Home Crypto Is It Too Late to Buy Dogecoin in 2024?

Is It Too Late to Buy Dogecoin in 2024?

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Dogecoin is certainly amongst the most popular cryptocurrencies in the world nowadays. One of the biggest cryptocurrencies by market cap DOGE’s value has remained relatively stable despite a lack of a clear use case* and most importantly, DOGE is one of the most popular cryptocurrencies.

Nevertheless, Dogecoin celebrated its tenth birthday in December 2023. However, it begs the question: Is it already too late to buy Dogecoin? Is Dogecoin still a good investment? Well, let’s find out!

Certainly, Dogecoin can serve as a payment method just like Bitcoin. Nevertheless, it must be taken into account that it does not have a platform or a project to which it applies management or a payment system.

Is it too Late to Buy Dogecoin? Our summary

Frankly, this is not the case. Although the cryptocurrency market is not doing as well as it used to, there are still many cryptocurrencies rising at any given time. Additionally, some experts predict that Bitcoin and Ethereum will have a major rally in 2024, and where these two go, the rest of the cryptocurrency market will follow. As for DOGE individually, many factors can affect its price. For example memes or some statements by Mr. Elon Musk. This cryptocurrency still has great opportunities for the currency price to rise and fall.

Fun fact: Technically, Dogecoin introduced the term “meme coin” to the cryptocurrency space in general and crypto enthusiasts in particular. This cryptocurrency seems to have good prospects and growth potential. What exactly could increase the price of Dogecoin? 

Below we explain all possible causes.

Dogecoin Price History

Dogecoin was launched in 2013. Throughout its history, this digital asset has seen many ups and downs. Dogecoin reached its lowest price when it briefly fell to $0.0000869 on May 6, 2015. Conversely, DOGE reached its highest price of $0.682 on May 8, 2021. As of now, its market capitalization exceeds 12,000 million. I don’t believe any conspiracy theories here, but is May an important month for Dogecoin? Fine, we will see.

Let’s get back to the story. The price of Dogecoin remained relatively constant and stable for about 7 years, from 2013 to 2020. DOGE certainly had its ups and downs in those years. Its behavior was linked to the market: the currency rose in 2014 and collapsed in 2018, just like Bitcoin.

However, in early 2021, Elon Musk made some comments about Dogecoin on his Twitter account. Immediately after that, the value of the currency rose by 340%, reaching $0.032642. This event gave rise to an era of speculation around DOGE, as every time the entrepreneur mentioned this cryptocurrency, its price rose.

In 2022, Dogecoin does not have any special features. Most of the time, the memecoin followed the general trend of the market. However, at the end of October, DOGE began its upward movement, reaching $0.1425 on November 1st. This may have been a reaction to Elon Musk’s acquisition of Twitter.

How has Dogecoin performed in 2023?

The price of Dogecoin has remained largely stable throughout 2023. The highest price it reached during the year was recorded in February, but the original meme also saw some price spikes later in the year. Other major Dogecoin price points in 2023 occurred in April, July, and November.

Is Dogecoin a Good Investment?

Dogecoin can still be a good investment in 2024 and beyond. However, as with any digital asset, you will need to make sure it fits into your investment portfolio and that you are aware of all potential risks.

DOGE, like other cryptocurrencies that have no clear use case, is best viewed as a speculative asset. This means that its price can be very unpredictable. If you want to invest in Dogecoin, you need to prepare for the fact that it will not follow market price expectations.

Overall, in terms of crypto assets, Dogecoin is not a bad choice: it has a large and loyal community, an established reputation, a high market capitalization, and is listed on a wide range of cryptocurrency exchanges. It has strong fundamentals and future price potential.

What’s Wrong with Buying Dogecoin?

There is nothing wrong with buying DOGE. However, it is important to understand the ups and downs that the currency goes through. Since this cryptocurrency is very exposed to news and Elon Musk’s endorsement, you should not fall in love with DOGE when it is being promoted. Wait until the price stabilizes, so as not to invest in expensive currencies.

It should be noted that the roots of this cryptocurrency were nothing more than a simple joke. While the history of this popular cryptocurrency may question its value, its market capitalization eventually reached the estimate of a large company with thousands of employees. So, after ten years of market gaming, it looks like DOGE is here to stay.

Struggle in the Crypto Market

They say that cryptocurrency markets are volatile and risky. Believe it or not, investing in DOGE is much riskier. However, no one takes the chance and no one wins. The price of Dogecoin depends not only on unpredictable external factors like Elon Musk but also on the general market movement. The price of the asset is linked to the price of the main cryptocurrency, Bitcoin.

Therefore, the main problems with DOGE are its high volatility and general correlation with the market. But doesn’t volatility compensate for speculation? we will see.

Speculative Investments

Many people buy DOGE coins and then trade them, thinking that it will make them rich one day. By the way, have you ever heard the story of Glauber Contisuto, otherwise known as the DOGE millionaire? It is a true rags-to-riches story. And back to the rags.

This guy has invested around $180,000 in Dogecoin alone. After Elon Musk’s tweets and TikTok hype, their initial investment grew to over $1 million. Then DOGE fell by almost 90% and Glober’s profit reached $180,000.

Glauber’s story is about market speculation that anyone can encounter. What does this mean for DOGE?

This is another reminder of the need to evaluate all potential risks when investing in Dogecoin and other similar cryptocurrencies. It is very important to be able to know when you should exit your position and sell your cryptocurrencies, i.e. if you want to sell and not hold of course.

Dogecoin Price Forecast 2024-2030

Are you looking for a Dogecoin price forecast?

We’ve compiled all the essential information you need to know about future DOGE prices and answered questions like “Will Dogecoin go up again?

Is it too late to buy Dogecoin? What the experts say

Investment experts and market analysts have provided their predictions about the price of Dogecoin. According to the Doge Fear and Greed Index, Doge remains a favorite for cryptocurrency investors at the moment. At the time of writing, the token rating was “Neutral.”

The cryptocurrency price analysis and Dogecoin price prediction are very positive as they see DOGE seeing rapid growth in the next five years and capable of reaching $1 in the future. Wallet Investor is less optimistic and expects Dogecoin and its current price to decline within a year and call it a bad long-term investment.

How can Dogecoin be used in the future?

Since Dogecoin is a cryptocurrency, some people don’t take it seriously. However, DOGE can be a good payment option. How is Dogecoin used now? It is useful for making payments. This includes not only purchases but also various donations and tipping systems.

When talking about store-of-value currencies, Dogecoin does not fall into this category. This cryptocurrency has an infinite supply, making DOGE highly inflationary by design.

Therefore, we are not sure that the main function of DOGE (payment) will change at all.

Where to buy Dogecoin

There are many ways to buy Dogecoin, with many cryptocurrency exchanges, such as Binance, OKEx, and Coinbase, offering attractive prices. However, consider Changelly as your entry point to earning DOGE. We offer you a wide range of trust partners who will be happy to offer you the best possible price in the market. Cryptocurrency purchases have never been easier!

Is it too late to buy Dogecoin? Our conclusion

Taking everything into account, it’s not too late to buy DOGE in 2024 and beyond. Dogecoin remains a promising investment – this cryptocurrency can still recover in the future. Of course, it is still a volatile asset, but in the context of the cryptocurrency market, this can make it a better investment. You can use it as an asset for long and short-term investments. Naturally, be very careful with the strong rises and falls that its price may experience.

Please remember that this article does not constitute investment advice. Always DYOR before purchasing any asset, especially a risky investment like DOGE.

What cryptocurrencies would be good alternatives to Dogecoin?

Well, we think Dogecoin is 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 the market, the more investment options it offers!

Pepe Coin

Pepe Coin
Pepe Coin

Pepe Coin is one of the largest cryptocurrencies on the market. It was successfully launched in 2023 and has since remained one of the top 100 cryptocurrencies by market cap. Like Dogecoin, PEPE is associated with a popular meme and also has a loyal community. The market sentiment towards this token is very positive and it could be a good investment in the future.

Shiba Inu

Shiba Inu
Shiba Inu

Among other cryptocurrency projects, Shiba Inu is another great alternative to DOGE. The Shiba Inu cryptocurrency was created by an anonymous developer under the pseudonym “Ryoshi” and named after the dog breed. The cryptocurrency was launched in 2020 and aims to become the “Dogecoin killer.” The community loved this token and started investing in it after some tweets from notable figures like Elon Musk (oh my god, why?) and Vitalik Buterin.

Overall, SHIB is a good alternative to DOGE in the current cryptocurrency market. Despite being a meme coin, it has become a multi-million dollar project. Since it costs less than a cent, it can be an affordable option for your investment portfolio.

Dogelon Mars

Dogelon Mars
Dogelon Mars

Here’s another dog-themed cryptocurrency: Dogelon Mars. This meme coin is based on the Ethereum and Polygon ecosystem; His nickname is a combination of the names Elon Musk and Dogecoin. Innovative, huh? As in the previous option, the developers and creators remain anonymous. The project has succeeded in building a large community with more than 300,000 followers on Twitter.

ELON coin is also affordable: its price does not even reach $0.00001. This ERC-20 token has a supply of one quadrillion. Vitalik Buterin took half of it and donated it to non-profit organizations. Although he did not have the best year, many experts believe that he still has potential.

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 user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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