Is It Too Late to Buy Dogecoin in 2024?
Dogecoin is, without a doubt, one of the most popular cryptocurrencies across the world. It is one of the largest cryptocurrencies by market capitalization, its value has remained (relatively) stable despite a lack of clear use case*, and — perhaps most importantly — DOGE is one of the most meme’d cryptocurrencies on the planet.
However, Dogecoin also celebrated its 10th anniversary in December 2023. And with it comes the question: Is it too late to buy Dogecoin? Is Dogecoin a good investment even now? Well, let’s find out!
*Dogecoin can, of course, be used as payment in the same way as Bitcoin. Nevertheless, it needs to be noted that it doesn’t have any platforms or projects that specifically use it as part of their governance or payment system.
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Is It Too Late to Buy Dogecoin? Our Summary
Frankly speaking, it’s not. Although the cryptocurrency market isn’t doing as well as it once did, there are still many cryptocurrencies rallying at any given moment. Additionally, some experts expect Bitcoin and Ethereum to have a bull run in 2024 — and where these two go, the rest of the crypto market follows. As for DOGE individually, there are also many factors that can influence its price. For example, memes or some of Mr. Elon Musk’s statements. This cryptocurrency still has a lot of chances to see the coin price rise — and fall.
Fun fact: Technically, Dogecoin introduced the term “meme coin” to the crypto space in general and to crypto enthusiasts in particular. This crypto seems to have nice perspectives and growth potential. What exactly can boost the Dogecoin price? We’re explaining all the possible reasons down below.
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.
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.
Dogecoin price by TradingView
Is Dogecoin a Good Investment?
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.
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.
Is It Too Late to Buy Dogecoin — What the Experts Say
The investment and markets analyst experts made their own predictions about Dogecoin’s price. According to the Doge Fear and Greed Index, Doge is still an option for crypto investors right now. At the time of writing, the token’s rating was “neutral.” Digital Coin Price’s analysis and Dogecoin price prediction are very positive, as they see DOGE experiencing rapid growth in the next 5 years and capable of hitting $1 in the future. Wallet Investor is less bullish, predicting Dogecoin and its current price to go down within a year and rating it as a bad long-term investment.
Source: CFGI.io
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!
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.
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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
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
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.
Dogelon Mars
Dogelon Mars
Here is another dog-themed cryptocurrency — Dogelon Mars. This meme coin is based on Ethereum and Polygon ecosystems; its moniker is a mix of Elon Musk and Dogecoin’s names. Innovative, huh? As in the previous option, the developers and creators remained anonymous. The project succeeded in building a significant community with more than 300K followers on Twitter.
The ELON coin is very affordable too: its price doesn’t even reach $0.00001. This ERC-20 token has a supply of one quadrillion. Vitalik Buterin had received its half and donated it to nonprofits. Although it didn’t have the best year, many experts believe it still has potential.
Wondering what other crypto you can invest in? See our list of the best shitcoins to invest in 2024.
