Dogecoin needs no introduction, as this meme coin sensation produced quadruple-digit returns for investors in mid-2021. Although the coin had no real utility, retail investors still clamored to get their hands on DOGE – highlighting the remarkable power of social media ‘hype’.
But is it too late to buy Dogecoin in 2023? To answer this question, we take an in-depth look at the coin’s price history and present some value forecasts for the years ahead. We’ll also explore where investors can buy DOGE today before highlighting some alternative cryptos that may be worth considering.
Dogecoin Price History
Those who wonder, “Is it too late to invest in Dogecoin?” are often in awe of the coin’s previous exponential moves – yet fail to understand what the coin is and how it arrived at this point. Thus, it’s essential to provide a comprehensive overview of Dogecoin’s history before diving into our price forecasts.
As defined by Coinbase, Dogecoin is a light-hearted cryptocurrency designed as an alternative to other coins back in 2013. Dogecoin was created by two software engineers, Billy Markus and Jackson Palmer, and was initially thought of as a “joke”.
In the years following its creation, Dogecoin seemed to trickle along, experiencing few substantial value increases. However, the coin never really sustained its momentum – mainly because most investors didn’t take it seriously.
It wasn’t until early 2021 that Dogecoin solidified itself as the best meme coin on the market. Between January 2021 and February 2021, the DOGE price rocketed by over 1,000%. This was around the same time as the GameStop short squeeze, so the price pump was mainly caused by retail traders buying DOGE as a joke.
Around this time, investors began to ask, “Is Dogecoin still worth buying?” – and the answer was a resounding yes. From April 2021 until May 2021, the price of Dogecoin rocketed by another 1,268% due to the coin hitting the mainstream media. According to data from CoinMarketCap, this resulted in DOGE reaching an all-time high of $0.7376 on May 8th 2021.
Unfortunately, this high was fleeting. Investors soon realized that Dogecoin had no actual use cases – and a broad sell-off occurred. This led to DOGE losing 77% of its value between May 2021 and December 2021.
Dogecoin Highs & Lows
- High of $0.00095 in December 2013 – a 300% increase in three days
- High of $0.017 in January 2018
- High of $0.086 in February 2021 – a 1,000% increase in two weeks
- Low of $0.043 in February 2021
- An all-time high of $0.7376 in May 2021 – a 1,268% increase in less than one month
Dogecoin Performance in 2022
Given the above information, is Dogecoin still a good investment in 2023? Like most (if not all) of the best altcoins, Dogecoin has had a rough time of late. The combination of rising inflation and interest rate increases has created a challenging environment for investors – leading them to avoid risky assets like DOGE.
Between January 2022 and June 2022, Dogecoin lost around 71% of its value. This culminated in the price of DOGE dropping as low as $0.049. To put this into perspective, this is the same price that Dogecoin was at before the considerable price increase in April/May 2021.
Crypto traders wondering what to invest in right now were actively avoiding Dogecoin, whilst those already holding DOGE were opting to liquidate their coins. This meant that Dogecoin’s trading volume was muted between June 2022 and October 2022, with the price struggling to find momentum in either direction.
However, this all changed in late October 2022 when Elon Musk’s takeover of Twitter was finally completed. Following the takeover, the price of Dogecoin rocketed by 165% in less than a week, hitting a high of $0.15. Again, this high was short-lived, and Dogecoin’s value immediately retraced. At the time of writing in November 2022, the Dogecoin price is hovering around the $0.088 level.
Dogecoin Price Prediction 2023, 2025, 2030
So, is it still a good time to buy Dogecoin? The answer to this question depends on what investors are looking for. As shown in the previous sections, Dogecoin can produce market-beating returns. However, the coin’s price is also highly volatile, meaning it’s not suitable for those with a low appetite for risk.
Those looking to invest $1,000 into a highly-speculative crypto-asset may find DOGE appealing, as the coin will likely still experience bullish spikes in the future. These spikes will probably be fuelled by ‘buzz’ on social media and buying power from retail traders, meaning that although they may provide exceptional returns, it’s doubtful that any momentum will be sustained.
However, it’s also worth noting that this forecast could change if Dogecoin offered some real-world utility. The lack of utility has been a clear roadblock to DOGE’s progress, meaning that price increases aren’t based on anything of substance.
With those points in mind, presented below is our Dogecoin price prediction for the years ahead:
- End of 2023: We believe that 2023 will be similarly challenging for Dogecoin, as it’s expected that market sentiment will remain negative. For this reason, we estimate DOGE could have a value of $0.15 by the end of 2023.
- End of 2024: Due to its meme coin status, Dogecoin will likely remain the best crypto to buy on Reddit. Thanks to this community backing, we forecast Dogecoin to be valued at $0.29 by the end of 2024.
- End of 2025: By 2025, the crypto market should have recovered sufficiently, and trust will likely have been restored with investors. The positive effects could help Dogecoin reach the $0.44 level by the end of 2025.
- End of 2030: For Dogecoin to have any sustainable price momentum, we’d need to see further use cases added that provide a reason for investors to own DOGE. If this occurs, we could see the DOGE price return to the $0.73 level by 2030 – a 733% increase from today’s price.
Dogecoin Utility – How Could It Be Used in the Future?
Those wondering, “Should I still invest in Dogecoin?” will likely be enthralled by the coin’s previous returns. Yet historical performance isn’t a reliable predictor of future performance, so it’s essential to take a closer look at the coin’s utility to provide insight into its future value.
Although Dogecoin was likely the fastest-growing cryptocurrency in 2021, it has struggled to maintain its momentum due to a lack of utility. Like Bitcoin, Dogecoin relies on a Proof-of-Work (PoW) consensus protocol to verify transactions. As many will know, this verification method is energy-intensive and is a massive contributor to carbon dioxide (CO2) emissions.
Due to this, it’s difficult for Dogecoin to stand out in the oversaturated crypto market. The coin’s consensus protocol is deemed outdated, and there are much-more eco-friendly cryptos out there. Moreover, Dogecoin’s only real use case is to send money/make payments – but most people will opt to use BTC or another top digital currency.
At the time of writing, DOGE has a market cap of over $11.7bn. It’s hard to justify this market cap, given the coin’s lack of use cases and meme coin status. In fact, Dogecoin is only accepted by around 2,000 merchants worldwide as a payment method, most of which are small online retailers or gambling firms.
However, those wondering, “Is Dogecoin still worth investing in?” must be aware of one wildcard – Elon Musk. Musk has tweeted about Dogecoin several times, even stating that it was perhaps his “fav cryptocurrency” back in 2019. Moreover, Musk has even opted to accept DOGE as payment for select items of Tesla merchandise.
So, for Dogecoin to reclaim its title as the best crypto under $1, we’d need to see Elon Musk embrace the coin once more. Following Musk’s takeover of Twitter, there have been rumors that the billionaire may somehow implement DOGE into the platform. Although there’s currently no basis for these rumors, it would provide Dogecoin with some much-needed utility if this did occur.
Is It Too Late to Buy Dogecoin – What the Experts Say
The question “Is it too late to buy Dogecoin?” is asked regularly on social media sites such as Reddit and Twitter. However, regardless of whether DOGE has long-term value, the coin remains popular with A-listers and high-profile names. With that in mind, let’s take a closer look at what some media personalities have had to say about Dogecoin:
Elon Musk is commonly thought of as the ‘Dogefather’ since he was the first ‘expert’ to discuss Dogecoin publicly. Although most of Musk’s DOGE-related discussions revolved around memes, he did note his support for the coin on several occasions.
For example, Musk once described Dogecoin as “the people’s crypto”. Moreover, Musk famously went on Saturday Night Live (SNL) and made a joke about Dogecoin. Unfortunately, the joke didn’t have the desired effect, and Dogecoin’s price plummeted soon after.
Mark Cuban is an American billionaire and one of the ‘sharks’ on Shark Tank. Cuban is best known for owning the Dallas Mavericks basketball team and has a reported net worth of over $5bn.
In an article by CNBC, Cuban was quoted as saying that Dogecoin’s community is the “strongest” when the coin is being used as a medium of exchange. In addition, Cuban also began accepting DOGE as payment for Dallas Mavericks tickets and merchandise in 2021, alongside other significant cryptos.
Snoop Dogg is an American rapper that has sold over 35 million albums worldwide. As one of the first celebrities to make money with NFTs, Snoop Dogg has had a close link to the crypto market – even getting involved in the Dogecoin craze in 2021.
Snoop posted a famous tweet of a photoshopped version of an album cover with the Dogecoin logo in February 2021, titling it ‘Snoop Doge’. Elon Musk was also named in the tweet, which ended up amassing over 209,000 likes and 38,000 retweets.
Where to Buy Dogecoin
Throughout this article, we’ve explored the question of “Is it too late to buy Dogecoin?” in detail. Yet it’s also important to discuss where investors can actually buy DOGE safely and cost-effectively.
Although there is now an abundance of trading platforms that offer Dogecoin as a tradable asset, one of the most widely used is eToro. eToro is an online broker offering CFD and ‘real asset’ trading, boasting over 28 million clients. One of eToro’s key strengths is its high safety level, bolstered by regulation from the FCA, ASIC, CySEC, FinCEN, and FINRA.
eToro offers 78 coins for clients to trade, including Dogecoin, Bitcoin, Ethereum, and a selection of altcoins. Clients simply need to pay a 1% transaction fee when buying or selling these coins, plus the bid/ask spread. Since eToro offers a fractional investing service, the minimum investment amount is only $10.
As one of the best trading platforms for beginners, eToro accepts deposits from as little as $10. USD-denominated deposits can be made for free using a credit/debit card, bank transfer, or e-wallet – such as PayPal, Skrill, or Neteller. eToro even offers a free crypto wallet app for those looking to store their DOGE holdings post-purchase.
eToro’s clients can trade on the dedicated mobile app or the browser-based platform, featuring real-time price charts, technical indicators, and a comprehensive newsfeed. Finally, eToro even offers a free demo account with $100,000 in virtual funds – ideal for beginners seeking to gain crypto market experience.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Is It Too Late to Buy Dogecoin? Our Conclusion
Putting everything together, is Dogecoin still going up, or is it doomed to continue its downtrend? Unfortunately, Dogecoin can no longer be considered one of the most promising cryptocurrencies due to its dramatic fall from grace. Moreover, the current market conditions make recommending DOGE as a viable asset challenging.
In our opinion, Dogecoin is unlikely to have any real long-term value. There’s no doubt that Dogecoin can still provide returns – yet these returns will be unpredictable and fuelled by temporary social media hype. Taking advantage of Dogecoin’s rapid price spikes will involve a great deal of luck and fortunate timing.
Those seeking quadruple-digit returns will likely find that these days are in the past for Dogecoin. The coin’s lack of utility and outdated consensus mechanism has made other altcoins more appealing. Furthermore, the meme coin niche seems to have moved on from DOGE – meaning our stance on Dogecoin is bearish rather than bullish.
Coins to Consider Buying Instead of Dogecoin
Those looking for the best crypto to buy in the crash may naturally gravitate towards DOGE due to its community backing. However, there are other coins out there with better use cases and higher value potential. With that in mind, let’s take a closer look at two of these projects that have been making waves in recent weeks:
1. Dash 2 Trade (D2T) – Revolutionary Crypto Analytics Platform with Valuable Tools
The first of these projects is Dash 2 Trade. Dash 2 Trade is an intelligence platform designed for use in the crypto market, containing an array of tools, features, and services that help traders make better decisions. Not only is Dash 2 Trade ideal for those looking to trade established coins, but the platform also features a custom-built presale scoreboard for new launches.
Within the Dash 2 Trade ecosystem, users can benefit from trading signals, backtesting features, on-chain analysis, and a fully-fledged strategy builder. Dash 2 Trade will also boast an abundance of real-time data points – and will even enable traders to use an API to automate the trading process.
Dash 2 Trade’s whitepaper shows that D2T will serve as the ecosystem’s native token. D2T is required to access Dash 2 Trade’s paid tiers, which contain the top features. However, Dash 2 Trade will also have a free tier that lets traders get a feel for what that platform has to offer.
Although the project has yet to be released, early investors can buy Dash 2 Trade tokens through the ongoing presale. More than $6.3m has been raised already – and the token has even been picked up by leading CEXs LBank and BitMart for once the presale ends. Those looking to keep tabs on Dash 2 Trade can do so via the official Telegram channel.
|Presale Started||October 19|
|Purchase Methods||ETH, USDT, Transak|
|Min Investment||1,000 D2T|
Dash 2 Trade - New Gate.io Listing
- Also Listed on Bitmart, Changelly, LBank, Uniswap
- Collaborative Trading Platform Token
- Featured in Bitcoinist, Cointelegraph
- Solid Proof Audited, CoinSniper KYC Verified
- Trading Community of 70,000+ Members
2. RobotEra (TARO) – Exciting Metaverse Project with Limitless Potential
Another project worth considering instead of Dogecoin is RobotEra. RobotEra is a brand-new metaverse project that combines NFTs, virtual land, and structure-building gameplay. Within RobotEra’s world, players can create avatars (called ‘Robots’), which they can use to explore and gather resources.
Players can use these resources for various tasks, such as creating ‘Robot Companions’, building structures using the RobotEra Editor, or even to sell on the in-game marketplace. Most of the items players can find in the RobotEra world are structured as NFTs, meaning they are easily tradable using TARO.
According to the RobotEra whitepaper, TARO is an ERC-20 token that players can use to trade NFTs or participate in the project’s governance. Players will also earn TARO through various in-game activities – and there will even be a dedicated staking service to enable players to generate regular passive income.
For more information about this innovative metaverse crypto project watch the following video by the popular YouTuber Jacob Crypto Bury:
RobotEra’s presale phase has just kicked off and is backed by LBank Labs, highlighting this project’s potential. Early investors can buy TARO tokens through the presale at a discounted price of just 0.020 USDT, although this will rise once the 90 million token allocation has been sold. Those interested in RobotEra can keep track of its progress by joining the official Telegram channel.
|Presale Started||Q4 2022|
|Purchase Methods||ETH, USDT|
|Min Investment||1,000 TARO|
RobotEra - Next Big Metaverse Game
- Backed by LBank Labs
- Buy, Trade and Develop NFT Land
- Doxxed Professional Team
- TARO Token on Presale Now - robotera.io