A cryptocurrency that started as a joke in the form of a meme, Dogecoin is one of the most popular cryptocurrencies today. Counted among the top cryptocurrencies in terms of its market capitalization, the value of Dogecoin has persisted stably compared to the massive fluctuations experienced by others like Bitcoin.
Incidentally, Dogecoin (DOGE) completed its 10th anniversary last year in December. However, given its extreme popularity and relatively stable movements, the market sentiment surrounding this crypto coin is still positive.
However, many investors, especially beginners, are curious to know if it is already too late to buy Dogecoin. This means they want to find out whether DOGE is still worth their money in 2024. So, let us find out the answer below.
We shall begin by understanding how Dogecoin performed in the recent past, i.e. last year.
Dogecoin’s performance last year, i.e., 2023
As per price chart observations, the price of DOGE continued to be mostly stable over the entirety of last year. The maximum level it touched was towards the beginning of 2023, in February, followed by some more value spikes throughout the year, notably in April, July, and then in November 2023.
Dogecoin’s performance history
Now that we have an idea how DOGE performed in 2023, let us explore the highlights of its trajectory in the years before 2023, since its inception.
Dogecoin has experienced many highs and lows since its launch happened back in 2013. Till now, its lowest price mark was recorded on May 6th, 2015, when it dipped to 0.0000869 USD. Taking cue from what we have mentioned for 2023, if you see the price graph you will find that the price of Dogecoin has been majorly stable and uniform for nearly 7 years till 2020. But DOGE soared and touched 0.682 USD on May 8th, 2021, its highest till now.
Of course, its price movements were totally in tandem with the crypto market – it went up substantially in 2014, but then collapsed four years later in 2018, just like Bitcoin. But as soon as Elon Musk commented about this meme coin on Twitter, in 2021, the value of DOGE shot through the roof by nearly a whopping 340%, to touch 0.032642 USD.
The year 2022 was not particularly significant for Dogecoin – there were no remarkable price swings it experienced, and just went along the general trend of the crypto market. Yet, interestingly, at the end of October 2022, it went on a bullish trajectory, rising upwards to reach a value of 0.1425 USD on November 1st, 2022. This price soar has been explained by crypto experts, as a reaction to Elon Musk’s acquisition of Twitter.
So, is it already late to buy DOGE in 2024?
According to crypto market analysts, it is not really too late for you to buy Dogecoin in 2024, though the market has not been performing that remarkably well. However, they believe that 2024 might be a stellar year for Ethereum and Bitcoin – so if these two perform well the whole crypto market will also do well.
Nevertheless, there are still several exclusive factors that heavily influence DOGE price, like more tweets and comments about this meme coin by Elon Musk. These factors will be the ultimate determinant of Dogecoin’s performance in 2024.
Going by the DOGE Fear And Greed Index, crypto investors can still consider investing in this coin at the moment.
Is DOGE a worthy investment?
Even if you decide to invest in Dogecoin in 2024, will it be worth your money?
Well, experts predict that Dogecoin is likely set for stellar growth in the next five years and might as well touch 1 USD.
However, some analysts are less bullish about this crypto – they feel that Dogecoin might not be worthy as a long-term investment. They feel that DOGE is extremely vulnerable to Elon Musk’s comments and news, so its price is pumped by hype, which can potentially spell disaster for investors.
If you are considering short-term trading, you must be well-versed with cryptocurrencies, to identify your ideal exit position and sell your DOGE holdings. Ultimately, it is all about fulfilling your unique financial targets by balancing your risk tolerance and investment appetite.
