Is Dogecoin a Good Investment in 2024?
It’s been over a decade since the launch of Dogecoin. The meme coin has seen triumphant highs as well as crashing lows over the years, and in 2024, there’s more than one investor wondering if Dogecoin is a good investment. We’re going to look at a range of different metrics to help crypto investors make informed choices on the original meme coin, including historical and current price action, expert opinions, and more.
Looking Back on Dogecoin as an Investment
Dogecoin was created in 2013 and the meme crypto token remained relatively unnoticed by investors for years. It was inspired by a popular meme on the internet involving the iconic Japanese dog breed, Shiba Inu.
In 2018, investors looking for a cheap altcoin flocked to Dogecoin. Its market capitalization doubled in a short amount of time, which saw DOGE reaching its (then) all-time highest value of over a billion dollars.
Part of the reason Dogecoin catapulted to fame in 2021 was due to Tesla CEO Elon Musk. Musk tweeted about DOGE meme tokens on several occasions and each time, the value of the cryptocurrency increased. Dogecoin hit a new all-time high market capitalization of around $70 billion in May 2021, and investors saw gains in the thousands of percent.
This didn’t last long, by the end of the same month, Dogecoin’s market cap fell again.
Dogecoin recovered somewhat thanks to Musk’s tweets about the token throughout 2022, with its market cap increasing by over one hundred percent thanks to that bounce. However, it still didn’t manage to set a new all-time high.
So far, 2024 has been good for the crypto market in general. Dogecoin has been going up – and the temporary rebranding of the Twitter/X icon with the DOGE meme as its icon pushed the value of Dogecoin up by nearly 50%.
This is just one of the recent moves by Musk, that feeds into the rumors that X may begin accepting DOGE. That will lend more credibility to this token, bringing in more investors and making it a good choice even for those who have been on the fence about the memecoin.
Dogecoin is also one of the best cryptos to buy during a crash. Those who invested early in 2021 and cashed out in May of the same year made gains in excess of 13,600%.
Dogecoin Price History Timeline
December 2013 Dogecoin is created as a joke by software engineers Billy Markus and Jackson Palmer. Despite its humorous origins, it quickly gains a following due to its friendly Shiba Inu dog mascot and active community on platforms like Reddit.
Early 2014: The Dogecoin community rallies behind various charitable causes, including sponsoring the Jamaican bobsled team and funding clean water projects in Kenya. This philanthropic aspect adds to its appeal and helps drive its popularity.
Late 2017 – Early 2018: During the cryptocurrency boom, Dogecoin experiences a surge in value alongside other digital currencies. Its price skyrockets, reaching an all-time high in January 2018. This rise is largely driven by speculative trading and the overall hype surrounding cryptocurrencies at the time.
2018 – 2020: Dogecoin’s price stabilizes and experiences periods of relative calm. It remains popular within the crypto community and retains a loyal following, but its value doesn’t see significant growth compared to its peak in 2018.
Early 2021: Dogecoin experiences renewed attention and a massive price surge, partly fueled by social media buzz generated by influencers and celebrities like Elon Musk tweeting about it. The meme cryptocurrency gains mainstream recognition and sees dramatic price fluctuations.
April 2021: Dogecoin reaches an all-time high price following Elon Musk’s appearance on Saturday Night Live (SNL), during which he mentioned Dogecoin multiple times. However, the price subsequently experiences a sharp decline as the hype subsides and investors begin to sell off their holdings.
Mid-2021 – Early 2022: Dogecoin’s price continues to fluctuate, but it gradually loses momentum and begins to decline as the initial excitement wanes. Without any significant developments or fundamental changes to the project, interest in Dogecoin diminishes, and its price reflects this downward trend.
Mid-2023 – Elon Musk rebranded Twitter’s official logo with Shiba Inu, which pushed more interest towards DOGE, pushing its price past $0.1. The Twitter rebrand only persisted for a few days, leading Dogecoin to drop below $0.06 and land around $0.07 before bouncing.
The current market trends show a retrace. Dogecoin is priced at around the $0.17 mark at press time.
At the time of writing, Dogecoin’s market capitalization is at over $25 billion
Dogecoin Price Forecast
Although Dogecoin has fallen around 75% since its all-time high in 2021, it remains one of the most popular cryptocurrencies, and is ranked in eighth place out of all cryptocurrencies.
Will Dogecoin go up? Here’s a quick look at some price predictions:
Dogecoin Price Forecast 2024
- DigitalCoinPrice analysts suggest that DOGE could hit up to $0.20 by the end of 2024
- Analysts at PricePrediction.net are optimistic, forecasting a price of $0.22
Dogecoin Price Forecast 2025
- PricePrediction.net believes that DOGE could hit $0.32 in 2025
- Analysts at Coin Price Forcast are more conservative, stating that DOGE could be trading at $0.10
- DigitalCoinPrice foresees a maximum trading price of $0.25 in the same year
Dogecoin Price Forecast 2030
- Coin Price Forcast analysts foresee a price of $0.19 at the end of the year 2030
- Meanwhile, in the same year, PricePrediciton.net has forecast an average trading price of $1.69 per DOGE
- Market commentators at DigitalCoinPrice are more conservative and think DOGE could be trading at around $0.51
When asking if should I sell my Dogecoin? – should remember that Dogecoin price predictions should be taken with a pinch of salt. In comparison to stocks, the crypto market is still new and highly speculative.
Dogecoin’s Utility – What Does the Future Hold?
Is investing in Dogecoin a good idea? Is cryptocurrency safe in general? These are just a few of the many questions most crypto enthusiasts have nowadays.
This crypto project began as a joke, and it’s widely thought of as having no utility. However, it has since become more widely accepted as a form of payment.
Third-party payment processors like BitPay and Coinbase have seamlessly integrated Dogecoin into their platforms, enabling users to transact with DOGE for goods and services. Additionally, several companies offering prepaid cards have embraced DOGE tokens as a valid form of payment, expanding the utility of Dogecoin in everyday transactions.
Dogecoin has also gained acceptance by numerous renowned brands and online retailers such as Gamestop, Airbnb, AirBaltic, Gucci, and of course, Tesla, among others. This widespread adoption further solidifies Dogecoin’s position as a viable digital currency for mainstream transactions.
Elon Musk has also applied for Twitter to be recognized as a money service firm, hinting at X’s potential to enter the payments industry. This means that X users may soon have the ability to send digital money to other users, facilitating peer-to-peer transactions directly on the platform. If users are able to withdraw funds to verified bank accounts, this would open avenues for creators to monetize their content and potentially earn income via the platform.
Musk also hinted at the possibility of users receiving a high-yield money market account, incentivizing them to deposit funds with Twitter. This move could further integrate X, and potentially, Dogecoin, into the broader financial ecosystem and expand its role beyond social media.
Is Dogecoin a Good Long-Term Investment or Short-Term Investment?
Some market commentators see Dogecoin as more of a short-term speculative asset, whereby investors take advantage of pricing swings. That said, Dogecoin is among the top ten cryptocurrencies and is being more widely adopted.
As mentioned in our early price predictions, many experts are positive about the future of Dogecoin, which could indicate that it’s a worthy long-term investment. Investors could also consider diversification and only allocating small amounts to cryptocurrencies to spread the risk.
What Experts Say on Whether You Should Invest in Dogecoin
Along with other cryptocurrencies, Dogecoin saw a value decline in the last couple of years. However, with the incoming bull market, it is experiencing something of a renaissance. Dogecoin remains a top ten crypto asset and has a market capitalization of over $10.9 billion.
Is Dogecoin worth buying? The Investors Observer Sentiment Score for Dogecoin is neutral at the time of writing. That said, the long-term earning potential of this currency appears relatively positive, and many experts believe that Dogecoin isn’t dead yet.
Where to Buy Dogecoin
If the conclusion is yes when asking, should I invest in Dogecoin? – it’s a wise move to place an order at a reputable and well-established trading platform.
Below is a review of MEXC, a low-cost exchange where you can quickly buy ETH.
MEXC – Popular Low-Fee Dogecoin Trading Platform
MEXC is a crypto exchange with some of the lowest spot trading and futures trading fees. You can get Dogecoin by paying 0.1% fees on the spot market or you can trade DOGE with up to 200x leverage on the futures market with fees starting from 0.01%.
If you’re only looking to buy DOGE, you can do so either by depositing funds with a bank transfer or by using a quick route via third-party providers like Mercuryo, Banxa, Moonpay and Simplex. These providers let you buy DOGE with a card or with Apple and Google Pay almost instantly.
The cost of speed you get with third-party providers comes in the form of slightly higher purchase fees compared to a bank deposit and purchasing DOGE on the spot market on MEXC. However, getting Dogecoin fast could be important in some cases, such as when the token price soars, and by the time you get your bank deposit cleared you are getting less DOGE for the money.
Once you have your DOGE, withdraw it to your non-custodial, personal wallet. Alternatively, leave it on the MEXC exchange and stake it for a 1% annual percentage yield. Moreover, you can use your DOGE as a collateral and borrow other crypto or stablecoins in return if you’re strapped for liquidity.
Overall, MEXC is one of the best exchange to buy Dogecoin and over 1,700 other crypto coins.
Coins to Consider Alongside Dogecoin
Is now a good time to buy Dogecoin? Research findings point to it having potential. That said, the power of diversification shouldn’t be overlooked.
That is to say, investors who buy DOGE on eToro could also broaden their horizons and add some alternative tokens to their portfolio as well.
But those who don’t want to veer off from memecoins have a better chance with memecoin presales. These tokens have utility, but they stick to their memecoin roots.
Dogecoin20 – An Eco-Friendly Meme Coin with Added Functionality
Dogecoin20 currently stands at the forefront of the dog coin pack, presenting intriguing prospects for investors.
DOGE20 introduces passive earning opportunities and staking features for its community members. From the presale phase onward, investors can engage their tokens in productive activity, earning rewards for the duration of their holding period.
This staking opportunity positions DOGE20 as an enticing alternative to Dogecoin and other oversaturated high-cap meme coins.
While Dogecoin holds a significant place in the cryptocurrency market for its pioneering role in the meme coin revolution, its endearing charm is overshadowed by its unlimited supply, which poses challenges for price stability.
The continuous emission of tokens has resulted in a noticeable downward trend in its price, with a 70% depreciation since May 2021.
DOGE20 addresses this issue by adopting a fixed supply model, fostering an environment conducive to long-term growth.
Utilizing Ethereum smart contracts simplifies the investment process for DOGE buyers, bypassing the complexities associated with wallet setups and token custody, and offering a more user-friendly experience.
For these reasons, Dogecoin20 is hailed as the ultimate upgrade to Dogecoin. Investors have their last shot at buying Dogecoin20 at presale prices, before it goes live on Doge Day – April 20th.
Should I Buy Dogecoin Now? Our Verdict
Is Dogecoin a good investment? According to our findings, it seems as though Dogecoin is still worth buying now according to some analysts.
Investors who believe DOGE tokens will increase again in the future might consider adding them to their portfolio now, at a discount to the aforementioned all-time high.
The influential CEO of Tesla, Elon Musk, still very much supports the crypto asset and it seems as though it might be adopted as a form of payment on X, which could increase the value of the tokens. Furthermore, soma major global brands like Gucci and Airbnb now accept DOGE as payment.
Although its market capitalization is lower than it has been, Dogecoin is still one of the best penny cryptocurrencies to buy today.
In addition to Dogecoin, some investors are turning to crypto presales for maximum gains. In this regard, Dogecoin20 is popular among investors.
Is Dogecoin Still Worth Buying FAQs
Is Dogecoin still worth investing in 2024?
Many market commentators argue that Dogecoin is still worth investing in. At the time of writing, Dogecoin is among the top ten in terms of market capitalization. Moreover, DOGE can be purchased for a few cents.
Is Dogecoin a good investment long-term?
Time will tell whether or not Dogecoin is a good investment long-term. That said, some analysts foresee the price increasing between now and 2030, some as high as $1.69 per DOGE.
Will Dogecoin ever go above $1?
Analysts at PricePrediction.net argue that Dogecoin could be as high as $1.69 by 2030. Other market commentators are more conservative with their predictions.
Will Dogecoin ever be valuable?
To some, Dogecoin is valuable, in that they may have bought tokens when they were cheaper than they are now. Some analysts foresee DOGE tokens increasing in value between now and 2030. Whether or not this happens remains to be seen.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.About the Author
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