It’s been over a decade since Dogecoin was launched. Over the years, the meme coin has seen its share of highs and lows, and in 2024, more than one investor is wondering if Dogecoin is a good investment. We’ll look at a range of different metrics to help cryptocurrency investors make an informed choice about the original meme coin, including historical and current price action, expert opinions, and more.
Dogecoin was created in 2013, and for years, the meme crypto token flew under the radar of investors. It was inspired by a popular internet meme involving the iconic Japanese dog breed, the Shiba Inu.
Investors seeking cheap altcoins flocked to Dogecoin in 2018. Its market value doubled in a short period of time, reaching an all-time high of more than $1 billion at the time.
Dogecoin's overnight fame in 2021 was partly due to Tesla CEO Elon Musk. Musk tweeted about the Dogecoin meme token several times, and with each tweet, the value of the cryptocurrency rose. Dogecoin hit an all-time high market value of about $70 billion in May 2021, and investors gained thousands of percentage points.
But this did not last long, and by the end of the same month, Dogecoin's market value fell again.
In 2022, Dogecoin has recovered somewhat due to Musk’s tweets about the coin, and its market value has increased by more than 100%. However, it still failed to hit a new all-time high.
So far, 2024 has been positive for the entire cryptocurrency market. Dogecoin has been on the rise – A temporary rebranding of the Twitter/X icon with the DOGE meme as its icon has driven the value of Dogecoin up by nearly 50%.
This is just one of Musk’s recent moves, which has also sparked rumors that X may start accepting DOGE. This would add more credibility to the coin, attracting more investors and making it a good choice even for those who are on the sidelines about the memecoin.
Dogecoin was also one of the best cryptocurrencies to buy during the crash. Those who invested in early 2021 and cashed out in May of the same year made more than 13,600% in gains.
Dogecoin price history timeline
Dogecoin was created as a joke by software engineers Billy Markus and Jackson Palmer in December 2013. Despite its humorous origins, it quickly gained a following thanks to its friendly Shiba Inu mascot and active communities on platforms like Reddit.
Early 2014: The Dogecoin community supports various charitable causes, including sponsoring a Jamaican bobsleigh team and funding clean water projects in Kenya. This philanthropic effort increases its appeal and helps to raise its profile.
Late 2017-Early 2018: Dogecoin, along with other digital currencies, experienced a surge in value during the cryptocurrency boom. Its price soared, reaching an all-time high in January 2018. This rise was largely driven by speculative trading and the overall hype around cryptocurrencies at the time.
2018–2020: Dogecoin’s price stabilized and experienced a period of relative calm. It remained popular in the crypto community and retained a loyal following, but its value did not see a significant increase from its 2018 peak.
Early 2021: Dogecoin is gaining attention again, with a sharp price increase, in part due to social media influencers and celebrities (such as Elon Musk) tweeting about Dogecoin. The meme cryptocurrency is gaining mainstream acceptance, with wild price swings.
April 2021: Dogecoin hits an all-time high after Elon Musk mentions it multiple times on Saturday Night Live (SNL). However, the price of Dogecoin subsequently drops dramatically as the hype fades and investors begin to sell their holdings.
Mid-2021 – Early 2022: Dogecoin’s price continues to fluctuate, but as the initial excitement fades, its price gradually loses momentum and begins to decline. Without any major developments or fundamental changes to the project, interest in Dogecoin wanes, and its price reflects this downward trend.
Mid-2023 – Elon Musk rebrands Twitter’s official logo as a Shiba Inu, which sparks more interest in DOGE, pushing its price above $0.1. Twitter’s rebranding lasted only a few days, causing Dogecoin to drop below $0.06 and fall to around $0.07 before bouncing back.
The current market trend is showing a retracement. At press time, the price of Dogecoin is around $0.16.
At the time of writing, Dogecoin’s market cap is over $25 billion
Dogecoin Price Prediction
Although Dogecoin has fallen about 75% since its 2021 all-time high, it remains one of the most popular cryptocurrencies and ranks eighth among all cryptocurrencies.
Will Dogecoin go up? Let’s take a quick look at some price predictions:
Dogecoin Price Prediction 2024
DigitalCoinPrice Analysts Predict DOGE Price Could Reach $0.20 by the End of 2024
Analysts at PricePrediction.net are optimistic and predict a price of $0.22
Dogecoin Price Prediction 2025
PricePrediction.net believes DOGE could reach $0.32 in 2025
Analysts at Coin Price Forcast are more conservative, saying DOGE could trade at $0.10
DigitalCoinPrice predicts the highest transaction price in the same year will be $0.25
Dogecoin Price Prediction 2030
Coin Price Forcast analysts predict the price will reach $0.19 by the end of 2030
Meanwhile, in the same year, PricePrediciton.net predicted that DOGE would trade at an average price of $1.69
Market commentators at DigitalCoinPrice are more conservative, suggesting that DOGE could trade around $0.51.
As I ask myself if I should sell my Dogecoin, keep in mind that Dogecoin price predictions should be taken with caution. Compared to stocks, the cryptocurrency market is still very new and highly speculative.
Our Conclusion
Is Dogecoin a good investment? Based on our research results, some analysts believe that Dogecoin still seems to be worth buying now.
Investors who believe that DOGE tokens will rise again in the future may consider adding them to their portfolios now and selling them at prices below the aforementioned all-time highs.
Tesla’s influential CEO Elon Musk remains very supportive of the crypto asset and it seems likely that it will be adopted as a payment method for X, which could increase the value of the token. Additionally, some major global brands such as Gucci and Airbnb now accept DOGE as a payment method.
Even though its market cap is lower than it once was, Dogecoin is still one of the best cheap cryptocurrencies to buy today.
In addition to Dogecoin, some investors are also turning to cryptocurrency presales to maximize their gains.
