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No doubt, Dogecoin is still one of the most popular crypto assets among users all over the world. First introduced in 2013, Dogecoin will celebrate its tenth anniversary in December 2023. So, is it still worth investing your money in Dogecoin, or has its time already passed? Let’s find out what DOGE and other meme coins prepare for us this year.
Is It Too Late to Buy Dogecoin? Our Summary
Frankly speaking, it’s not. Despite the crypto winter, we can express such an opinion regarding any cryptocurrency. Let’s not forget that the entire crypto market is a vulnerable thing. Also, there are some factors that can influence the DOGE price, such as Twitter mentions or Mr. Elon Musk’s statements. So, this crypto can be pumped and dumped.
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.
How Did Dogecoin Perform in 2022?
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 Much Is Dogecoin Right Now?
Here’s the current price of Dogecoin.
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 Elon Musk but also on the general movement of the market. Surely, 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 cryptocurrency markets. 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 such cryptocurrencies and be able to sell the crypto that is destined to fall. For the latter, the timing is especially crucial.
Dogecoin Price Prediction 2023–2030
Dogecoin Price Prediction 2023–2030
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 regarding Dogecoin’s price. According to the Doge Fear and Greed Index, Doge is quite an option for crypto investors now. However, while the community members might have doubts about current investment, the whales are completely sure: buying or exchanging your crypto for DOGE is a real thing in 2023.
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, we need to say that it’s not too late to buy DOGE in 2023. Furthermore, this cryptocurrency can unleash its potential in the future. You can use this asset for long- as well as short-time investments. However, be extremely cautious with the sharp ups and downs that its price may experience.
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!
RobotEra
RobotEra is a newly created platform that aims to build a proprietary metaverse world that will operate on the Ethereum network. The users will be able to buy and own virtual real estate. Moreover, they will get a chance to create their own games within the metaverse. The system is backed by its native TARO tokens, which correspond to the ERC-20 token standard. The token price has not exceeded $1 yet.
? We kindly remind you to do your own research (DYOR) before investing in any asset. What instruments can be used in your research? YouTube videos from experts, reviews and assessments from the community, social media like Twitter, Reddit, TG channels, etc. The security of your funds is your responsibility! DYOR to outsmart the scammers!
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. Since its price is less than a cent, it can be a cheap option for your investment portfolio.
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’s 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.
FAQ
Is it too late to buy Dogecoin?
If you are contemplating if it’s too late to buy DOGE in 2023, we have good news: it’s not! Moreover, many experts think that crypto markets are in their early stages, so consider buying now to see the whole potential in the future.
Should I still buy Dogecoin right now in 2023?
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 2023?
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 2023 – 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 2023. 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 on Elon Musk’s endorsements. Most often, surges in price occur after the businessman mentions this cryptocurrency. Thus, price volatility is the main risk when buying DOGE.
Should I still hold Dogecoin in 2023?
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.
Source: https://changelly.com/blog/is-it-late-to-buy-doge-now/
