Is it too Late to Buy Dogecoin Today? Expert Analysis
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While Dogecoin emerged as one of the fastest-growing cryptocurrencies in 2021, the asset has since struggled to maintain its momentum. As a result, the number of investors asking is it too late to buy Dogecoin today has skyrocketed.
Throughout this guide, we'll be answering the question is Dogecoin still a good investment, providing Dogecoin price predictions spanning from 2023 to 2030, and sharing a couple of other assets that could perform well over the coming months. Let's get started.
Is it too Late to Buy Dogecoin? Our Verdict
Is it too late to buy Dogecoin today? With DOGE dropping in value sharply to levels not seen since 2020, this question is becoming increasingly common among investors.
There are a number of factors influencing the price of DOGE at present as well as the meme coin's future growth potential. We've explored these issues later in this guide but in summary, DOGE grew too quickly, high-inflation rates limited consumer crypto spending, and uncertainty arising from war hindered the asset.
Despite these issues, we believe that it is not too late to buy Dogecoin today. The asset will likely recover alongside the wider crypto market and even soar to new heights if Elon Musk utilizes the best meme coin as part of Twitter's payment system.
Crypto assets are highly volatile investment products. Your capital is at risk.
Dogecoin Price History
Dogecoin (DOGE) shot up in value by over 1,250% during 2021, briefly hitting $0.74, following frequent promotions from Tesla's CEO, Elon Musk. Despite this, DOGE has largely struggled to provide investors with any returns since its meteoric rise.
After slowly losing value throughout 2021 and the early half of 2022, DOGE plummeted by around 42.75% in late May 2022, hitting $0.0875. Following this collapse, the token traded within a range between $0.0567 and $0.0747 until late October.
As news of Elon Musk's Twitter acquisition circulated, investors piled into Dogecoin speculating that the DOGE token would become a usable currency on the social media platform, an understandable conclusion considering Musk's plans to monetize Twitter and his sentiment towards DOGE.
When DOGE shot up by close to 100%, investors went wild wondering 'should I still invest in Dogecoin?' However, following the collapse of the FTT token and subsequent purchase of the exchange by Binance, the majority of DOGE's gains have evaporated. Today, DOGE trades for $0.0843, a hair above its previous range high of $0.747.
Dogecoin Highs and Lows
To make it simple for investors wondering is Dogecoin still going up? we've summarized the significant highs and lows of DOGE.
- 2013 to 2017 - Since the launch of Dogecoin, the asset struggled to grow, trading for roughly $0.0003
- 2017 to 2020 - After gathering a bit of traction, the DOGE token rose up in value trading for between $0.0025 and $0.003.
- January to May 2021 - DOGE became one of the fastest-growing cryptocurrencies following Elon Musk's endorsements of the digital asset, climbing to a high of $0.74.
- May 2021 to May 2022 - DOGE slowly lost value eventually dropping to approximately $0.0875.
- May 2022 to Present Day - Despite a few brief pumps, DOGE remained largely dormant until late October when news of Musk's Twitter takeover caused the asset to surge. However, DOGE quickly dropped following the collapse of FTX, trading for $0.0843 today.
How Has Dogecoin Performed in 2023?
As is often the case with assets that have enjoyed a large upward move over a short period of time, DOGE has been falling in value quickly alongside the wider crypto market, testing key areas of support on its way down.
Dogecoin dropped sharply in value throughout the entirety of 2023, but to answer the question is it too late to buy DOGE, it's important to understand the reasons why.
Crypto Market Struggles
In something of a feedback loop, as more people and institutions began to invest in crypto during 2021, prices surged as demand outpaced supply. However, as prices continued to climb, the number of buyers decreased while the number of sellers increased as long-time investors began to cash out positions that were in sizable profit.
Once the number of sellers grew larger than that of buyers, the price of key assets like Bitcoin and Ethereum began to fall, taking the best altcoins like DOGE with them. Combined with record levels of inflation and debt following the Coronavirus pandemic, this led the entire crypto market on a sharp downward spiral, with prices of most assets hitting levels not seen since 2020.
Investor Speculation
As 2021 saw a large number of beginners enter the crypto market, there was a natural gravitation toward cryptos with high upside potential like DOGE as new market participants hoped that they could attain similar profits discussed in headlines throughout the year.
While this speculation helped to pump DOGE, once the market began to turn sour, investors quickly lost confidence and sold their assets, causing DOGE to drop rapidly in the midst of immense selling pressure.
This sell-off was worsened by Musk distancing himself from crypto, selling 75% of Tesla's BTC holdings as well as macroeconomic factors like record inflation and mass uncertainty resulting from Russia's invasion of Ukraine and rising tensions in the Middle East.
What Does This Mean for DOGE?
Although people are asking is it too Late to Buy Dogecoin today, things seem to be picking up. DOGE has found an extremely strong support at $0.0544, a significant level even before the asset exploded. As a result, it seems likely that the meme coin is waiting patiently to get a basis from the market leader, Bitcoin, prior to beginning another move.
Furthermore, Elon Musk has recently acquired Twitter and announced plans to begin charging for various features. If Musk decides to utilize DOGE for payments, we could see the asset explode, making DOGE one of the best crypto winter tokens.
To summarize for those wondering is it still a good time to buy Dogecoin, while the asset has fallen almost 90% from its all-time high, DOGE seems to have found a bottom. As such, once the market begins recovering, we could see the token grow substantially.
Dogecoin Price Prediction 2023-2030
While Dogecoin has had a troublesome year, the future continues to look bright for the meme coin. While Bitcoin dropping in price has had a negative impact on DOGE, many investors have begun to call a market bottom, meaning that we could start to see some growth once again pushing DOGE into the realm of the top crypto gainers.
Elon Musk's Twitter acquisition will likely play a large role in the future of Dogecoin. As the most widely known proponent of DOGE, Musk can significantly sway the market. As such, the CEO's actions over the coming months will greatly influence the answer to the question is Dogecoin a good investment?
One of the main draws to the Dogecoin network is the cryptocurrency's use as a fast and low-cost transactional crypto. While a number of platforms have begun to accept the coin, continued adoption will be instrumental in the growth of DOGE.
- End of 2023 - With some time for the cryptocurrency market to find its bottom and began to pick up, we could see the price of DOGE begin to reclaim key support/resistance zones. The most notable level somewhat close to the current price of DOGE is $0.1716.
- End of 2024 - By the end of 2024, it seems likely that the crypto market will once again show signs of positivity, helping to boost assets like DOGE. As the number of investors climbs and trading volumes increase, DOGE could hit approximately $0.326
- End of 2025 - It seems likely that DOGE will be trying to build an area of support around its previous all-time high of $0.74 before a move upward. However, attention from Elon Musk or an excessive number of DOGE tokens getting minted could send this figure higher or lower.
- End of 2030 - As the cryptocurrency market matures, and DOGE adoption increases, it could pump massively making it the best long-term crypto. This could take the price of DOGE above its previous all-time high and send the asset toward the key psychological resistance zone of between $1 and $1.20.
Crypto assets are highly volatile investment products. Your capital is at risk.
How Could Dogecoin be Used in the Future?
Intrinsic value is perhaps the single largest driving force behind the value of an asset, whether crypto-based or otherwise. As a result, understanding what Dogecoin offers in terms of utility is crucial to answering the question should I still buy Dogecoin.
While being one of the oldest uses for Dogecoin, tipping is still one of the primary uses for the token many consider to be the best crypto under $1. As crypto adoption grows, it seems likely that DOGE tipping will become increasingly commonplace.
Branching from its use as a tipping currency, DOGE also has potential as a payments-focused project. Similar to XPR or XLM, DOGE boasts extremely fast settlement times and offers low-fee transactions, making it an excellent choice for money transfers.
Before questioning is it too late to buy Dogecoin today, it's worth considering its smart contract potential. A network known as Dogechain has been created recently, bringing smart contract capabilities to the meme coin. While not an official collaboration, if Dogechain becomes established, we could see it implemented into the official Dogecoin ecosystem.
What Experts Say on Whether it’s Too Late to Buy Dogecoin
To help our readers answer the question is it too late to invest in Dogecoin, we'll be taking a look at the thoughts of a few different prominent figures in the cryptocurrency community.
Susannah Streeter, an investment and markets analyst with the leading firm Hargreaves Lansdown, told readers of the Wall Street Journal that there might not even be a good time to invest in DOGE. The respected analyst liked investing in meme-based assets like DOGE to gambling rather than investing.
While Streeter shared a rather bleak outlook, crypto swaps platform Changelly shared much more positive findings. in an article, the platform indicated that DOGE is currently a strong buy and could climb as high as $0.19998 by 2023 and even further toward $2.71 as early as 2030.
Capital.com also shared its thoughts on the future of Dogecoin, offering a balanced opinion. The investment platform shared its Dogecoin price prediction, highlighting figures from a myriad of analysts. The general consensus was that while Dogecoin could increase in value, any positive move would have to take place over the long term.
Where to Buy Dogecoin
Naturally, investors seeking an answer to the question is Dogecoin still worth investing in will need to know where to buy Dogecoin. We've shared our pick for the best DOGE exchange below.
eToro - Buy DOGE with Low Commission & Social Trading Tools
Founded in 2007, eToro has grown to become one of the largest and most widely used platforms for purchasing cryptocurrency and stocks. The broker is regulated by several leading authoritative bodies including CySEC and the FCA, highlighting its transparency and legitimacy.
When it comes to cryptocurrency, eToro utilizes the utmost security measures. The platform has implemented SSL encryption to keep sensitive client information safe as well as implemented 2-factor authentication for key account actions like withdrawals. Furthermore, eToro stores its crypto holdings offline in cold storage, preventing the loss of funds due to a hack.
In addition to its ease of use and a huge variety of assets, one of the primary draws to the eToro platform is its low fees. The broker uses a transparent fee structure with crypto purchases being charged at a flat 1% in addition to the market spread.
Overall, eToro is an excellent broker for anyone wanting to buy DOGE and other new cryptos. It offers a wide range of different options when it comes to depositing (wire transfer, e-wallet, debit/credit card), and boasts a tiny minimum deposit of just $10, making it a great choice for any investor, regardless of budget.
Crypto assets are highly volatile investment products. Your capital is at risk.
Is it Too Late to Buy Dogecoin? Our Verdict
Now that we've discussed the ins and outs of Dogecoin, it's time we present our verdict on the question is it too late to buy Dogecoin today.
Looking at the past prices of DOGE since its 2013 launch, we can get a good bearing on the overall direction of the asset. The price of DOGE has steadily risen since its inception and while 2021 yielded impressive results for the meme coin, the token's value was heavily inflated by speculators trying to make a quick dollar, leading to DOGE's sharp decline.
While considering the potential future performance of Dogecoin, we determined that the asset has a lot of room for growth and is potentially the best penny crypto to buy right now. We anticipate the DOGE could climb to $0.1716 by 2023 and could reach as high as $1.20 by 2030. This would mark over a 12x increase from today's prices.
Although some crypto enthusiasts claim that DOGE lacks any real utility, it has potential as a transactional crypto and could worm its way into being a natively supported currency on Twitter following Elon Musk's takeover. If successful, this could lead to a significant pump for DOGE.
The analyst consensus for the future of DOGE was largely mixed. While some could see the asset explode in value, others believe that the cryptocurrency will fizzle out as Musk moves on and losses interest in the asset.
So, is it too late to buy Dogecoin today? In our opinion, the answer is not at all. While it seems likely that the road to recovery for DOGE will take some time to transverse, the future looks bright for the meme coin. If Musk implements DOGE into the Twitter ecosystem we could see huge growth from the asset. Nevertheless, its status as a meme coin makes DOGE a high-risk investment.
Crypto assets are highly volatile investment products. Your capital is at risk.
Cryptos to Consider Buying Alongside Dogecoin
While DOGE does offer ample room for growth, we've also shared two of our picks for the best crypto to buy right now.
1. Dash 2 Trade - Innovative Data-Driven Crypto Signals and Social Trading Platform with D2T Native Utility Token
Dash 2 Trade (D2T) is a new cryptocurrency project building an all-in-one intelligence platform designed especially for traders and investors. Since going into presale on October 19th, the project's native D2T token has raised almost $6 million, making it one of the year's best crypto presale launches.
Dash 2 Trade offers a host of features designed to help improve the success rate of traders and investors through analytics-based advice. The platform will offer an ICO scoring system, a customizable auto trading API, a buyer sentiment/social mention analyzer, a strategy builder and backtester, as well as a plethora of on-chain metrics including the best crypto signals.
As highlighted in the Dash 2 Trade whitepaper, the project will be powered by the taxless ERC-based D2T token. The asset boasts a maximum supply of 1 billion tokens and is used to pay for access to the Dash 2 Trade platform as well as for advanced features like the strategy backtester.
Right now, Dash 2 Trade is in the third stage of a nine-stage presale. D2T tokens are available for $0.0513 with this price slowly increasing until it hits $0.0662 during the final phase. As such, there's no better time to invest in the Dash 2 Trade presale. Join the Dash 2 Trade Telegram to hear about any updates early.
2. IMPT - Revolutionary Green Crypto Project Focused on Tokenization of Carbon Credits via NFTs
IMPT is a green crypto project aiming to improve the $273 billion carbon reduction industry by turning credits equal to offsetting one ton of carbon into NFTs. This concept has piqued the attention of investors focused on sustainability with the IMPT token presale raising more than $12.5 million in just weeks.
Despite being a multi-billion dollar industry, the carbon reduction market lacks transparency, harming the confidence of both investors and consumers. However, IMPT could change this by making carbon credits easily traceable and working exclusively with certified environmental organizations to ensure every cent gets spent where it makes the most difference.
On top of being available to purchase, carbon credits are attained using IMPT tokens which can be earned by shopping with a plethora of well-known brands. If a company wishes to offset its carbon output, it can allocate a portion of its margin toward IMPT-certified organizations. More details can be found in the IMPT whitepaper.
IMPT is currently mid-way through its three-stage presale with IMPT tokens selling for $0.023. Similar to Dash 2 Trade, this figure will increase to $0.028 during the final stage, affording early investors the best value and making it better to check out IMPT sooner rather than later. Join the IMPT Telegram to hear about any updates early.
FAQs
Should I still buy Dogecoin right now in 2023?
If you're wondering is Dogecoin still worth investing in, the answer is likely yes. However, as with any investment, it's possible for the price of DOGE to go up or down. As such, it's important to only invest what you can afford to lose.
Will Dogecoin ever go back up?
The growth of Dogecoin has been severely hindered by the falling cryptocurrency market. However, once the crypto market finds a clear bottom and begins to build up strength, we could see DOGE climb back up in value.
Can DOGE go over $1?
It's important to understand that $1 is an important physiological level for Dogecoin, meaning DOGE will need quite some momentum to exceed this price point. However, as crypto adoption increases, it could be possible.
Can you still mine Dogecoin?
As a fork of the Litecoin network (which itself is a Bitcoin fork), Dogecoin uses the proof-of-work consensus mechanism and can be mined. While this could change later down the line, it seems unlikely for the foreseeable future.
