How to Earn interest on Dogecoin – Best DOGE Interest Accounts

DOGE is the largest meme coin by market cap and ranked 10th among all tokens – however since pumping due to being Elon Musk’s crypto of choice it has corrected significantly from its all-time high of $0.74.

Increasingly Dogecoin investors are looking for methods to earn interest on DOGE held in their wallet – as a buffer against further volatility and in the hope of a recovery in the future.

This guide reviews the best places to earn interest on Dogecoin, including two leading cryptocurrency exchanges that also offer high security when ‘HODLing’ with their Dogecoin interest accounts. 

Best Dogecoin Interest Rate Compared

Here is the breakdown of the APY (Annual Percentage Yield) offered by the top crypto exchanges:

Best Dogecoin Interest Account Reviewed

Different exchanges offer different APY for holding Dogecoin. Factors determining these rates are how the cryptocurrencies are being used and whether staking opportunities are also available. Here are the reviews of the best savings accounts active right now. 

OKX – Offering Flexible Interest Rates on Dogecoin

OKX is the world’s seventh biggest cryptocurrency exchange by market capitalization, offering a multitude of crypto offerings, including spot, margins, derivatives trading, simple trading, dApp development tools, loans, and more. But one of the fascinating aspects of this platform is the Earn program. 

OKX’s Earn program is split into eight parts. Savings, Shark Fin, Staking, Dual Investment, DeFi, Eth 2.0 staking, flash deals, and fixed. 

Investors who don’t want to deal with the volatility of the cryptocurrency space can use Savings to earn 1% APY for holding Dogecoin in their OKX accounts. And those who are willing to hold their assets for 60 days can also pick DOGE staking and earn 8.2-% APY. A 90-day and flexible staking option is also available on OKX – but they are sold out at the time of writing. 

OKX’s earn program is part of its DeFi services that also covers staking and loan. Interest is paid on a daily basis, and withdrawals can be made 24 hours after the interest has been paid. 

That said, OKX is upfront about the risks associated with stalking. It vehemently specifies that in an event where there is loss due to third-party DeFi protocols, OKX won’t be responsible for it. Dogecoin staking, however, is different.

Since Dogecoin is not a Proof-of-Stake token, OKX offers off-chain staking, preventing risk exposure. OKX’s approach to allowing investors to earn interest on Dogecoin is suitable for the long term because of the high APY and flexible terms. That said, sometimes, the staked facilities are marked as sold out, which will require you to keep an eye on OKX’s offering about Dogecoin savings accounts. 

Overall, OKX has a rather simple approach towards a Dogecoin savings account. Users can choose between a savings account or the locked staking, which offers higher APY rewards. That being said, the platform is not available in the US. 

Binance – Earn interest on Dogecoin on Flexible Terms

Binance is the world’s highest volume crypto trading platform that also offers users the easiest way to earn interest on Dogecoin – on flexible terms.

On Binance, investors can earn interest on DOGE and upwards of 200 different cryptocurrencies. The platform once provided different methods of holding tokens under its Earn program – allowing users to lock their DOGE and other tokens on flexible and fixed terms. However, Binance merged most of these features into the new “Simple Earn program,” through which investors can earn interest on Dogecoin and other assets. 

Binance offers flexible APR tiers with up to 2% APR. However, a 2% interest is only paid for holding up to 1000 DOGE tokens. If you hold more DOGE tokens, Binance will pay only 0.4% APY. 

However, investors who aren’t afraid of taking risks can use the liquidity swap utility to add Dogecoin pairs such as DOGE/BUSD, DOGE/USDT, and DOGE/BTC to the liquidity pool and earn 5.21%, 2.35%, and 1.17% APR, respectively. But the payouts in these cases will be in terms of BNB tokens – Binance Coins. 

While Binance remains the biggest cryptocurrency exchange on the planet, it has faced multiple legal issues in the past. For one, it has not gotten the approval to operate in the United States. People from the states must use Binance.US to access some of Binance’s offerings, and it doesn’t offer interest rewards for staking Dogecoin. 

Overall, Binance is an excellent platform to earn interest on Dogecoin. The UI is simple, the platform looks great, and riskier options are available. Advanced users also have the option to buy cryptocurrencies from the advanced module. 

That being said, Binance is not available for US citizens. They must make do with the limited offerings of Binance.US. And since Binance is a centralized cryptocurrency exchange with AML (Anti Money Laundry Requirements), using VPN to access the website is not advised. 

How to Earn Interest on Dogecoin Tutorial

You now know of the two platforms that offer APY for holding Dogecoin. It is now time to understand how to initiate the process of earning interest on Dogecoin. 

The best platform for earning interest on Dogecoin is one with lower requirements and offers high interest rates. In light of this, OKX is the best Dogecoin interest account that we recommend. 

1. Go to the official OKX website and create an account
2. When on the account page, provide your KYC details. KYC details would allow you to deposit the amount and earn interest
3. Deposit Dogecoins to your OKX portfolio or buy Dogecoin from the platform itself

Is Earning Interest on Dogecoin a Good Investment?

Dogecoin is one of the most, if not the most, volatile digital assets trading in the cryptocurrency market. It has little use case according to critics and often relies on Elon Musk’s comment for its price movement. In fact, it is Musk’s support for Dogecoin that allowed it to reach its all-time high. And since then, Dogecoin has hardly pumped based on its own merits. 

Dogecoin received its first and only major pump back in early 2021, where it went from $0.008 to $0.67 within a month. It was one of the biggest parabolic increases to have happened to cryptocurrency, with Bitcoin being the closest competitor. 

The gradual retrace that happened to it was just as big, and at the time of writing, it is trading above the $0.1 level. Also see our related guide – is it too late to buy Dogecoin?

That said, Dogecoin doesn’t follow the fundamentals of the traditional cryptocurrency market, which means that its value is not completely tied to the movements of Bitcoin. As you can see from this graph, Dogecoin has retained some uniqueness in its price movements since the BTC reached its all-time high. 

But that doesn’t relieve Dogecoin of its own volatility. It has no use case, and it always follows the hype. And while the Dogecoin foundation is working on bringing more utilities to this asset, Dogecoin is still a long way off from not being called a joke token. 

So how does one hedge against the volatility of the best memecoin? The answer lies in holding. Earning interest on Dogecoin, although offering only little returns, is a much safer way than interacting with the volatility of the cryptocurrency market. It is a great way to earn additional income on Dogecoin. 

But where you earn interest on Dogecoin also matters since you only have limited options available in this regard, which is why OKX is our platform of choice to open a crypto savings account and earn interest on your coins.

Dogecoin Interest Vs. Staking

Earning interest on Dogecoin is not that different from holding money in the bank. The banks use your deposits to lend money to others, and the interest they earn in terms of interest is reflected back to you (at a lower) degree, and you receive quarterly returns. 

Crypto interest accounts, however, offer higher interest rates and flexible terms. You don’t need to wait for three months for interest to show up in your account. Depending on the platform you choose, you can be paid on a weekly or even daily basis. 

In conventional terms, staking means delegating a set number of Proof-of-Stake tokens to a blockchain and helping it validate transactions. However, Dogecoin is a Proof-of-Work token which means that standard conventions of staking don’t apply here. What is involved however, is soft-staking. Soft-staking, also known as liquid staking, is where the staked tokens are used for multiple purposes on the platform on which you have staked your tokens. For instance, if you soft-stake your tokens on OKX, the platform might use it to lend money or maintain some of its functionalities. Soft staking is not so different from how a savings account works, but the APYs are higher. 

That said, both ways are suitable for making money from cryptocurrencies – especially when you don’t want to deal with the volatile Dogecoin market. It allows you to set aside a portion of your DOGE holdings and use them to generate regular income while you use the other half to trade on the cryptocurrency markets. 

AQRU – Best Crypto Interest Platform

For those who are looking for a platform that offers lucrative interest rates for major-league cryptocurrencies like Bitcoin, Ethereum, and more, AQRU has a lot to offer.

As one of the leading crypto exchanges and interest providers in the cryptocurrency space, AQRU allows users to earn high APYs on their tokens easily. The platform is also simple to use, which makes it safer and easier for investors to store their assets while earning profits from them. 

The biggest plus of AQRU, however, is its support for stablecoins. Investors can easily earn interest on stablecoins such as USDT, USDC, and DAI. And these interest rates go as high as 10%. And since they are stablecoins with their values being pegged to the dollar, AQRU is a more suitable option than traditional banks. Other than stablecoins, AQRU also provides support for tokens like Bitcoin and Ethereum. That being said, interest on BTC and Ethereum deposits is often open for limited times until the stock runs out. As such, these two major cryptocurrencies can’t be used on the platform to earn interest. 

That said, once the interest module for BTC and ETH opens, expect high returns, as regardless of the dip, you will receive constant returns. 

Flexible terms and constant returns make AQRU one of the leading cryptocurrency interest platforms. The lack of a lock-up period allows people to react fast to the changes in the cryptocurrency market without any issues. Furthermore, AQRU has a simple fee model. It doesn’t ask for any commission but only charges 0.5% of every transaction. 

Conclusion

Dogecoin is a volatile asset, which makes it a safer bet to earn interest on it to make steady and passive gains. The platforms we have covered in this guide focus on giving the best in terms of utility and interest rates. OKX is still our favorite since it offers lucrative interest on Dogecoin on both flexible and fixed terms. 

Meanwhile, you can check out the link below to earn interest on AQRU. AQRU is a major crypto trading platform known to provide high interest in stablecoins and major cryptocurrencies. Here, you can earn up to 10% on any crypto you hold, transfer, or hold. 

FAQs on Earning Interest on Dogecoin