Is Dogecoin a Good Investment in 2023?

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Bearing in mind the long cold crypto winter, and the recent collapse of FTX, many investors are wondering whether Dogecoin is still worth buying.

This guide will aim to answer the question - is Dogecoin a good investment? We're going to look at a range of different metrics to help crypto investors make informed choices on the original meme coin. This will include historical and current price action, expert opinions, and more.

Is Dogecoin a Good Investment? Our Verdict 

As many investors know, part of the reason Dogecoin was catapulted to fame in 2021 was down to Tesla's CEO Elon Musk. Musk tweeted about DOGE meme tokens on several occasions and each time, the value of the cryptocurrency increased.

At one point in 2021, investors saw gains in the thousands of percent. Is Dogecoin still a good investment today? We talk about this subject throughout this guide. 

In the meantime - and as a result of Elon Musk's more recent tweets in October 2022, Dogecoin experienced another sharp increase in price. 

Between the beginning of October and the turn of November 2022, DOGE's market cap increased by almost 144%. This recent price action has led investors to ask, is it a good time to buy Dogecoin? 

The crypto markets are extremely volatile, as such, there is no black-and-white answer. Despite the collapse of FTX, which has affected the entire market, many analysts think DOGE is still a worthy addition to a portfolio of digital assets. 

There are also rumors circulating about Twitter accepting DOGE, which is a major plus for investors, and could see it becoming more widely utilized as an online payment method.

How Dogecoin Has Performed Since Launch & in 2023

Those researching 'is Dogecoin worth buying?' will no doubt require further insight prior to making a decision. One of the best ways to begin researching a potential Dogecoin investment is to look at its performance thus far. 

This is because for some, historical performance might be indicative of future results.

• Dogecoin was created in 2013 and the meme crypto token remained relatively unnoticed by investors for years. 
• Dogecoin was first created as a Bitcoin alternative.
•  The idea came from a popular meme on the internet involving a Japanese dog breed, Shiba Inu.

In 2018, investors looking for a cheap altcoin flocked to Dogecoin. Its market capitalization doubled in a short amount of time, which saw DOGE reaching its (then) all-time highest value of over a billion dollars. 

This didn't last long, by the end of the same month, Dogecoin's market cap fell again.

However, 2021 was the year of the meme token and Dogecoin became one of the fastest-growing cryptocurrency assets. Dogecoin hit a new all-time high market capitalization of around $70 billion in May 2021.

Dogecoin is also one of the best cryptos to buy during a crash. Those who invested early in 2021 and cashed out in May of the same year made gains in excess of 13,600%. Fast forward to 2022 and a lot has happened for Dogecoin. 

For example, the meme coin's price was affected by Elon Musks' bid to buy Twitter. This began in April 2022 and was completed in October. Investors looking for the best altcoins also decided to buy Shiba Inu, which witnessed a 30% increase. Moreover, Musk filed to allow Twitter to be a payments platform.

His cryptic tweet hinted at DOGE being accepted as payment, which sent the cryptocurrency on an upward trajectory again. Elon Musk has applied for Twitter to be classified as a money service firm, allowing users to transfer and receive money.

• 2013 - Dogecoin was released and carried a market cap of under $500 million for years
• 2018 - DOGE reached a market capitalization of $1 billion
• 2021 - Dogecoin is swept up in the meme craze and increased by almost 14,000% in five months
• 2022 - In April, Elon Musk put forward an offer to buy Twitter. In October, it was accepted. Over nine days, DOGE increased by 140%
• 2022 - On Halloween, Elon Musk hinted at DOGE being used as payment on the platform - it increased by over 20% in 48 hours

Dogecoin Price History 

We've talked about the performance of Dogecoin, and now here's a breakdown of its price history for clarification. 

Following its previous all-time high in 2018, Dogecoin didn't achieve a billion-dollar market cap again until January 2021.

In 2021, Dogecoin became one of the fastest-growing cryptocurrencies ever. By the end of March 2021, Dogecoin carried a market capitalization of around $6.9 billion. On May 10th, 2021, the market cap skyrocketed to over $70 billion.

This was an increase of over 1,200% in less than two months. Investors who added DOGE tokens to their portfolio in January, and cashed out during its all-time high in May, made gains of over 13,600%.

July 2021 saw market-wide price declines as China cracked down on mining and cryptocurrency trading. Dogecoin recovered, but nowhere near its all-time high.

In April 2022, Elon Musk, nicknamed 'the Dogefather', hit the headlines again when he made an offer to buy Twitter. As a result, Dogecoin increased from $16.9 to $20 billion in 48 hours.

The stock market crashed and crypto followed, losing billions of dollars in value. However, by October 2022, Musk's offer to buy twitter was accepted. Dogecoin saw a rise of almost 140% in nine days following confirmation.

In the same month, Elon Musk filed with FinCen to allow Twitter to facilitate money transfers. The CEO created a stir again when he posted a Halloween tweet featuring a Shiba Inu dog.

The dog was wearing a t-shirt with the Twitter logo and a winking emoji. This was seen as a clue that he intended to accept payments with DOGE on his recently purchased social media platform. 

The market capitalization increased by almost 22% between October 31st and November 22nd, 2022.

The market capitalization of Dogecoin is around $11.6 billion at the time of writing. This is about 84% lower than its all-time high in 2021.

See a recap of Dogecoin's highs and lows below:

• 2013 - Dogecoin was created
• May 2021 - All-time high market capitalization of over $70 billion
• July 2021 - China cracks down on cryptocurrencies and the market suffers. DOGE falls to a market capitalization of $23 billion
• October/November 2022 - Elon Musk's offer is accepted by Twitter. Between the October 25th and November 2nd, 2022, DOGE is up 140% from $7.8 billion to $19 billion

At the time of writing, Dogecoin's market capitalization is at over $11.6 billion

Dogecoin Price Forecast 

Although Dogecoin has fallen around 84% since its all-time high in 2021, it remains one of the most popular cryptocurrencies.

Elon Musk's recent takeover of Twitter has rekindled interest in Dogecoin. At the time of writing Dogecoin is ranked number eight of all cryptocurrencies.

Will Dogecoin go up? Here's a quick look at some price predictions:

2023:

• PricePrediction.net says that DOGE might be trading at $0.13 in 2023
• DigitalCoinPrice predicts a similar situation, suggesting an average price of $0.14
• Wallet Investor, on the other hand, is more conservative, predicting that DOGE will be closer to $0.04

2024:

• DigitalCoinPrice analysts suggest that DOGE could hit up to $0.20 by the end of 2024
• Analysts at PricePrediction.net are optimistic, forecasting a price of $0.22

2025:

• PricePrediction.net believes that DOGE could hit $0.32 in 2025
• Analysts at Coin Price Forcast are more conservative, stating that DOGE could be trading at $0.10
• DigitalCoinPrice foresees a maximum trading price of $0.25 in the same year

2030:

• Coin Price Forcast analysts foresee a price of $0.19 at the end of the year 2030
• Meanwhile, in the same year, PricePrediciton.net has forecast an average trading price of $1.69 per DOGE
• Market commentators at DigitalCoinPrice are more conservative and think DOGE could be trading at around $0.51

When asking should I sell my Dogecoin? - should remember that Dogecoin price predictions should be taken with a pinch of salt. In comparison to stocks, the crypto market is still new and highly speculative.

Dogecoin’s Utility - What Does the Future Hold?

Is investing in Dogecoin a good idea? Is cryptocurrency safe in general? These are just a few of the many questions most crypto enthusiasts have nowadays.

This crypto project began as a joke, and it's widely thought of as having no utility. DOGE was used for tipping to start with and it is becoming more widely accepted as a form of payment.

• Third parties like BitPay and Coinbase have integrated Dogecoin payments
• A number of companies offering prepaid cards also accept DOGE tokens
• Additionally, businesses can interact directly with the Dogecoin blockchain, particularly via the JSON-RPC interface
• Dogecoin is accepted by numerous well-known brands and online shops, including Gamestop, Airbnb, AirBaltic, Gucci, and many more
• Tesla also accepts DOGE as a form of payment for some of its products
• Moreover, Elon Musk has applied for Twitter to be classified as a money service firm
• Musk provided specifics about Twitter's strategy to enter the payments business during a live discussion on the platform
• According to the information given, Twitter users may soon be able to send digital money to other users
• This will also enable users to withdraw money to verified bank accounts, meaning creators can try to earn an income via the platform
• Musk also hinted at users being able to receive a high-yield money market account to entice them to deposit funds with Twitter

As we mentioned earlier, DOGE investors reacted positively to this news. Put simply, this will allow users to transfer and receive money, including Dogecoin and other cryptocurrencies. 

Is Dogecoin a Good Long-Term Investment or Short-Term Investment?

Some market commentators see Dogecoin as more of a short-term speculative asset, whereby investors take advantage of pricing swings. That said, Dogecoin is among the top ten cryptocurrencies and is being more widely adopted.

As mentioned in our early price predictions, many experts are positive about the future of Dogecoin, which could indicate that it's a worthy long-term investment. Investors could also consider diversification and only allocating small amounts to cryptocurrencies to spread the risk.

What Experts Say on Whether You Should Invest in Dogecoin

Along with other cryptocurrencies, Dogecoin saw a value decline during the previous year, dropping more than 48% since the beginning of 2022 and over 84% from its all-time high set in May 2021. 

There has also been a major curve ball for the crypto market, as FTX collapsed and Binance sold $500 million worth of FTT tokens.

Over $6 billion worth of crypto tokens were withdrawn from FTX over three days. Bitcoin and all other cryptocurrencies fell, with the whole industry losing billions of dollars in market value. That said, Dogecoin remains a top ten crypto asset and has a market capitalization of over $11.6 billion.

Is Dogecoin worth buying? The Investors Observer Sentiment Score for Dogecoin is neutral at the time of writing. That said, the long-term earning potential of this currency appears relatively positive, despite the fact that the price is 84% beneath its all-time high.

Where to Buy Dogecoin

If the conclusion is yes when asking, should I invest in Dogecoin? - it's a wise move to place an order at a reputable and well-established trading platform.

Below is a review of eToro, a low-cost broker with the approval of multiple regulators:

eToro - Popular Low-Fee Dogecoin Trading Platform 

eToro has been on the scene since 2017, is licensed, and serves millions of investors and traders from around the world. The platform charges a small fee of 1% on every Dogecoin transaction and also offers passive trading tools.

For example, investors can copy the individual trading positions of an experienced crypto trader. A minimum investment of $200 is required for Copy Trading and it's a great way to shorten the learning curve and passively build a portfolio of digital assets.

If the Copy Trader sells some tokens and makes a profit of 5%, this will be mirrored in the portfolio, in proportion to the initial investment. Smart Portfolios, meanwhile, are managed baskets of assets - many of which contain Dogecoin. These are comparable to crypto index funds.

Some are made up of equities, but many of the Smart Portfolios at eToro are curated collections of cryptocurrencies. This allows investors to diversify their Dogecoin portfolio with one click. The minimum investment is $500.

US investors aren't required to pay a fee when making a deposit. The minimum is just $10 and there are multiple payment types to choose from. Those who think Dogecoin is still worth buying can place orders on the go via eToro's free app.

Buy Dogecoin at eToro

Crypto assets are volatile investment products. Your capital is at risk.

Should I Buy Dogecoin Now? Our Verdict 

Is Dogecoin a good investment? According to our findings, it seems as though Dogecoin is still worth buying now according to some analysts.  

Investors who believe DOGE tokens will increase again in the future might consider adding them to their portfolio now, at a discount to the aforementioned all-time high.

The influential CEO of Tesla, Elon Musk, still very much supports the crypto asset and it seems as though it might be adopted as a form of payment on his newly acquired Twitter platform. Not only that, but big brands like Gucci and Airbnb now accept DOGE as payment.

Although its market capitalization is lower than it has been, Dogecoin is still one of the best penny cryptocurrencies to buy today.

Coins to Consider Alongside Dogecoin

Is now a good time to buy Dogecoin? Research findings point to it having potential. That said, the power of diversification shouldn't be overlooked.

That is to say, investors who buy DOGE could also broaden their horizons and add some alternative tokens to their portfolio as well.

Below, investors can find a quick analysis of three crypto presales worth looking into:

Dash 2 Trade - Intelligent Analytics Platform Set to be Crypto's Answer to Bloomberg

Dash 2 Trade is an all-in-one terminal for crypto investors with differing levels of experience. The platform will offer investors access to the best crypto signals, social analytics, presale and ICO intelligence, and much more.

D2T is one of the best cryptos to buy today and it will power the whole Dash 2 Trade ecosystem. D2T holders can use their tokens to subscribe to the platform and access advanced trading tools such as strategy backtesting, and on-chain analytics.

Investors can also use the Dash 2 Trade terminal to stay up to date on presales thanks to the project's insightful scoring system. Additionally, investors can take advantage of tips provided by the signals platform, which provide insight into potentially profitable opportunities.

This saves investors from having to learn technical analysis. Every signal will be inclusive of whether to buy or sell the asset, the entry price, and also stop-loss and take-profit values. The latter allows the investor to incorporate a risk management strategy, ensuring losses don't spiral.

The Dash 2 trade presale is proving to be highly successful. During the third stage of the presale, early investors can still buy D2T tokens at a discounted price of $0.0513. In stage four, the price will go up again, this time to $0.0533 each. Investors can swap ETH or USDT tokens for D2T with ease via the presale platform.

Investors can find out more by checking out Dash 2 Trade’s whitepaper.

Invest in Dash 2 Trade Presale

RobotEra (TARO) - Brand New NFT, P2E and Metaverse Cryptocurrency in Trending Presale

Following the launch of its token presale in November 2022, RobotEra is another popular new cryptocurrency project to invest in.

The price of $TARO is $0.02 in the first presale stage, making it one of the cheapest cryptocurrencies to purchase right now. In the second and third stages, the price of the coin will rise to $0.025 and $0.032, respectively.

That guarantees a 60% growth in value for early investors before the coin is listed on any major exchanges or made available to the general public.

The presale will only offer 270 million tokens (or 15% of the maximum supply of 1.8 billion), with a hard cap of just $7 million.

Investors should get involved with this project right away because P2E Tokens typically outperform other altcoins in bear markets, and an exchange listing might greatly raise the coin's value.

Players in RobotEra must use robot NFT avatars to rebuild the shattered planet Taro.

To raise the value of the land they purchase, players can add buildings, infrastructure, and in-game assets.

Players are also rewarded for creating robot NFT buddies, which may be customised and made special using in-game tools.

The robot and metaverse land plot NFTs can both be converted later on into fiat money.

Customizing robots and constructing land NFTs can be done with in-game tools, which were created as part of an LBank Labs initiative.

RobotEra creators anticipate that when participants customise the ecosystem over time, new use cases and functionality will emerge thanks to the extensive variety of capabilities provided by the scripting language.

To make the metaverse world vibrant and alive, additional elements like as dynamic 3D scenes, audio, moving objects, social interaction, and physics can be incorporated.

According to the RobotEra whitepaper, controlling separate continents earns players tokens.

The ecosystem depends on this ERC-20 token, hence its restricted presale availability will inevitably result in early sales of all tokens.

Investors can follow the RobotEra Telegram channel to be informed about $TARO coins.

Taking part in the presale while it is still in its first stage is the best way to guarantee that you don't lose out on the low $TARO rates.

By purchasing the token now, you are acquiring an asset that will appreciate in value after the presale is over by 60%.

Buy $TARO Tokens Now

IMPT - Carbon Trading Platform Partnered With Numerous Eco-Friendly Initiatives 

Another crypto project to consider buying, alongside Dogecoin, is IMPT. IMPT is an eco-friendly platform that builds the bridge between companies, investors, and socially responsible brands. The main benefit of IMPT is that carbon credits are minted into NFTs and can be traded freely in the marketplace.

Not only that, but IMPT has its own currency, of the same name. This is used to reward shoppers for using eco-friendly brands linked with IMPT, but can also be swapped for carbon credits. These carbon credits can be burned and anyone who chooses to do this will receive a one of a kind collectible NFT.

Businesses can also compensate for, or reduce their footprint by joining or investing in IMPT. It's possible to contribute to a sustainable future by choosing one of the many impactful projects that have been vetted by IMPT. For instance; renewable energy firms and forest conservation solutions.

It's also possible to check the Co2 credentials of any brand. All IMPT tokens are built on the Ethereum blockchain and investors can lock in the price of $0.023 right now on presale. IMPT tokens will increase again in phase three.

Invest in IMPT Presale

Conclusion

Today we've explored and answered the question, is Dogecoin a good investment? According to some analysts, the answer is yes, potentially. In late 2023, Elon Musk caused a stir among DOGE investors by filing to allow Twitter to facilitate payments.

Many believe this will result in DOGE being accepted by the platform and as such the crypto tokens increased in price. In addition to Dogecoin, some investors are turning to crypto presales for maximum gains. In this regard, Dash 2 Trade is proving super-popular with presale investors. 

Invest in Dash 2 Trade Presale

FAQs

Is Dogecoin still worth investing in 2023?

Many market commentators argue that Dogecoin is still worth investing in. At the time of writing, Dogecoin is among the top ten in terms of market capitalization. Moreover, DOGE can be purchased for a few cents. Dogecoin is trading at an 84% discount compared with its all-time high.

Is Dogecoin a good investment long-term?

Time will tell whether or not Dogecoin is a good investment long term. That said, some analysts foresee the price increasing between now and 2030, some as high as $1.69 per DOGE.

Will Dogecoin ever go above $1?

Analysts at PricePrediciton.net argue that Dogecoin could be as high as $1.69 by 2030. Other market commentators are more conservative with their predictions. 

Will Dogecoin ever be valuable?

To some, Dogecoin is valuable, in that they may have bought tokens when they were cheaper than they are now. Some analysts foresee DOGE tokens increasing in value between now and 2030. Whether or not this happens remains to be seen.