Without a shadow of a doubt, among the most well-known cryptocurrencies worldwide is Dogecoin. Despite the absence of a clear use case, DOGE is among the most valuable cryptocurrencies in terms of market capitalization, and, perhaps most significantly, it’s among the most meme-worthy cryptocurrencies globally.
But in December 2023, Dogecoin also commemorated its 10th birthday. “Is it too late to purchase Dogecoin?” is the question that follows. Is Dogecoin still a wise investment? Let’s examine this option!
Note: Naturally, Dogecoin can be paid for with the same methods as Bitcoin. It should be highlighted, however, that it isn’t particularly used by any platforms or projects as a component of their payment or governance system.
Can Dogecoin Still Be Bought? We Sum Up
To be honest, it can! There are still a lot of cryptocurrencies that are rising at any given time, even though the market isn’t performing in the same way it previously did. Furthermore, some analysts predict a bull run for Ethereum and Bitcoin in 2024; where these two venture, the remainder of the cryptocurrency market follows. Regarding DOGE specifically, there are numerous variables that can affect its cost. Memes and a few of Mr. Elon Musk’s remarks are two examples. There are still plenty of opportunities for the price of this cryptocurrency to increase and fall.
Fun fact: In a technical sense, Dogecoin was the one who first popularized the phrase “meme coin” among cryptocurrency aficionados and the wider crypto community. There appear to be good prospects and growth possibilities for this cryptocurrency. What specifically may drive up Dogecoin’s price? All of the potential causes are detailed in this article.
History of Dogecoin Prices
Back in 2013, Dogecoin made its debut. This digital asset has seen many highs and lows during the course of its existence. On May 6, 2015, Dogecoin experienced a temporary price drop to $0.0000869, which was its lowest point. Conversely, on May 8, 2021, DOGE hit its all-time highest price of $0.682. Its market value currently surpasses 12 billion. We don’t want to start a conspiracy idea, but it’s likely that May will be significant for Dogecoin…
Now let’s return to the past. From 2013 to 2020, or for about seven years, Dogecoin’s price was comparatively flat and consistent. Indeed, DOGE experienced highs and lows during those years. Its actions were in line with the market’s: just like Bitcoin, the coin increased in value in 2014 and declined in 2018.
That being said, Elon Musk mentioned Dogecoin in a few tweets at the start of 2021. Subsequently, the coin’s value increased by 340%, bringing its price to $0.032642. The era of DOGE speculation began as a result of this incident because the price of the cryptocurrency increased every time a businessman mentioned it.
Dogecoin didn’t have any noteworthy events in 2022. The meme coin typically followed the overall trend in the market. But DOGE began to rise around the end of October, and on November 1 it reached $0.1425. This could have been a response to Elon Musk’s purchase of Twitter.
What Was Dogecoin’s 2023 Performance?
The price of Dogecoin has stayed largely constant in 2023.
The original meme currency saw several price increases later in the year, but its maximum price for the year occurred back in February. There were three more significant Dogecoin price points in 2023: April, July, and November.
Is Investing in Dogecoin a Good Idea?
Even in 2024 and beyond, Dogecoin might prove to be a wise investment. But just like with other digital assets, you have to be sure you understand all the possible risks and that it fits within your investing strategy.
Like other cryptocurrencies that don’t have an obvious application, DOGE is better seen as a speculative asset. This implies that the price may fluctuate greatly. Should you choose to make investments in Dogecoin, be prepared for the possibility that it will deviate from projected market prices.
In general, Dogecoin is a good option when it comes to cryptocurrency assets since it has a large and devoted community, a solid reputation, a strong market capitalization, and it can be found on many different cryptocurrency exchanges. Its future price potential is backed by strong fundamentals.
What Makes Buying Dogecoin Wrong?
Purchasing DOGE isn’t problematic in any way. Nonetheless, it’s critical to comprehend the coin’s pumps and dumps. Avoid going crazy for DOGE when it’s inflated, since this digital currency is particularly susceptible to headlines and Elon Musk’s recommendations. To avoid buying expensive coins, hold off on investing until the price stabilizes.
It should be mentioned that this cryptocurrency started as only a joke. Even though this well-known cryptocurrency’s past raises doubts about its value, over time, its market capitalization approached that of a sizable organization with thousands of workers. So, it appears that DOGE is here for the long haul following a decade of market manipulation.
Crypto Market Difficulties
Cryptocurrency markets are said to be hazardous and unstable. Unbelievably, buying DOGE directly carries a much higher risk. But as they say, no risk, no reward. The price of Dogecoin is influenced by both the overall market movement and erratic external influences like Elon Musk. The value of the asset is correlated with that of Bitcoin, the primary cryptocurrency.
Therefore, the primary issues facing DOGE are its high volatility and general market correlation. However, isn’t volatility just here for speculations?
Investing Speculatively
In the hope that DOGE may one day make them wealthy, a lot of individuals purchase it then trade it. In passing, are you familiar with the tale of Glauber Contessoto, a.k.a. the DOGE millionaire? It’s a true tale of rags to riches. And rags again later.
Only $180,000 had been invested by this man in Dogecoin. Elon Musk increased his original investment to more than $1 million following his tweets and TikTok excitement. After that, the DOGE rate decreased by about 90%, and Glauber made $180,000 in profit.
The main theme of Glauber’s story is market speculation, which is relevant to everyone. For DOGE, what does this mean? This serves as one more caution to consider all possible dangers before making an investment in Dogecoin or any other cryptocurrency. If you wish to sell rather than hold onto your cryptocurrency, you must be able to discern when it’s time to liquidate your holdings.
What the Experts Say on Whether It’s Too Late to Purchase Dogecoin or Not
Experts in markets and investments forecasted the price of Dogecoin on their own.
The “Doge Fear and Greed Index” indicates that Doge remains a viable option for cryptocurrency investors at this time. As of the time of writing, the token had the so-called “neutral” rating. Dogecoin’s price forecast and analysis by Digital Coin Price are quite optimistic, with DOGE expected to expand rapidly over the next five years and maybe reach $1. Less optimistic is Wallet Investor, who believes Dogecoin and its present price will decline within a year and that it isn’t a good long-term investment.
What Potential Uses for Dogecoin Are Available in the Future?
Dogecoin is a cryptocurrency that has become a meme, therefore some people don’t really take it seriously. DOGE, however, might be a worthwhile method of payment.
How is Dogecoin currently used?
It’s useful primarily for making payments. This covers not just the purchases but also several donation options and tipping structures. It’s true though that coin spending isn’t as popular as anticipated; the same is true for DOGE. However, due to its quickness and inexpensive fees, Dogecoin has become quite well-liked in certain industries, e.g. the gambling business. Regardless of the fact that Dogecoin is gaining traction, Bitcoin is still the preferred option for now. There are many explanations for this, but the main one is speed—Dogecoin transacts considerably more quickly than Bitcoin. Furthermore, a large number of online sportsbooks and casinos accept DOGE as a form of payment because of its widespread recognition, hence the lists of the best Dogecoin bookmakers in 2024 exist online; one of these lists is at the site.
When it comes to currencies that are good stores of value, Dogecoin is not one of them. Due to its limitless supply, DOGE is by nature extremely inflationary. Therefore, we doubt that DOGE’s primary purpose, payment, will ever alter.
Final Thoughts
Considering everything, purchasing DOGE in 2024 and later is still possible. Dogecoin is still a viable investment since it has room to grow in the future. It’s still, of course, an unstable asset, but given the state of the cryptocurrency market, this may make it a superior buy. It’s a valuable asset for both short-term and long-term investments. On the other hand, exercise extra caution while dealing with any sudden fluctuations in its price.
Dogecoin has a lot of potential because it’s far from dead. Talking on its prospects, DOGE will continue to exist as long as the market is still “breathing”. According to certain experts, the asset may eventually reach $5 per coin. We’ll see, then.
Note: Please keep in mind that there’s no investment advice in this post. Before purchasing any asset, particularly something as risky as a DOGE investment, always DYOR.