Is It Too Late to Buy Dogecoin in 2024?

Is DOGE a Good Investment in 2024?

Short answer: it depends on your risk tolerance. Long answer: Dogecoin can be a good investment, but it’s important to understand what kind of investment it is. As a cryptocurrency, it obviously cannot be compared to traditional assets like gold and stocks, and as a meme cryptocurrency, it isn’t as stable as Bitcoin and Ethereum. That said, with its massive community, top 10 market cap, and high trading volume it is still one of the more reliable cryptocurrencies out there – but prospective investors have to keep in mind that it is still an incredibly, incredibly risky investment.

Another important point that needs to be brought up is DOGE’s profit-making potential. For many meme cryptocurrencies, their biggest chance to shine are random news or celebrity endorsements that can all cause massive upward price swings. However, Dogecoin is a relatively mature meme cryptocurrency with an unlimited supply that has already had a lot of journeys to the moon, and may not have enough fuel left in its tanks for another huge rally. That said, as a top cryptocurrency, it will still likely follow all market-wide bull runs.

So, if you’re asking yourself “should I buy Dogecoin in 2024 or not”, the answer is “yes, as long as you’re aware of DOGE’s shortcomings, especially compared to other cryptocurrencies or asset classes”.

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. 

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.

2023 was also a quiet year for Dogecoin: although the coin had some ups and downs, it mostly followed the general market trends and didn’t have any major rallies. The maximum price it achieved during the year was recorded back in February, but the original meme coin also had some price spikes later on in the year. Other key Dogecoin price points in 2023 occurred in April, July, and November.

DOGE price rose back up at the beginning of 2024 as the industry got caught up in the anticipation of Bitcoin halving, but soon lost some of its steam as correction started settling in.

Dogecoin’s price has remained mostly stable throughout 2023. The maximum price it achieved during the year was recorded back in February, but the original meme coin also had some price spikes later on in the year. Other key Dogecoin price points in 2023 occurred in April, July, and November.