks you complete, the higher your chances of winning.

Take the HTX 2024 lucky draw as an example. You can enter a draw to win up to 8,888 DOGE by completing designated tasks, like referring friends or engaging with their platform. Even if you don’t win the grand prize, smaller rewards ensure that your efforts don’t go unnoticed.

If you're interested in earning other cryptocurrencies (like USDC or USDT) or tangible rewards (NFTs, crypto event tickets, merchandise, and more), check out BitDegree's Missions. Here, you can complete challenges such as quizzes, social actions, and other interactive tasks to earn Bits. These in-game points will enhance your chances of winning exciting prizes in a lucky draw.

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Airdrops

Airdrops can be a fun way to diversify your crypto portfolio. With a little bit of luck, you might find yourself with free Dogecoin as a reward. It’s an easy, low-effort way to get free Dogecoin, as long as you meet the criteria set by the airdrop organizers.

Airdrops are like the digital version of free samples at a grocery store, except instead of snacks, you get cryptocurrencies like Dogecoin. Blockchain projects often use them as a marketing strategy to gain exposure and attract users to their network. While not all airdrops distribute DOGE, you can sometimes find opportunities to earn it this way.

In some cases, platforms might reward holders of Dogecoin or other tokens by distributing free DOGE through airdrops. These airdrops aim to spread awareness of a new token or project while providing incentives to existing community members.

Airdrops often come with a snapshot time when your wallet must hold a specific token to be eligible. So, staying active and watching for new opportunities is key if you're wondering how to earn Dogecoin from such offers.

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Conclusion

Concluding this guide on how to stake DOGE, it's important to note that while staking Dogecoin isn’t currently available in the traditional sense, there are still ways to earn rewards by exploring alternative methods.

As the industry evolves, staking Dogecoin might one day become a more accessible opportunity. However, navigating this space requires attention to factors like platform security, regulatory uncertainties, and the risks tied to market volatility.

These concerns can be addressed by staying informed and selecting reputable platforms. Ensuring your DOGE works effectively requires vigilance and adaptability to the dynamic crypto landscape.

With Dogecoin's transition to Proof-of-Stake still in the works, staking options might evolve as the situation remains uncertain. Until then, exploring platforms like Bybit or Binance for liquidity farming can be a practical way to maximize your DOGE holdings.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Bullmann D., Klemm J., Pinna A.: ‘In search for stability in crypto-assets: are stablecoins the solution?’;

2. Boreiko D.: ‘Economics of Initial Coin Offerings’.