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Is it too Late to Buy Dogecoin Today in 2024? Expert Analysis

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is it too late to buy dogecoin

Whereas Dogecoin was one of many fastest-growing cryptocurrencies in 2021, the asset has since traded under its all-time excessive of that yr, even with its fundamental backer Elon Musk buying Twitter (now X).

On this information, we’ll reply the query ‘is Dogecoin nonetheless a very good funding’, forecast a Dogecoin value prediction spanning 2023 to 2030, and share a DOGE different that might carry out properly over the approaching months.

Is it too Late to Purchase Dogecoin?


Is it too late to purchase Dogecoin as we speak? With DOGE dropping in 2022 to ranges final seen in 2020, then bouncing in 2023, this query is changing into more and more widespread amongst buyers.

There are numerous components influencing the worth of DOGE at current in addition to the meme coin’s future progress potential. We’ll discover all these points later on this information – as a fast preview, DOGE grew too rapidly, high-inflation charges restricted shopper crypto spending, and uncertainty arising from macro financial circumstances have held again Bitcoin on the $30k resistance degree.

Regardless of these points, we consider that it isn’t too late to purchase Dogecoin as we speak. The asset will seemingly get well alongside the broader crypto market and even soar to new heights if Elon Musk makes use of the main meme coin as a part of Twitter’s cost system.

Purchase DOGE on MEXC

Dogecoin Value Historical past


Dogecoin was launched in 2013 first priced at a fraction of a cent, initially tracked by CoinMarketCap with a value of $0.0003, and buying and selling as little as $0.0000869 even properly into 2015.

Dogecoin (DOGE) caught merchants’ consideration when it shot up in worth by over 1,250% throughout 2021, hitting $0.74 following frequent promotions from Tesla’s CEO, Elon Musk, and his look on Saturday Evening Dwell (SNL). Since then, DOGE has largely struggled to offer buyers with excessive returns since that meteoric pump.

Doge Price Chart

After slowly dropping worth all through the second half of 2021 and the early months of 2022, DOGE plummeted by round 42.75% in late Might 2022, hitting $0.0875. Following this collapse, the token traded inside a spread between $0.0567 and $0.0747 till late October.

As information of Elon Musk’s Twitter acquisition circulated, buyers piled into Dogecoin, speculating that the DOGE token would change into a usable foreign money on the social media platform, an comprehensible conclusion contemplating Musk’s plans to monetize Twitter and his sentiment in the direction of DOGE.

When DOGE shot up by near 100%, buyers went wild questioning, ‘ought to I nonetheless put money into Dogecoin?’ Nonetheless, following the collapse of the FTT token and subsequent buy of the alternate by Binance, the vast majority of DOGE’s beneficial properties have been retraced.

Then Elon Musk’s April 2023 transfer to modify Twitter’s chook icon with Dogecoin’s canine emblem pushed the DOGE value again nearer to its $0.1 mark. When he reversed that nevertheless, DOGE crashed.

As of late 2023, the Dogecoin value is buying and selling at round $0.07, barely above its yearly lows of simply over $0.06.

Dogecoin Highs and Lows

To make it easy for buyers questioning is Dogecoin nonetheless going up? we’ve summarized the numerous highs and lows of DOGE.

  • 2013 to 2017 – Because the launch of Dogecoin, the asset struggled to develop, buying and selling for roughly $0.0003
  • 2017 to 2020 After gathering a little bit of traction, the DOGE token rose up in worth buying and selling for between $0.0025 and $0.003.
  • Q1 2021 – DOGE grew to become one of many fastest-growing cryptocurrencies following Elon Musk’s endorsements of the digital asset, climbing to a excessive of $0.74.
  • Q2 2021 to Q2 2022 – DOGE slowly misplaced worth ultimately dropping to roughly $0.0875.
  • Q3 2022 to This autumn 2023 Regardless of just a few transient pumps, DOGE remained largely dormant till late October when information of Musk’s Twitter takeover induced the asset to surge. Nonetheless, DOGE rapidly dropped following the collapse of FTX.
  • Q1 2023 to Q3 2023 – Bitcoin’s bounce in Q1 2023 fuelled the expansion of different altcoins, together with DOGE, which went from $0.07 to $0.098 earlier than a correction. Now with Bitcoin discovering resistance at $30k, DOGE has retraced to $0.07.

How Has Dogecoin Carried out in 2023?


As is commonly the case with belongings which have loved a big upward transfer over a brief time frame, DOGE has been falling in worth rapidly alongside the broader crypto market, testing key areas of assist on its means down.

Dogecoin remains to be properly under its ATH properly into 2023, however to reply the query is it too late to purchase DOGE, it’s vital to know the the reason why.

Crypto Market Struggles

In one thing of a suggestions loop, as extra folks and establishments started to put money into crypto throughout 2021, costs surged as demand outpaced provide. Nonetheless, as costs continued to climb, the variety of consumers decreased whereas the variety of sellers elevated as long-time buyers started to money out positions that have been in sizable revenue.

As soon as the variety of sellers grew bigger than that of consumers, the worth of key belongings like Bitcoin and Ethereum started to fall, taking the very best altcoins like DOGE with them. Mixed with file ranges of inflation and debt following the Coronavirus pandemic, this led your entire crypto market on a pointy downward spiral, with costs of most belongings hitting ranges not seen since 2020.

Investor Hypothesis

As 2021 noticed numerous freshmen enter the crypto market, there was a pure gravitation towards cryptos with excessive upside potential like DOGE as new market individuals hoped that they may attain comparable earnings mentioned in headlines all year long.

Whereas this hypothesis helped to pump DOGE, as soon as the market started to show bitter, buyers rapidly misplaced confidence and offered their belongings, inflicting DOGE to drop quickly within the midst of immense promoting stress.

This sell-off was worsened by Musk distancing himself from crypto, promoting 75% of Tesla’s BTC holdings in addition to macroeconomic components like file inflation and mass uncertainty ensuing from Russia’s invasion of Ukraine and rising tensions within the Center East.

What Does This Imply for DOGE?

Though persons are asking is it too late to purchase Dogecoin as we speak, issues appear to be selecting up. DOGE has constructed an especially robust assist at $0.05 – $0.06, and following Bitcoin’s transfer to the $30,000 degree DOGE retested the $0.10 area.

Moreover, Elon Musk is now on the helm of X and introduced plans to start charging for varied options. If Musk decides to make the most of DOGE for funds, we may see the asset explode, making DOGE the most effective crypto winter tokens.

To summarize for these questioning is it nonetheless a very good time to purchase Dogecoin, whereas the asset fell over 90% from its all-time excessive to its 2022 low, DOGE appears to have discovered a backside. As such, if the market continues to get well this yr, we may see the Dogecoin value develop alongside it.

Dogecoin Value Prediction 2023-2030

Whereas Dogecoin has had a hard yr, the longer term continues to look vivid for the meme coin. Whereas Bitcoin dropping in value since 2021 has had a damaging influence on DOGE, many buyers have begun to name a market backside, that means that we may begin to see some progress as soon as once more pushing DOGE into the realm of the highest crypto gainers.

DOGE support and resistance

Elon Musk’s possession of X will seemingly play a big position in the way forward for Dogecoin – that takeover resulted within the fast pump proven above, though the DOGE value has since retraced.

As essentially the most extensively recognized proponent of Dogecoin, Musk may proceed to sway the market. The CEO’s actions over the approaching months will drastically affect the reply to the query ‘is Dogecoin a very good funding?’

One of many fundamental attracts to the Dogecoin community is the cryptocurrency’s use as a quick and low-cost transactional crypto. Whereas quite a few platforms have begun to just accept the coin, continued adoption can be instrumental within the progress of DOGE.

  • Finish of 2023 – With a while for the cryptocurrency market to seek out its backside and commenced to select up, we may see the worth of DOGE start to reclaim key assist/resistance zones. Essentially the most vital resistance degree above the present value of DOGE could also be $0.17.
  • Finish of 2024 – By the top of 2024, it appears seemingly that the crypto market will as soon as once more present indicators of positivity, serving to to spice up belongings like DOGE. Because the variety of buyers climbs and buying and selling volumes enhance, DOGE may hit roughly $0.326
  • Finish of 2025 – It appears seemingly that DOGE can be attempting to construct an space of assist round its earlier all-time excessive of $0.74 earlier than a transfer upward. Nonetheless, consideration from Elon Musk or an extreme variety of DOGE tokens getting minted may ship this determine larger or decrease.
  • Finish of 2030 – Because the cryptocurrency market matures, and DOGE adoption will increase, it may pump massively making it the very best long-term crypto. This might take the worth of DOGE above its earlier all-time excessive and ship the asset towards the important thing psychological resistance zone of between $1 and $1.20.

Purchase DOGE on MEXC

How May Dogecoin be Used within the Future?


Intrinsic worth is maybe the only largest driving power behind the worth of an asset, whether or not crypto-based or in any other case. Because of this, understanding what Dogecoin affords when it comes to utility is essential to answering the query ought to I nonetheless purchase Dogecoin.

Whereas being one of many oldest makes use of for Dogecoin, tipping remains to be one of many main makes use of for the token many think about to be the very best crypto below $1. As crypto adoption grows, it appears seemingly that DOGE tipping will change into more and more commonplace.

dogecoin manifesto

Branching from its use as a tipping foreign money, DOGE additionally has potential as a payments-focused undertaking. Just like XPR or XLM, DOGE boasts extraordinarily quick settlement instances and affords low-fee transactions, making it a wonderful selection for cash transfers.

Earlier than questioning is it too late to purchase Dogecoin as we speak, it’s price contemplating its sensible contract potential. A community generally known as Dogechain has been created lately, bringing sensible contract capabilities to the meme coin. Whereas not an official collaboration, if Dogechain turns into established, we may see it applied into the official Dogecoin ecosystem.

What Specialists Say on Whether or not it’s Too Late to Purchase Dogecoin


To assist our readers reply the query is it too late to put money into Dogecoin, we’ll be having a look on the ideas of some completely different distinguished figures within the cryptocurrency group.

Susannah Streeter, an funding and markets analyst with the main agency Hargreaves Lansdown, advised readers of the Wall Road Journal that there may not even be a very good time to put money into DOGE. The revered analyst appreciated investing in meme-based belongings like DOGE to playing slightly than investing.

DOGE technical indicator

Whereas Streeter shared a slightly bleak outlook, crypto swaps platform Changelly shared rather more constructive findings. in an article, the platform indicated that DOGE is at the moment a robust purchase and will climb as excessive as $0.19998 by 2023 and even additional towards $2.71 as early as 2030.

Capital.com additionally shared its ideas on the way forward for Dogecoin, providing a balanced opinion. The funding platform shared its Dogecoin value prediction, highlighting figures from a myriad of analysts. The final consensus was that whereas Dogecoin may enhance in worth, any constructive transfer must happen over the long run.

The place to Purchase Dogecoin


Naturally, buyers in search of a solution to the query is Dogecoin nonetheless price investing in might want to know the place to purchase Dogecoin. We’ve shared our choose for the very best DOGE alternate under.

MEXC – Purchase DOGE with 0% Spot Market Charges

MEXC is a full-fledged crypto alternate with instruments to cater each to freshmen and seasoned merchants. You should buy DOGE inside a couple of minutes both through financial institution or SEPA switch or a bank card buy.

Those that wish to develop their DOGE cash in a low-risk method can stake their cash by locking them for a sure time frame to earn 1% APR. Those that wish to take some danger can commerce on the spot market with 0% charges, or on the futures market with 0% charges for restrict orders and 0.02% charges for market orders, which is by far the bottom charges you pay with a crypto alternate.

MEXC homepage

To extend your probabilities of success, MEXC affords superior buying and selling charts and instruments, a few of that are built-in with TradingView. There are copy buying and selling options as properly the place you may copy profitable merchants with out doing any guide work.

Furthermore, if you wish to rapidly purchase a coin however you don’t have the funds out there for the time being, use your crypto belongings as collateral and borrow towards them with MEXC Loans. This comes with low rates of interest, calculated each day. It may be a helpful software in your crypto endevaurs.

Total, MEXC is the very best crypto alternate to purchase DOGE as a consequence of 0% spot market charges and a number of instruments you need to use to doubtlessly enhance your crypto holdings.

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Is it Too Late to Purchase Dogecoin? Our Verdict


Now that we’ve mentioned the ins and outs of Dogecoin, it’s time we current our verdict on the query is it too late to purchase Dogecoin as we speak.

Wanting on the previous costs of DOGE since its 2013 launch, we are able to get a very good bearing on the general path of the asset. The value of DOGE has steadily risen since its inception and whereas 2021 yielded spectacular outcomes for the meme coin, the token’s worth was closely inflated by speculators attempting to make a fast greenback, resulting in DOGE’s sharp decline.

Dogecoin To The Moon

Whereas contemplating the potential future efficiency of Dogecoin, we decided that the asset has a whole lot of room for progress and is doubtlessly the very best penny crypto to purchase proper now. We anticipate the DOGE may climb to $0.17 by 2024 and will attain as excessive as $1.20 by 2030. This is able to mark a properly over 1,000% enhance from as we speak’s costs.

Though some crypto fanatics declare that DOGE lacks any actual utility, it has potential as a transactional crypto and will worm its means into being a natively supported foreign money on X following Elon Musk’s takeover. If profitable, this might result in a major pump for DOGE.

Nonetheless, the analyst consensus for the way forward for DOGE remains to be largely blended. Whereas some may see the asset explode in worth, others consider that the cryptocurrency will fizzle out as Musk strikes on and losses curiosity within the asset.

So, is it too late to purchase Dogecoin as we speak? In our opinion, the reply is by no means. Whereas it appears seemingly that the street to restoration for DOGE will take a while to transverse, the longer term appears to be like vivid for the meme coin. If Musk implements DOGE into the Twitter ecosystem we may see big progress from the asset. Nonetheless, its standing as a meme coin makes DOGE a high-risk funding.

Purchase DOGE on MEXC

FAQs

Ought to I nonetheless purchase Dogecoin proper now in 2024?

When you’re questioning Dogecoin remains to be price investing in, the reply is probably going sure. Nonetheless, as with all funding, it’s attainable for the worth of DOGE to go up or down. As such, it’s vital to solely make investments what you may afford to lose.

Will Dogecoin ever return up?

The expansion of Dogecoin has been severely hindered by the falling cryptocurrency market. Nonetheless, as soon as the crypto market finds a transparent backside and begins to construct up energy, we may see DOGE climb again up in worth.

Can DOGE go over $1?

It’s vital to know that $1 is a vital physiological degree for Dogecoin, that means DOGE will want fairly some momentum to exceed this value level. Nonetheless, as crypto adoption will increase, it could possibly be attainable.

Can you continue to mine Dogecoin?

As a fork of the Litecoin community (which itself is a Bitcoin fork), Dogecoin makes use of the proof-of-work consensus mechanism and might be mined. Whereas this might change later down the road, it appears unlikely for the foreseeable future.

Disclaimer: Crypto is a high-risk asset class. This text is supplied for informational functions and doesn’t represent funding recommendation. You would lose your entire capital.

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