Dogecoin is, without a doubt, one of the most popular cryptocurrencies across the world. It is one of the largest crypto assets by market capitalization, and has managed to maintain that status for years despite being a meme cryptocurrency with no clear use case or a big platform backing it. However, Dogecoin also celebrated its 10th anniversary in December 2023, and there are more and more new similar crypto projects being launched every week. So, some investors naturally ask themselves: Is it too late to buy Dogecoin? Is Dogecoin a good investment? Well, let’s find out!
Is DOGE a Good Investment in 2024?
Short answer: it depends on your risk tolerance. Long answer: Dogecoin can be a good investment, but it’s important to understand what kind of investment it is. As a cryptocurrency, it obviously cannot be compared to traditional assets like gold and stocks, and as a meme cryptocurrency, it isn’t as stable as Bitcoin and Ethereum. That said, with its massive community, top 10 market cap, and high trading volume it is still one of the more reliable cryptocurrencies out there – but prospective investors have to keep in mind that it is still an incredibly, incredibly risky investment.
Another important point that needs to be brought up is DOGE’s profit-making potential. For many meme cryptocurrencies, their biggest chance to shine are random news or celebrity endorsements that can all cause massive upward price swings. However, Dogecoin is a relatively mature meme cryptocurrency with an unlimited supply that has already had a lot of journeys to the moon, and may not have enough fuel left in its tanks for another huge rally. That said, as a top cryptocurrency, it will still likely follow all market-wide bull runs.
So, if you’re asking yourself “should I buy Dogecoin in 2024 or not”, the answer is “yes, as long as you’re aware of DOGE’s shortcomings, especially compared to other cryptocurrencies or asset classes”.
Dogecoin Price History
Dogecoin was launched back in 2013. Throughout its history, this digital asset has experienced a lot of ups and downs. Dogecoin hit its lowest price when it briefly plunged to $0.0000869 on May 6, 2015. On the contrary, DOGE reached its highest price of $0.682 on May 8, 2021. As of now, its market cap exceeds 12B. Not creating any conspiracy theory here, but is May an important month for Dogecoin? Well, we’ll see.
Let’s get back to history. Dogecoin’s price was relatively flat and stable for almost 7 years, from 2013 to 2020. Sure, DOGE had its ups and downs in those years. Its behavior correlated with the market: the coin went up in 2014 and collapsed in 2018, as Bitcoin did.
However, at the beginning of 2021, Elon Musk made a couple of remarks about Dogecoin on his Twitter. Right after that, the coin’s value boosted by 340%, reaching the price of $0.032642. This event gave rise to the era of DOGE speculation since whenever the businessman mentioned this crypto, its price went up.
In 2022, Dogecoin didn’t have any special highlights. Most of the time, the meme coin followed the general market trend. However, at the end of October, DOGE started its bullish move, reaching $0.1425 on November 1. This might have been a reaction to Elon Musk’s Twitter acquisition.
2023 was also a quiet year for Dogecoin: although the coin had some ups and downs, it mostly followed the general market trends and didn’t have any major rallies. The maximum price it achieved during the year was recorded back in February, but the original meme coin also had some price spikes later on in the year. Other key Dogecoin price points in 2023 occurred in April, July, and November.
DOGE price rose back up at the beginning of 2024 as the industry got caught up in the anticipation of Bitcoin halving, but soon lost some of its steam as correction started settling in.
How Did Dogecoin Perform in 2023?
Dogecoin’s price has remained mostly stable throughout 2023. The maximum price it achieved during the year was recorded back in February, but the original meme coin also had some price spikes later on in the year. Other key Dogecoin price points in 2023 occurred in April, July, and November.
How Much Is Dogecoin Right Now?
Here’s the current price of Dogecoin.
Is It Too Late To Buy Dogecoin?
Dogecoin can still be a good investment in 2024 and beyond. As with any digital asset, however, you will need to make sure it fits into your investment portfolio and that you’re aware of all the potential risks.
DOGE, like other cryptocurrencies without a clear use case, is best thought of as a speculative asset. This means that its price can be very unpredictable. If you want to invest in Dogecoin, you need to ready yourself for the fact that it won’t follow market price predictions.
It’s important to understand that there is more than one way to invest, and while you can chase underpriced coins to find that one big rally to profit from, you can also choose to go for other strategies, like short selling assets that you think are over-performing and/or are likely to decline in price in the future.
Overall, as far as crypto assets go, Dogecoin is not a bad choice — it has a big, loyal community, an established reputation, high market capitalization, and it is listed on a wide variety of crypto exchanges. It has solid fundamentals and future price potential.
You can buy Dogecoin now on Changelly.
What’s Wrong with Buying Dogecoin?
There’s nothing wrong with buying DOGE. However, it’s important to understand the pumps and dumps experienced by the coin. Since this cryptocurrency is very vulnerable to news and Elon Musk’s endorsements, you shouldn’t fall for DOGE when it’s hyped. Wait until the price gets stable, so you won’t invest in overpriced coins.
It should be noted that the roots of this crypto were no more than just a joke. While the history of this popular cryptocurrency can call its worth into question, eventually, its market cap reached an estimate of a big company with thousands of employees. So, after ten years of market games, it seems like DOGE is here to stay.
Crypto Market Struggles
They say that crypto markets are volatile and risky. Believe it or not, investing in DOGE itself is a lot riskier. Nonetheless, nothing ventured, nothing gained. The Dogecoin price depends not only on unpredictable outside factors like Elon Musk but also on the general movement of the market. The asset price correlates with the price of the main cryptocurrency, Bitcoin.
So, DOGE’s main struggles lie in its extreme volatility and overall correlation with the market. But isn’t volatility made up for speculations? Let’s see.
Speculative Investments
Many people buy DOGE and then trade it, believing that someday it will make them rich. By the way, have you ever heard the story of Glauber Contessoto, known as the DOGE millionaire? It’s a real rags-to-riches story. And back to rags.
This guy had invested about $180K in Dogecoin only. After Elon Musk’s tweets and TikTok hype, his initial investment grew to over $1 million. Then, the DOGE rate dropped by nearly 90%, and Glauber’s profit was $180K.
Glauber’s story is really all about market speculation that anyone can encounter. What does this mean for DOGE? This is another reminder that one should evaluate all potential risks when investing in Dogecoin and other such cryptocurrencies. It is crucial to be able to recognize when you should exit your position and sell your crypto — that is, if you want to sell and not hodl, of course.
Dogecoin Price Prediction 2024–2030
Are you looking for a Dogecoin price forecast? We’ve collected all the essential info you need to know about DOGE future prices and answer questions like “will Dogecoin go back up?” in this article.
Will Dogecoin Go Back Up — What the Experts Say
The investment and markets analyst experts made their own predictions about Dogecoin’s price. At the time of writing, the Doge Fear and Greed Index rating for the token was “greed.” Most Dogecoin price predictions are very positive, as they see DOGE experiencing rapid growth in the next 5 years and crossing over the $1 mark in the future. At the same time, many experts remind investors to be cautious and warn against blindly following trends and FOMO.
How Could Dogecoin be Used in the Future?
Since Dogecoin is a meme cryptocurrency, some people don’t actually take it seriously. However, DOGE might be a good payment option. How is Dogecoin used now? Mostly, it comes in handy for making payments. This includes not only purchases but also various donations and tipping systems.
Speaking of store-of-value currencies, Dogecoin does not fall into this category. This cryptocurrency has an infinite supply, making DOGE highly inflationary by design.
So, we’re not sure that the main function of DOGE — payment — will ever change.
Where to Buy Dogecoin
There are plenty of ways to buy Dogecoin since many cryptocurrency exchanges, such as Binance, OKEx, and Coinbase, offer appealing rates. However, consider Changelly as your entry point to get DOGE. We provide you with a great variety of fiat partners who are thrilled to deliver you the best possible rate on the market. Crypto purchases have never been easier!
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Is It Too Late to Buy Dogecoin? Our Conclusion
Taking everything into consideration, it’s not too late to buy DOGE in 2024 and beyond. Dogecoin remains a promising investment — this cryptocurrency can still rally in the future. Of course, it is still a volatile asset, but in the context of the crypto market, this can make it an even better investment. You can use it as an asset for both long- and short-time investments. However, be extremely cautious with the sharp ups and downs that its price may experience.
Please remember that this article does not constitute investment advice. Always DYOR before buying any asset, especially one as much of a risky investment as DOGE.
Which Cryptocurrencies Will Make Good Alternatives to Dogecoin?
Well, we actually think that Dogecoin is quite affordable for everyone. In case you are looking for another coin that can become an alternative to DOGE, check out these three options. The broader market, the more investment options it brings!
Pepe Coin
Pepe Coin is one of the biggest meme cryptocurrencies in the market. It had a triumphal launch in 2023 and remained one of the top 100 cryptos by market capitalization since. Just like Dogecoin, PEPE is associated with a popular meme, and also has a loyal community. The market sentiment towards this token is fairly positive, and it can prove to be a good investment in the future.
Shiba Inu
Among other crypto projects, Shiba Inu is one more adorable alternative to DOGE. The Shiba Inu cryptocurrency was created by an anonymous developer under the pseudonym “Ryoshi” and named after the dog breed. The crypto was launched in 2020 and intended to become a “Dogecoin killer.” The community loved this meme token and started to invest in it after some tweets by prominent figures like Elon Musk (God, why?!) and Vitalik Buterin.
All in all, SHIB is a nice alternative to DOGE in the current crypto market. Despite being a meme coin, it has turned into a multibillion dollar project. Since its price is less than a cent, it can be a cheap option for your investment portfolio.
dogwifhat (WIF)
A newcomer in the world of meme cryptocurrencies, dogwifhat has taken the crypto market by storm, rising to claim a spot within the top 50 crypto assets by market cap in just a few months. This token has started growing in February 2024, and since has managed to reach an ATH of $4.85. This Solana-based token’s success is partly attributed to SOL’s insane price gains in early 2024, as well as NBA star LeBron James wearing a pink knitted cap in a press conference – similar to the hat worn by the god in WIF’s meme origin.
Wondering what other crypto you can invest in? See our list of the best shitcoins to invest in 2024.
FAQ
Is it too late to buy Dogecoin?
If you are contemplating if it’s too late to buy DOGE in 2024, we have good news: it’s not! Many experts believe that the crypto market is going to enter another bull run soon and think that altcoins like Dogecoin are going to rally alongside Bitcoin. And, of course, there are the unexpected factors, like another Elon Musk – Dogecoin incident.
Should I still buy Dogecoin right now in 2024?
Dogecoin is one of the cheapest coins on the market. Also, it’s very popular in the community. You don’t need to invest thousands of dollars to get DOGE, so why don’t you give it a try?
Is DOGE still worth investing in 2024?
If DOGE is your only investment option, you should probably add some more serious cryptocurrencies (e.g., Bitcoin or Ethereum) to your portfolio. As for us, we consider DOGE a great trading tool: its price is so volatile that you might win from Dogecoin trading.
A lot of people are wondering why Dogecoin price is so low these days – but that is mostly a cryptocurrency market-wide issue. There’s no saying whether Dogecoin will go back up in 2024 – you should be aware of this risk before deciding if Dogecoin is worth buying for you.
Does DOGE have a future?
Dogecoin is far from being dead, so it really has good prospects. Speaking about its future… As long as the market keeps on “breathing,” DOGE will be alive. Some experts even say that the asset can reach $5 per coin someday. So, we’ll see.
Will Dogecoin ever reach $1?
Even though Dogecoin is one of the most popular coins in the community, it has never reached the $1 price. In fact, to reach this point, crypto investors would have to make $10 billion more investments than now.
Can you still mine Dogecoin?
You definitely can mine Dogecoin in 2024. To start the process, you need to purchase the mining hardware, choose and install the software, join the mining pool (solo mining is nearly pointless), and connect your devices to the pool. Don’t forget to connect your Dogecoin wallet to get your mining reward. Voilà!
Is it a risk to buy Dogecoin?
The price of Dogecoin directly depends various highly unpredictable factors such as Elon Musk’s endorsements and crypto bull runs. Thus, price volatility is the main risk when buying DOGE.
Should I still hold Dogecoin in 2024?
Why not? It’s up to you whether to hold or short the investment. You can definitely make money from market fluctuations. But who knows what heights can Dogecoin reach? So, you can wait and hold as long as you want.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
