There is no doubt that Dogecoin’s performance in 2021 was anything but phenomenal. From its value skyrocketing by almost 12,000% to hitting an ATH (all-time-high) on May 8th, Dogecoin made all the headlines. Since then, Dogecoin has lost over 70% of its value, which presents the question; is it smart to invest in Dogecoin now and how to invest in Dogecoin? Where to exchange or how to buy Dogecoin. Although investing in cryptocurrencies does come with risks, this coin certainly has potential and is worth the look.
What is Dogecoin (DOGE)?
DOGE, or Dogecoin, is a meme-crypto created by Billy Markus and Jackson Palmer in 2013 based on the popular “doge” Internet meme. It was created as a fun, light-hearted crypto that was supposed to poke fun at Bitcoin and the whole idea of digital currencies. However, despite its attempt to make fun of the cryptocurrency industry, Dogecoin captured the hearts of millions of fans all over the world. The reported total value of all DOGE in existence, as of February 2022, is about $18 billion according to CoinMarketCap.
Invest in Dogecoin Now: Yay or Nay?
You’ve probably seen a lot of headlines covering the explosive value of Dogecoin. Or maybe, you’ve heard way too many stories of how people have made life-changing profits off the coin. And now you’re wondering, “Is Dogecoin, currently the 11th most valuable digital asset, worth investing in now?” Let’s find out.
Was Dogecoin a Good Investment in 2021?
Dogecoin’s performance in 2021 was the best for the coin since its launch. At the beginning of the year, DOGE was trading at $0.005685. By February 2021, the coin had surged to a price of $0.034. This rise in price continued all the way to early May, when the coin hit an-all-time high of $0.75. Although the bullish trend has since then stopped, DOGE gained massive profits in 2021, thereby making it one of the best investments in 2021.
Is It Too Late to Invest in Dogecoin Now?
There is no doubt that DOGE has been quite profitable over the last few months. However, as a cryptocurrency, Dogecoin is highly volatile, unstable, and has no real-world utility. Therefore, its behavior is unpredictable in the long-run. However, thanks to Dogecoin’s rise in popularity, more people could continue using and adopting it, fueling some price gains. Considering its high volatility and frequently fluctuating prices, it’s best to invest only what you can afford to lose.
3 Reasons to Invest in Dogecoin
As a new investor, you are probably wondering, “is DOGE worth investing in?” If you are still sitting on the fence about it, here are a few reasons why you should consider investing in DOGE. They include:
- It’s Perfect for Beginners: Dogecoin is a great option for beginners who might want to dip their toes into cryptocurrency investing. At the moment, DOGE is quite affordable at the price of $0.1425. Additionally, because DOGE is highly volatile, it should provide a roller coaster ride that’s fun, scary, and informative for newer investors.
- It has a Unique Market Position: It might not seem like much, but the market capitalization of every coin matters a lot. At the moment, DOGE is a top-tier crypto with a market capitalization of $18.9 billion USD, ranking at position 11. With such a market cap, DOGE’s worth is equivalent to that of top biotech companies.
- It’s Widely Popular: DOGE is insanely popular to the extent that it has caught the attention of celebrities such as Elon Musk and Snoop Dogg. This means that there are new investors entering the DOGE market every day in hopes of making a fortune. Given that the coin is speculative in nature, its popularity is a very critical feature.