Is It Too Late to Buy Dogecoin in 2024?

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 2024? 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 8, 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
• Dropped to $0.1702 by December 2021
• Fell further to $0.049 in June 2022 – it’s lowest point of the year
• Spiked to a high $0.15 in October 2022 following Musk’s takeover of Twitter
• Has not been above $0.10 since December 2022
• Brief rise in price to $0.09 after an ‘April Fool’s Joke’ by Musk where he changed the Twitter logo.

Dogecoin Performance in 2022 and 2023

Given the above information, is Dogecoin still a good investment in 2024? 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.

In fact, DOGE has now failed to break $0.10 since December 2022 and has mostly ranged between $o.07 and $0.09. Any good news has been related to Tweets from Elon Musk – such as when the price spiked as part of an ‘April Fool’s Joke; in April 2023 when he briefly changed the Twitter logo to a Shiba Inu dog.

In June 2023, Musk was named in a class action lawsuit by Dogecoin investors that accused him of insider trading that manipulated the price of the token.

Despite continued rumors, there has also been zero confirmation that Twitter – now X – will adopt DOGE as a form of currency or for payments on the platform.

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 has produced market-beating returns in the past. 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: 2023 was similarly challenging for Dogecoin, and the coin witnessed a 26.4% price surge in the last 30 days, holding a market cap of $10,537,600,344. We could see the Dogecoin price reach $0.09 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 a best-case scenario of DOGE returning to its all-time high level of $0.73 in 2030 – a 983% 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. 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 around $10bn. 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 penny crypto, 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.

At the time of writing, however, there have been no suggestions that Musk is ready to accept DOGE as a payment method on the platform.

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

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.

He has since been named in a class action lawsuit accusing him of manipulating the DOGE price, as outlined above.

Mark Cuban

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

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.

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:

Wall Street Memes – New Meme Coin with $25 Million Raised in Presale

Wall Street Memes ($WSM) is a new meme coin that has enjoyed an incredible presale so far – launched just 11 weeks ago, WSM has already raised almost $25 million and looks set to take the market by storm when it reaches exchanges.

The project has been developed by the Wall Street Memes group, which has huge experience in the crypto space and has built a loyal social media following of more than a million.

They previously released the Wall Street Bulls NFT collection on Ethereum – which sold out in just 30 minutes – and another on Bitcoin Ordinals to huge success.

Their X (Twitter) page is even popular with Elon Musk, who has interacted with it on a couple of occasions, with the page regularly seeing huge engagement for its memes.

Amid the recent meme coin frenzy which has seen the likes of Pepe coin pump thousands of percent, Wall Street Memes could be next as a project with huge social kudos and solid tokenomics.

The project has a small supply of just 2 billion tokens, with 50% of those available to purchase through the presale.

Another 30% will be reserved for community rewards – which includes a huge $50,000 airdrop which is currently running – with the final 20% of tokens reserved for liquidity on exchanges.

The project has also announced it will offer a robust staking service for its Ethereum-based token, which should incentivize holding and will also reward the community.

Wall Street Memes (WSM) - Newest Meme Coin

Our Rating

• Community of 1 Million Followers
• Experienced NFT Project Founders
• Listed On OKX
• Staking Rewards

Visit OKX

PlayDoge Presale Tokens

Another interesting project to consider if you enjoy doge aesthetics is the PlayDoge presale token. This highly anticipated token is tied to the PlayDoge P2E mobile game reminiscent of the old Tagamochi virtual pet devices. Basically, you look after your virtual pet just like you would a real one and use $PLAY tokens to reward it. PlayDoge is one-of-a-kind nostalgic Doge journey.

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