Should I Invest in Dogecoin? The Verdict for 2022

Like any cryptocurrency, buying Dogecoin doesn’t guarantee huge profits for investors and no individual trade will be the one you can retire on. The path to trading profitably is a long road and it took me a long time to realize what I needed to do to get there.

DOGE dates back to 2014, making it even older than Ethereum, which launched in 2015. But unlike most cryptocurrencies, its team never had high hopes of it becoming the next big currency or changing the world.

Since it’s based on bitcoin, in theory, DOGE would be classed as an alternative currency. Plus, Elon Musk recently started accepting Dogecoin as a payment method for Tesla merch, which seems like the use case he foresees. 

How Is Dogecoin Used?

However, if any cryptocurrency deserves to be accused of being nothing more than a speculative asset, Dogecoin should be the one to take that title. It’s now inspired a whole new category of cryptocurrencies: meme coins.

You might know of the Shiba Inu coin (SHIB) already. Still, there’s now a whole host of almost-identical cryptocurrencies, including Dogelon Mars (ELON) and Woof Coin (WOOF), but whether you can buy them on your chosen exchange is another matter altogether!

Despite being around since 2014, Dogecoin went pretty much unnoticed for the first six years of its existence. When Dogecoin launched, its price was $0.0002, which didn’t change significantly until 2021. In February 2021, the coin enjoyed what at the time seemed like a big jump up to $0.079. 

Dogecoin Price History

Little did anyone know that this was just the beginning. In May, it reached an all-time high of $0.67, representing a return of 334,900%. Why, you ask? The entire crypto market was enjoying a boom during this period (like NFTs are seeing now), and many cryptocurrencies benefited from it, so this was undoubtedly a factor.

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