Is Dogecoin (DOGE) a Good Investment in 2024?
Dogecoin started as a joke about cryptocurrencies' price speculation. Initially, the creators intended to create a coin that no one would invest in. Ironically, however, investing in Dogecoin has been booming since this cryptocurrency launched. With a price rise of more than 15,000% in the first half of 2021, it became the biggest meme coin ever.
There has been no major news about Dogecoin since the rally in 2020/21. Almost all cryptocurrencies reached new all-time highs in January 2023, except Dogecoin, which never recovered.
So, is Dogecoin (DOGE) a Good Investment in 2023? Some analysts believe Dogecoin can reach new highs in the future, but others are skeptical. So, which way is Dogecoin, and is DOGE a smart investment in 2023?
If you're struggling with this question, you've come to the right place. The Traders Union has prepared this article so you can find out if now is a good time for you to buy Dogecoin.
Start Investing in Dogecoin now With ByBit!What is Dogecoin (DOGE)?
Dogecoin is a peer-to-peer, open-source cryptocurrency. With Dogecoin, users can access a completely anonymous, decentralized, and secure environment free of third-party interference.
On 6 December 2013, IBM engineer Billy Marcus and Adobe engineer Jackson Palmer created Dogecoin. Inspired by the popular Doge meme with a picture of a Shiba Inu, it started as a "joke" against leading cryptocurrencies like Bitcoin.
In 2015, Dogecoin's founders said goodbye to the project, but it continued to grow. In December 2017, Dogecoin reached a market cap of $1 billion after only four years. In December 2018, the cryptocurrency's market capitalization was around 276 million dollars, down dramatically from the previous year.
This altcoin is almost considered a sarcastic meme coin. Although Dogecoin was created as a joke, its blockchain still holds value. It uses the same technology as Litecoin. The low price and unlimited supply of Dogecoin, which uses a scrypt algorithm, make it a popular cryptocurrency.
Dogecoin Price Performance
Dogecoin Price 1y Return | -120.94% |
Dogecoin Price 1m Return | -16.52% |
Dogecoin Chart
Top 5 reasons to buy Dogecoin in 2024
1. The price has corrected significantly
The price of Dogecoin has corrected significantly over the past few years. Of late, Dogecoin has experienced positive price movement, which shows its potential to be an excellent long-term investment.
For example, in January 2023, Tesla's CEO Elon Musk tweeted that he would continue to support DOGE. Aside from this, Musk also said he would continue to buy meme coins. Also, he mentioned that Tesla already accepts Dogecoin for merchandise, and SpaceX will do the same soon.
2. Strong community
Since the launch of Dogecoin, its community has been one of its most prominent pillars. Millions of people are part of the community today, including big names like Elon Musk and American billionaire and owner of the Dallas Mavericks Mark Cuban. They are not only wealthy but also have a massive following on social media.
As a result, whenever they mention Dogecoin, they attract more investors, a factor that could make Dogecoin one of the best-performing cryptocurrencies over time.
3. Elon Musk's support
As mentioned earlier, Musk has been one of the most vocal members of the Dogecoin community. He often tweets about DOGE, which has helped the crypto soar in value.
Musk's continuous support for Dogecoin is a big reason to believe in the crypto's long-term success.
Some of Musk's recent tweets about Dogecoin show that he is still confident in the crypto's future. He even called Dogecoin his "favorite cryptocurrency".
4. Dogecoin is decentralized
Dogecoin is a decentralized cryptocurrency, meaning no central authority controls it. The community and its developers run the crypto.
This gives Dogecoin some advantages over other cryptos. For instance, it is less likely to be affected by government regulations.
5. Dogecoin is listed on multiple exchanges
Dogecoin is listed on multiple exchanges, including Binance, Kraken, eToro, and Robinhood. This means that investors will have no problem buying and selling this crypto.
The fact that Dogecoin is listed on multiple exchanges makes it a more attractive investment for those looking for an alternative to traditional investments.
6. Dogecoin is scalable
Scalability is one of the biggest challenges facing cryptocurrency adoption. Unless millions of people can use a cryptocurrency without facing network challenges, it's unlikely to compete with centralized systems.
The Dogecoin network has never experienced this problem. It is widely used, and there are never any issues with slow confirmation speeds or network breakdowns. As a result of its scaling capabilities, DOGE is at the forefront of cryptocurrencies that have the potential for widespread adoption.
7. Low price
Dogecoin's buying price is still very low as compared to other big coins like Bitcoin and Ethereum, and this is something that should not be ignored.
At the moment, the price of this coin is still below $0.1. Unlike Bitcoin, you can buy whole Dogecoins in a large volume without buying a fraction because the price is not so high.
How to Buy DOGE?Top 3 reasons not to buy Dogecoin (DOGE)
You now know why Dogecoin is a good cryptocurrency investment. However, no investment is foolproof. It's essential to be aware of Dogecoin's risks before investing.
1. Slow tech development
The biggest downside of Dogecoin is its slow tech development. The DOGE team isn't in a hurry to develop their technology. As a result of the slow growth, it does not offer great technology.
This is a big problem because Dogecoin doesn't offer the same advantages as other cryptos. For instance, DOGE doesn't have smart contracts or dApps.
This slow development could lead to Dogecoin being left behind by other cryptos. As a result, the price of DOGE could drop.
2. The price may still fall
According to some forecasts, the price of Dogecoin may still fall. While this is not certain, it's important to be aware of the possibility before investing.
3. Dogecoin has an unlimited coin supply
Dogecoin's unlimited supply is one of its most significant drawbacks. Every year, 5 billion DOGE coins enter circulation. The price can decrease if all these cryptocurrencies are not absorbed in a scenario where demand is exceptionally high.
Since cryptocurrencies are still in their infancy and have yet to gain widespread adoption, the rising supply of Dogecoin could overwhelm its price in the short to medium term.
As a result, Dogecoin is considered a higher-risk cryptocurrency than a coin like Bitcoin, which has a low and hard supply.
Top tips for buying Dogecoin
1. Invest gradually at different prices
If you're considering buying Dogecoin, investing gradually at different prices is a good idea. This will help you average out your purchase price and reduce your risk. Because Dogecoin is a volatile asset, its price can fluctuate a lot.
2. Invest only what you can afford to lose
It's always advisable to invest what you can afford to lose. This is especially true when it comes to buying volatile assets like crypto. Dogecoin is a very volatile asset, and its price can change rapidly. This means you could lose all of your investment if the price falls sharply.
3. Use technical analysis to identify key levels on the chart to increase positions and wait for them
If you're considering buying Dogecoin, it's a good idea to use technical analysis to identify key levels on the chart. As a result, you will be able to make informed decisions about when to buy and sell.
4. Make Dogecoin part of a wider investment portfolio of cryptocurrencies, stocks, and other assets
Dogecoin is a high-risk investment. Therefore, diversifying your investment portfolio is crucial. This means investing in various assets, including cryptocurrencies, stocks, and other assets.
Where to buy DOGE?
When to buy Dogecoin? Dogecoin price analysis
How high can Dogecoin go in 2024, 2025, or 2030
This is a list of Dogecoin's long-term price predictions. While these predictions can be helpful, it is important to keep in mind that they are not always accurate.
Dogecoin price prediction in 2024
We also reviewed the forecasts by Trading Beast, an analytical portal. The portal’s analysts do not expect considerable growth, predicting that Dogecoin price can reach a range of $N/A – $N/A by the end of 2023.
| Month | Minimum Price | Maximum Price | Average Price | Change |
|---|---|---|---|---|
| October 2023 | $N/A | $N/A | $N/A | N/A % |
| November 2023 | $N/A | $N/A | $N/A | N/A % |
| December 2023 | $N/A | $N/A | $N/A | N/A % |
Dogecoin price prediction in 2025, 2030, or 2033
Coin Price Forecast provides a long-term Dogecoin (DOGE) price forecast for the period from 1 year to 11 years. You can see them below.
| Year | Price in the middle of the year | Price at the end of the year | Average growth, % per year |
|---|---|---|---|
| 2023 | $0.0664 | $0.0754 | +33% |
| 2023 | $0.0793 | $0.0868 | +53% |
| 2024 | $0.0848 | $0.0921 | +63% |
| 2025 | $0.0973 | $0.0956 | +69% |
| 2026 | $0.1042 | $0.1146 | +102% |
| 2027 | $0.1249 | $0.1351 | +139% |
| 2028 | $0.1452 | $0.1553 | +174% |
| 2029 | $0.1645 | $0.1661 | +193% |
| 2030 | $0.1754 | $0.1847 | +226% |
| 2031 | $0.1765 | $0.1583 | +180% |
| 2032 | $0.1654 | $0.1725 | +205% |
| 2033 | $0.1796 | $0.1866 | +230% |
| 2034 | $0.1701 | $0.1762 | +211% |
Should I invest in Dogecoin (DOGE) right now?
Investing in cryptocurrency involves risk. Taking calculated risks and being prepared for losses is important, even when you believe you have made the right decision.
Dogecoin is a very promising cryptocurrency with a lot of potential. It's important to remember that the price of Dogecoin is very volatile, and you should only invest what you can afford to lose.
However, the strong community and influencers behind Dogecoin are two solid reasons that could help Dogecoin succeed in the long run. So, if you're considering investing in Dogecoin, research and ensure you're comfortable with the risks before investing.
FAQs
Is Dogecoin still a good investment?
The support of Elon Musk and Dogecoin’s recent performance make Dogecoin a good investment for 2024. The risks, however, are also significant.
Can I buy Dogecoin on Coinbase?
Yes, you can buy Dogecoin using the Coinbase app wherever Coinbase is available. It's fast, easy, and secure.
What is the difference between Dogecoin and Bitcoin?
Dogecoin was created as a parody of Bitcoin. While both cryptocurrencies are decentralized and use blockchain technology, there are several differences between the two. For example, Dogecoin has a much faster block time than Bitcoin. This means that transactions are confirmed more quickly on the Dogecoin network.
How do I store my Dogecoin?
The best way to store Dogecoin is in a cryptocurrency wallet. There are many different types of wallets available, so it's important to do your research to find the best one for you.
Team that worked on the article
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.
Over the past four years, Alamin has been working independently and through online employment platforms such as Upwork and Fiverr, and also contributing to some reputable blogs. His goal is to balance informative content and provide an entertaining read to his readers.
His motto is: I can dream or I can do—I choose action.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!