In 2024, is it too late to purchase Dogecoin?
Without a question, one of the most well-known cryptocurrencies in the world is Dogecoin. In spite of having no obvious use case,* DOGE is among the biggest cryptocurrencies by market capitalization, and perhaps most significantly it is one of the most meme-able cryptocurrencies globally. Its value has also stayed (relatively) steady. However, Dogecoin will celebrate its tenth anniversary in December 2023. And that raises the question: Is it too late to acquire Dogecoin? Is Dogecoin a good investment now? Well, let us find out.
Is It Too Late for Dogecoin Purchase?
To be honest, no. There are still a lot of cryptocurrencies that are strengthening at any given time, even though the market for them is not performing as strongly as it once did. Furthermore, some analysts believe that in 2024, Ethereum and Bitcoin will see a bull run, and that the rest of the cryptocurrency market will follow suit. Regarding DOGE specifically, there are numerous variables that can affect its cost. For instance, Elon Musk's remarks or memes. There are still many chances for the prices of these cryptocurrencies to grow and fall.
Interesting fact: In a technical sense, Dogecoin is credited for popularizing the phrase "meme coin" among cryptocurrency users in general and enthusiasts in particular. This cryptocurrency appears to have promising growth possibilities. What may genuinely drive up Dogecoin's price? Below, we'll go over each of the potential causes.
Dogecoin Price History
In 2013, Dogecoin was introduced. This digital asset has gone through numerous ups and downs during the course of its existence. On May 6, 2015, Dogecoin dropped to its lowest price of $0.0000869. Conversely, on May 8, 2021, DOGE hit its highest price of $0.682. Its market capitalization is currently more than $12 billion. I don't want to start any conspiracies here, but is May significant for Dogecoin? Later, we'll see.
Time to travel back in time. The price of Dogecoin remained comparatively constant for nearly seven years, from 2013 to 2020. Naturally, DOGE experienced highs and lows during those years. Its actions are consistent with the market: the currency increased in value in 2014 and declined in value in 2018, much like Bitcoin. Nonetheless, Elon Musk made a number of comments regarding Dogecoin on Twitter at the beginning of 2021. Following that, the coin's value increased 340%, making it $0.032642. Because the price of DOGE increased every time businesspeople discussed it, this incident ushered in an age of DOGE speculation.
Dogecoin has nothing really noteworthy in 2022. Meme coins typically track broad market trends. On the other hand, DOGE began its bullish run in late October, and on November 1 it reached $0.1425. This could be a response to Elon Musk's purchase of Twitter.
Is Investing in Dogecoin a Good Idea?
Beyond 2023, dogecoin might still be a wise investment. Like any digital asset, though, you should make sure you understand all the dangers and that it fits into your investing strategy. Like other cryptocurrencies with unclear applications, DOGE is best seen as a speculative asset. As a result, prices are subject to extreme fluctuations. You must accept that Dogecoin will not always match market price projections if you wish to invest in the cryptocurrency.
In general, Dogecoin is a good option when it comes to cryptocurrency assets because it has a sizable and devoted community, a solid reputation, a high market capitalization, and it is listed on a number of cryptocurrency exchanges. This stock offers potential for future price growth and strong fundamentals.
What Makes Purchasing Dogecoin Incorrect?
Acquiring DOGE has no negative effects. It's crucial to comprehend the pumps and dumps that coins go through, nevertheless. You shouldn't be duped by DOGE when it's rising because this cryptocurrency is extremely susceptible to news and endorsements from celebrities like Elon Musk. To avoid purchasing overpriced coins, hold off until the price stabilizes.
It's important to remember that this cryptocurrency started out as a joke. Even though this well-known cryptocurrency's past raises doubts about its worth, in the end, its market capitalization was estimated to be comparable to that of major corporations employing thousands of people. Therefore, it appears that DOGE is here to stay after 10 years of operation in the market.
Speculative Investment for Doge Coin
In the hopes of becoming wealthy one day, a lot of people purchase DOGE and then trade it. Have you heard the tale of Glauber Contessoto, dubbed the DOGE millionaire, by any chance? This is a real tale of rags to riches. Returning to the fabric now.
Just this person has made about $180,000 in Dogecoin investments. Elon Musk's first investment climbed to more than $1 million following his tweets and the TikTok buzz. Then, DOGE's value dropped by about 90%, and Glauber made $180,000 in profit.
In reality, Glauber's tale is about commonplace market speculation. For DOGE, what does this mean? This serves as yet another reminder that before purchasing Dogecoin or any other cryptocurrency, one should consider all possible hazards. Knowing when to sell your cryptocurrency and quit your position is crucial if you want to sell rather than stick onto it.
Can Doge Coin be used in the future?
Some individuals don't consider Dogecoin to be a real cryptocurrency because it's a meme. DOGE, though, would be a reasonable choice for payment. How is Dogecoin currently used? It is helpful primarily for payments. In addition to transactions, this also covers several donation and tipping schemes.
When it comes to currencies that are stores of value, Dogecoin does not fit the bill. Because the supply of this cryptocurrency is infinite, DOGE is by nature extremely inflationary. Therefore, we don't think DOGE's primary purpose, payments, will alter.
Where to Buy Dogecoin?
Since various cryptocurrency exchanges, like Binance, OKEx, Coinbase, Crypto, Cex, Kraken, Coingate, eToro, provide competitive prices, there are numerous methods to purchase Dogecoin. But think of Changelly as your starting point for earning DOGE. Our extensive network of fiat partners is pleased to offer the most competitive rates available. Buying cryptocurrency has never been simpler!
