Is It Too Late to Buy Dogecoin in 2024? Updated in May] (2024)

Dogecoin is the first meme coin ever created. Launched in 2013, Doge is now a decade old and enjoys significant popularity among crypto enthusiasts. Dogecoin is currently the 8th largest crypto by market capitalization. So, is it too late to buy Dogecoin now? Can an investor still jump on the Dogecoin bandwagon and benefit from the Dogecoin price gains? Let’s find out.

Is It Too Late to Buy Dogecoin? A discussion

Dogecoin is an open-source, peer-to-peer cryptocurrency created as a lighthearted alternative to pioneering cryptos such as Bitcoin and Ether.

It may not be too late to buy Dogecoin, after all. First, the cryptocurrency market is buoyed by the broader acceptance of cryptos as an investment alternative. The increased acceptance of cryptos is being led by the Bitcoin ETF approval in the US, followed by Bitcoin and Ethereum ETF approval in Hong Kong. The Bitcoin halving event has further boosted the global crypto narrative.

Crypto experts believe that Bitcoin and Ethereum are all set for a bull run and the broader crypto market will also benefit from the gains. Additionally, the popularity of memecoins in general favors DOGE, not to mention the backing of Elon Musk. This makes Dogecoin worth buying.

Dogecoin Price History

Dogecoin debuted in 2013 and turned 10 in December 2023. Doge prices have been volatile for most of its history.

Doge hit its lowest of $0.0000869 on May 6, 2015, and then rose to its all-time high of $0.74 on May 8, 2021. Doge’s current market capitalization stands above the $18 billion mark.

While we don’t want to add fuel to the chatter, May seems like an important month for Dogecoin price movement. So, look out for Dogecoin prices now for this month.

How Did Dogecoin Perform in 2023?

The Dogecoin price remained relatively stable in 2023. While the coin saw noticeable price movement in February 2023, the prices did not spike or slump significantly last year. Doge, Elon Musk’s favorite token, appears to be maturing with time.

How Much Is Dogecoin Price Right Now?

Please visit DOGE on CoinSwitch to know the Dogecoin price right now. You also get to know the DOGE to INR price here. Check the price now to make a buy or sell decision.

Is Dogecoin a Good Investment?

Doge may prove to be a good investment in 2024 and beyond. But you should ensure that Doge fits your investment style before you make the decision. Some argue that the cryptocurrency has no utility. But the Dogecoin community and developers point out that it has multiple use cases. Some online retailers accept it as payment and it stores value, they argue. For perspective, even the pioneering Bitcoin did not have much utility initially before the blockchain brought in improvements, enhancing its use cases.

Therefore, DOGE could be a good investment alternative for speculative investors with a medium to high-risk appetite.

Speculative Investments

Dogecoin is an affordable cryptocurrency, priced around ₹12. DOGE’s price makes it a popular asset for trading and short-term investment. But DOGE has displayed great price volatility in the past. This makes DOGE a high-risk, high-return investment. The risk profile of DOGE makes it a speculative investment.

Dogecoin investors speculate on its price movement, hoping that they will get huge returns by making relatively small investments.

Dogecoin Price Prediction 2024–2030

Predicting prices for any asset requires a deep understanding of the market, fundamental knowledge of the asset, and technical analysis. CoinSwitch has published a detailed blog post on price prediction for Dogecoin. Click on the link to learn about the expected Dogecoin price trajectory in the coming months and years.

Is It Too Late to Buy Dogecoin — What the Experts Say

Just like the Bitcoin fear and greed index, there is a DOGE fear and greed index which is an indicator of the market sentiment for Dogecoin. The current reading of the DOGE fear and greed index is neutral, making it a good buying opportunity, crypto experts say.

Additionally, Doge has been around for over a decade and has stood its ground through the crypto market’s highs and lows. This makes DOGE a good buy.

How Could Dogecoin be Used in the Future?

Dogecoin is a pure cryptocurrency. Like fiat currency, DOGE’s only use case is as a payment option. Doge’s current use case is its use as currency while making payments or receiving them and this is also the use case that will continue in the future.

The Dogecoin in circulation will increase as its acceptance as payment currency goes up.

Where to Buy Dogecoin

Dogecoin can be bought and sold on CoinSwitch, India’s largest cryptocurrency platform with over 2 crore users.

Is It Too Late to Buy Dogecoin?

From the foregoing discussion, it is safe to say that it is not too late to buy Dogecoin. DOGE continues to be a promising cryptocurrency and the only meme coin among the top 10 cryptos by market capitalization. But investors should consider DOGE only if a highly volatile meme coin suits their risk appetite.

Which Cryptocurrencies Will Make Good Alternatives to Dogecoin?

Dogecoin was the first meme coin ever created. Since DOGE’s launch in 2013, several meme coins have been launched. The other tokens from the memecoin universe can be used as DOGE alternatives. These coins are:

• Pepe coin
• Shiba Inu
• BONK
• Dogwifhat (WIF)

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