Dogecoin is one of most trending cryptocurrency assets even among complete beginners, the general public and investors in other asset classes, and one common query is it too late to buy DOGE after its explosive bull run.
It is due to its popularity and the much-hyped community that Dogecoin has remained substantially relevant for the last few years. After coming into the mainstream limelight in 2021, the memecoin reached new highs right before witnessing a major downtrend thanks to the bear market of 2022.
But the poor performance of 2022 is slowly becoming a thing of the past as Dogecoin’s biggest hype man, Elon Musk, changed the Twitter icon with Dogecoin’s dog in 2023. That pushed DOGE up by 50%, crossing the $0.1 mark before retracing.
This guide analyzes Dogecoin’s future plans and roadmap, past price history, forecasted Dogecoin price predictions, use cases and answers the most important question – Is it too late to buy Dogecoin in 2024?
Is it Too Late To Buy Dogecoin? Overview
The question here lies in what is an investor looking for when investing in DOGE. There are two sides to every discussion, and so is this one. Dogecoin commands some serious market sentiments and has gained popularity over the last few years.
This certainly adds to the crypto’s potential in the longer run.
It still holds a similar potential to explode and provide astronomical returns. So, for an investor who is willing to take a higher degree of risk, Dogecoin will be able to provide better returns. The reason for this is also its strong community backing. It can be a great crypto for someone looking at a very high-risk scenario.
From a point of view of a conservative investor, it might not be the best choice. The cryptocurrency has shown some major spikes previously, but those were for a very short period of time. It eventually waned off, leading investors too worried.
In summary the answer to the question ‘should you still buy Dogecoin’ depends on the type of investor one is, which we’ll explore more below.
Dogecoin Price Performance in 2024
Considered to be the face of meme coins, Dogecoin has been looking at some great numbers since the start of 2023. The Dogecoin price is currently ranging from $0.085 – $0.090, according to Coinmarketcap at the time of writing, with a market cap of $11.8 billion and a 24h trade volume of almost $1.3 billion.
DOGE has a circulating supply of 142 billion DOGE, more than it was created with as it is inflationary as opposed to being a deflationary crypto asset, something it has been criticized for.
Dogecoin price chart 2024 – year to date
The top memecoin by market cap saw some great openings in the beginning of 2023 thanks to support from whales. But the token soon retraced after much volatility.
That all changed when Elon Musk decided to swap Twitter’s official icon with Dogecoin’s dog. The renewed word of the world’s biggest hypeman for DOGE pushed the token’s value to new heights. The memecoin’s price went from $0.07 to $0.1012, slightly comparable to DOGE”s early 2022 price.
Furthermore, there are speculations around Dogecoin that it might as well turn out to be one of the official payment methods for Twitter, as it keeps on rolling out newer features throughout.
In case this actually happens, there are some positive implications. The spillover from this move by Elon Musk might be seen positively by the investors who will be flocking to other meme coins such as SHIBA INU and Baby Doge. Eventually, this nudge by Elon Musk won’t just help Dogecoin but the entire crypto market as he will be able to draw more audience through his influence.
Dogecoin’s performance in 2024 has been not for the record books. Most are moving away from DOGE, and the Dogecoin foundation is on the verge of getting. However, there is some positive amidst this bearish news. Elon Musk has recently promised to fund the Dogecoin Foundation.
Dogecoin Price History – 2014 to Today
When it comes to the past performance of DOGE, the overarching question isn’t whether it performed well or not, but whether it was able to perform well for different kinds of investors. Since its launch in 2013, there’s no doubt that the cryptocurrency has come a long way.
The Dogecoin price history can be termed to be a mixed one. Starting from 2018, the year was pretty bearish for DOGE, as the coin dipped in value due to a loss of public attention. For most of 2018, the price of DOGE was in a downward trend.
However, three years later, in 2021, things changed for DOGE as it shot up in value by over 1,250%, hitting its all time high of $0.74. This was after Tesla CEO and avid Dogecoin supporter Elon Musk was consistently supporting the crypto via his tweets. But, the high was temporary, as DOGE lost much of its value gradually in 2021, as the year progressed.
The DOGE price dropped in value by almost 42.75% in late May 2022. Till October 2022, the cryptocurrency traded between $0.05 and $0.075. Then DOGE hit almost $0.16 when it was confirmed Musk would take over Twitter, before a pullback when Musk didn’t integrate DOGE into the platform as was hoped.
Doge’s performance in 2023 was mostly volatile. In 2024, too, the token has been facing a bearish price action. At press time, the DOGE price is hovering around the $0.07 mark.
Check out more about this memecoin’s historical price movements in our Dogecoin price prediction post.
The Ups and Downs of Dogecoin
Let’s look at a few major wins of DOGE, along with some not-so-great days that the cryptocurrency has seen. Here are some of the major milestones for cryptocurrency.
2013: Starting at a price of $0.00, the cryptocurrency became popular amongst its users within two weeks. Prices soared from $0.0002 to $0.0023, leading to a 1,061% increase.
2017: The cryptocurrency experiences another major price spike, as the prices peak to $0.004, marking its then-all-time high and showing a 1,494% increase.
2021: After almost four years, DOGE was able to make its way into the public eye, thanks to Elon Musk. It became one of the fastest-growing cryptocurrencies in 2021 and touched its all-time high of $0.74, showcasing a 9,884% increase between January and May.
2022: The year saw DOGE not so much in the limelight as returns remained minuscule. The value further deteriorated post the FTX collapse.
2024 and beyond – Dogecoin got ample whale support since the beginning of 2023, with Robinhood joining the ranks of its pushers. The token got another pump when Elon Musk changed Twitter’s icon – which further lent legitimacy to the brand power of the token. While there is a retrace right now, experts predict that major positives can head to Dogecoin in the coming days as cryptocurrencies continue to get more mainstream and DOGE continues to rally more people.
How Did Dogecoin Perform Last Year?
Dogecoin’s 2023 stint was very volatile, for sure. The cryptocurrency had a rough 2024, and due to the Bitcoin’s price action, the DOGE price went through a period of immense volatility.
Dogecoin technical analysis via Trading View
The arrival of 2023 coincided with a bit of bullish action for Bitcoin, which allowed Dogecoin to gather a lot of support during the first quarter. In April 2024, Elon Musk changed Twitter’s icon, which further bolsters support for the token.
The memecoin mania in April did wonders to support the DOGE price. The price action was largely volatile for the token. However, there was a pullback in October 2023, pushing the price of Dogecoin down to $0.013.
Then, the bullish support for Bitcoin created a bounce for Doge, pushing its value to its 2023 high of $0.1. Since then, however, the interest in this token has subsided.
Dogecoin Price Prediction 2024 – 2030
What does Dogecoin have in store for the coming years? One of the best ways to understand any cryptocurrency’s upcoming few years is to understand its technical indicators and predict its price for the coming years.
With Bitcoin remaining on the bearish front for the previous year, affecting Doge’s prices, many experts are optimistic about it in the coming months.
Moreover, with the team behind DOGE now focusing more on utility rather than hype, there are chances that the crypto is able to make its way into the market effectively, and stay relevant for a longer period of time. Here’s a year-by-year price prediction of DOGE for a better understanding.
DOGE 2024 Price Forecast: Studying the price history of DOGE previously, and its performance in 2023, it can be said that 2024 might be a very optimistic year for the crypto. The minimum price at the end of the year is expected to be hovering around $0.18, and the maximum price is expected to be around $0.22, showcasing some strong and stable signs for Dogecoin. On average, the Dogecoin price might reach $0.19 in 2024.
DOGE 2025 Price Forecast: By looking at the parameters, 2025 the minimum price for DOGE could be somewhere around $0.27, and the maximum price to be $0.32. This, along with the average price expected to be around $0.28.
DOGE 2030 Price Forecast: While speculating a 30 year period’s market prices is speculative, there are certain indicators that can help us understand what DOGE will have in store by then. However, with the help of our analysis, it can be said that DOGE’s price might surpass $0.80 in 2030, with the crypto receiving some major updates by then.
It should be noted here that price predictions usually tend to be quite speculative and are dependent on a variety of factors. However, there can still be potential upsides since Dogecoin is finally joining the ranks of utility-based tokens.
The Importance of Dogecoin’s Price Predictions
In case Dogecoin has a positive future in the coming years, it is going to be a game changer for the larger part of the industry.
This is because Dogecoin has itself been a pioneer in the meme coin industry. It is only after Dogecoin gained popularity that the rest of the meme coins came into the picture.
It is still immensely popular and has a large fan following led by its loyal community. The cryptocurrency market has seen some major lows in the last year, and so has Dogecoin. If these projections tend to be true, and Dogecoin is on the right trajectory, we might as well see meme coins adding utility to themselves and changing the crypto market’s dynamics in some or the other way.
The Future Prospects of Dogecoin
As we’ve mentioned, an important point when asking is it too late to buy Dogecoin is that DOGE has little real-world utility.
However, there are certain future prospects and goals that Dogecoin should be able to cater to. Since its inception, the cryptocurrency has been able to witness a surge in its popularity, with its value rising sharply. This has led to many asking whether this trend will continue in the future.
There are several factors that are in favor of Dogecoin here:
- Dogecoin shows growing in popularity. This has led to more people getting to know about cryptocurrency and investing in it.
- A relatively lower price compared to other cryptocurrencies, which means it has the right potential room for growth.
- Thirdly, it has a strong and loyal community backing which predicts a good long-term prospect as a cryptocurrency.
Some of the DOGE’s features can be turned in their own favor. Firstly, due to a low price, the new users might be able to invest in it more securely and freely without having to think twice about the amount they’re investing.
The Dogecoin Foundation’s Dogecoin Trailmap provides insights into the future of DOGE and how they believe it can be further accepted and stay relevant. They have defined a ‘trail map’ that focuses on Dogecoin increasing its utility through rapid integrations. The three pillars it shall focus on are- utility, reliability, and simplicity.
The Foundation is also working with the founder of Ethereum, Vitalik on crafting a unique proposal for Community Staking. This will everyone to participate in a manner that rewards them for their contribution towards running the network and at the same time give back to the community through charitable causes and contributions.
Meme crypto fans may also be interested in our ‘is it too late to buy Shiba Inu‘ guide.
How Does Dogecoin Work Exactly?
In order to understand the future and probable capabilities of the cryptocurrency better, it is also important to figure out how this cryptocurrency exactly works.
Dogecoin transactions are usually recorded using blockchain technology, just like other cryptocurrencies. However, there are various features that differentiate Dogecoin from other top cryptocurrencies.
- It has a shorter block time than Bitcoin and Ethereum, leading to quicker transactions.
- Dogecoin has a lower market capitalization and is less widely traded than Bitcoin or Ethereum. This means that it is relatively less volatile.
- The large community backing Dogecoin plays an active role in adding to its overall use cases such as tipping content creators, donating to charities, etc.
- It is also considered by many as the “most fun cryptocurrency” by many. It has one of the strongest communities for any cryptocurrency.
The Expert’s Take: Is it Too Late To Buy Dogecoin?
Crypto investors are constantly on the lookout for the answer to this question- ‘Is Dogecoin still worth investing in?’.
While it is true that Dogecoin does not possess any real-world utility, and might not have the best consistency while providing returns, it still remains popular with crypto experts and enthusiasts. Here are some mixed responses when it comes to investing in Dogecoin in the longer run.
Joseph Raczynski, a technologist and futurist for Thomson Reuters was quoted in 2021, saying “Dogecoin will eventually go to $0. There are at least 100 to 200 other crypto projects that should be worth more than DOGE.” He further added, referring to Elon Musk, “It’s amazing to witness what [one] celebrity can do.”
Elon Musk, on the other hand, seems to be quite optimistic about the overall future of Dogecoin. The Tesla CEO and billionaire have shown his interest in Bitcoin and meme cryptocurrencies many times now on Twitter. It was because of his consistent tweets and activity around Dogecoin, that it gained value.
Mark Cuban, who’s another billionaire is yet another supporter of the Dogecoin. Cuban, who owns the Dallas Mavericks basketball team and has a net worth of $5 billion has come out to support Dogecoin quite a few times. In an interview, he was quoted saying that the Dogecoin community is “strongest” when the coin is being used as a medium of exchange. Further showing his support for the crypto, he even began accepting DOGE as payment for Dallas Mavericks’ tickets and merchandise in 2021. This definitely added to the value of DOGE.
Another interesting analysis by Capital.com states that the crypto might be able to benefit from Elon Musk’s Twitter takeover. It further says that the cryptocurrency’s long-term prediction will only be possible after some time, due to the coin’s volatile nature.
Where To Buy Dogecoin?
Now that there seems to be ample potential in and around Dogecoin, there lies a question about how to actually buy Dogecoin. There are various platforms that allow users to buy Dogecoin. However, there’s one specific platform that stands out due to its features and other added benefits.
eToro: The Best Place To Buy Dogecoin
One of the best crypto platforms for investors to buy Dogecoin would be eToro. Since 2007, eToro has become one of the most popular and widely used platforms for beginner investors as well as experts. It has a user base of more than 30 million users, thanks to its user-friendly interface, and a variety of assets to invest in.
It offers a range of investment options from stocks to cryptos and ETFs. It has 60+ cryptocurrencies listed on the platform and has a long list of benefits such as copy trading and smart portfolios which make it an investors’ favorite.
Apart from being feature-rich, eToro is completely secure. They are regulated by several leading authoritative bodies including CySEC and the FCA, highlighting the transparency and legitimacy of the platform. It has further implemented enhanced security measures such as SSL encryption and 2-factor authentication. Moreover, they store their crypto holdings in cold storage to reduce the degree of risk.
Apart from all this, it’s the low fees of the eToro platform that is an added benefit. The broker uses a transparent fees structure with crypto purchases being charged at a flat 1%, in addition to the market spread.
Finally, eToro is quite a decent platform for someone who’s looking to buy DOGE and several other crypto assets. It offers a wide range of products, and users can begin with a minimum deposit of $10.
Is it Too Late To Buy Dogecoin – The Verdict
Dogecoin holds a special place in the crypto space. It is a cryptocurrency that led to the birth of an altogether new category of cryptocurrencies – meme coins.
After going through a ton of factors and a lot of indicators about DOGE, it’s time to present the final verdict to the question- Is it too late to buy Dogecoin? The answer remains mixed.
There remains a side of investors, experts, and analysts who believe that cryptocurrency might not be considered one of the promising ones anymore. In its heyday, DOGE was able to gather public attention and show some temporary spikes thanks to a made-up hype around the cryptocurrency.
However, post the FTX collapse, crypto investors have become more stringent and research-oriented with their investment choices. The new age of crypto investors would want to invest their hard-earned money into a cryptocurrency that has some real utility over a period of time and is not dependent on a few tweets by Mr. Musk.
Till the time, DOGE is able to find some real-world utility this lot might not be interested in it.
However, on the other hand, there is a group that is focusing on the temporary but astronomical returns that cryptocurrency has been able to provide earlier. They would rather invest their money into the cryptocurrency and wait for the payday, or further wait for special DOGE upgrades that might be able to add some utility and real-world value to the cryptocurrency.
Hence, the answer to the question would most likely depend on the kind of investor one is. In case, one wants to play it safe and keep their investments conservative, DOGE might not be the way to go. Although for the ones who have ample investments, know the markets well, and need to invest some surplus funds, DOGE might just be the way to do so.
FAQs on Buying Dogecoin
Dogecoin rose to fame due to its hype and popular sentiment. If it is better than the rest or not depends highly on the type of investor one is. For someone who’s willing to take risks, Dogecoin can be great. However, for someone looking for conservative returns, it might not be a great option.
Seeing the current numbers, it seems highly unlikely that Dogecoin will be rising to $1 at all. One of the ways to ensure that it gets on the trajectory to reach $1 is to ensure more consumers and businesses adopt it as a payment mechanism. From just being a speculative asset, it has to add some utility to be accepted and rise in value.
Dogecoin is a memecoin in nature. However, its characteristics ensure that it can have a bright future indeed. Due to its lower price, faster transactions, and a strong community, it carries the potential to be accepted as a mode of exchange and daily transactions.
When it comes to investing in Dogecoin, it can have varied responses. As we stated above, investing in Dogecoin might be right for some people, but won’t be a great idea for others. It is highly volatile and might not be the safest option if someone is expecting consistent returns.
Dogecoin has a strong security track record when it comes to protocol and the cryptography. Moreover, it is one of the biggest distributed computing projects in the world. Is Dogecoin a better alternative than the rest of the cryptos?
Can Dogecoin go above $1 in 2023?
Does Dogecoin have a future?
Is Dogecoin good for beginners?
Is Dogecoin secure?
