As the cryptocurrency landscape evolves, securing digital assets has become a top priority for investors.
Dogecoin (DOGE), initially created as a fun alternative to Bitcoin, has highly gained immense popularity, with a market capitalization exceeding roughly $49.9 billion as of 2025.
At its current pace, approximately 5 billion new Dogecoins are expected to be generated annually., which reflects its widespread adoption.
While it offers low-cost and fast transactions, securely storing it is crucial to prevent hacking, online theft, or loss. With nearly 30% of all crypto hacks in 2023 targeting storage solutions, choosing the best one ensures both convenience and security.
In the following blog, let us discuss some important things related to the best wallet for Dogecoin and protecting your crypto investment. Let’s start!
Why Do You Need a Secure Wallet for Dogecoin?
Firstly, it operates in a decentralized network, meaning no traditional institutions can assist in fund recovery. Once lost or stolen, retrieving DOGE is nearly impossible, making security a top priority.
DeepSeek AI Prediction highlights the increasing adoption of this digital currency, heightening the need for enhanced security measures to prevent loss and theft.
Below, we have added some points to help you understand better:
Risks of Hacks
Cryptocurrency hacks have continued to rise, with cybercriminals stealing over $2.2 billion in crypto assets in 2024 alone, reflecting a significant 21.07% increase compared to the previous year.
The number of individual hacking incidents also saw an uptick, from 282 in 2023 to 303 in 2024.
Moreover, On February 21, 2025, Bybit detected a breach during a routine ETH transfer from its Multisig Cold Wallet to the Hot Wallet. A sophisticated attack manipulated the smart contract, giving the attacker control of the Cold Wallet.
As a result, over 400,000 ETH and stETH worth more than $1.4 billion were transferred to an unidentified address.
Ownership Control
Storing DOGE on an exchange means you don’t have direct control over your assets. If an exchange shuts down, your funds could be inaccessible. In January 2023, over $8 billion in user funds were lost following FTX’s collapse.
Using a non-custodial security option ensures complete ownership and reduces reliance on third parties.
Long-Term Security
For those holding it as a long-term investment, a dedicated storage solution safeguards against exchange failures. Over 55% of crypto investors prefer private crypto vaults over exchanges.
Exchange Failures
Cryptocurrency exchanges have faced multiple collapses due to mismanagement, fraud, and hacks. In 2023, over 15 major exchanges shut down, leading to losses exceeding $2 billion.
Regulatory measures like the South Korea Crypto Plan aim to create a safer ecosystem for institutional and corporate crypto holdings.
Types of Dogecoin Wallets: Which One Is Right for You?
Choosing the right digital safe depends on accessibility, convenience, and security. Below, we have listed some of the main types to help you understand better:
1. Hot Wallets (Convenient but online-based storage)
They offer instant access to DOGE but are vulnerable to cyber threats. Furthermore, they account for over 80% of the crypto theft incidents.
2. Cold Wallets (Offline storage for maximum security)
Cold key storage stores private keys offline and offers enhanced security. A 2024 Sygnum report revealed that 57% of institutional investors intend to increase their crypto exposure, reflecting growing confidence in digital assets.
3. Software Wallets (Desktop and mobile key storage options)
They balance usability and security. Crypto holders prefer these digital safes for daily transactions.
4. Hardware Wallets (Physical devices for safe storage)
The hardware secure repository provides maximum protection. Only 3% of users use them, yet they account for less than 1% of hacking incidents.
5. Paper Wallets (Print-out keys for offline security)
It is a physical printout of public and private keys, highly secure but requiring careful handling.
6. Custodial Wallets (Third-party control over funds)
Institutions and exchanges manage them. Furthermore, they offer convenience but have less control.
7. Non-Custodial Wallets (Full ownership and control)
These offer full control over private keys. A majority of active traders prefer them for enhanced security.
How Do You Set Up & Secure Your Dogecoin Wallet?
Securing your digital asset wallet is essential to protect your investment from unauthorized access and cyber threats. Selecting the best wallet for Dogecoin ensures both ease of use and security.
Therefore, it is important to take proactive steps that ensure accessibility and safety. We have listed some points to help you understand better:
1. Choose Your Wallet Type
Select hot, cold, hardware, or paper storage solutions based on your references.
2. Wallet Installation
Download from official sources and avoid malware & phishing risks by using official websites.
3. Creating Backups
Back up your digital safe. Securely store your seed phrase—losing it means losing access to your DOGE.
4. Enabling Security
Use two-factor authentication (2FA), PIN codes, and biometric locks where available.
5. Safe Storage
For hardware and paper storage solutions, keep them in fireproof and waterproof locations.
Top Wallet Mistakes That Put Your Dogecoin at Risk
Protecting your memecoin is crucial to secure your investment from common pitfalls. Many investors lose funds due to preventable mistakes that can be avoided by following the best security practices:
1. Weak Passwords
A weak password increases hacking risks. Over 81% of cyber breaches result from poor passwords.
2. Lost Seed Phrase
Misplacing a seed phrase can lead to permanent loss. 20% of Bitcoin’s supply is lost due to forgotten credentials.
3. Phishing Scams
Hackers create fake sites and emails to steal credentials. In 2023, cybercriminals launched nearly 5 million phishing attacks, making crypto users a primary target.
4. Exchange Storage
Long-term storage on an exchange is risky. Almost 35% of the exchange hacks in the past five years led to total asset loss.
5. Outdated Software
Failure to update digital wallet software leaves vulnerabilities open. The majority of breaches occur due to outdated software.
Final Thoughts
With the decentralized token growing adoption, protecting assets with the right storage solution is essential. Whether you choose hotkey storage for accessibility or cold wallets for security, making an informed choice prevents cyber threats and exchange failures.
By following best practices such as using strong passwords, securing seed phrases, and keeping private keys offline, you maximize protection and enjoy peace of mind.
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