Please, be aware that this is not financial advice: the content is for informational purposes only.
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.
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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.
If I Invested $1,000 in Dogecoin: How Much Could I Earn?
As reiterated earlier, Dogecoin’s value is up 12,000% since January 2021. Therefore, if you had bought DOGE at the beginning of the year 2021, you would have enjoyed massive gains over the past year. Suppose you bought $1,000 worth of DOGE on January 1st, 2021, when the price of once DOGE was less than a cent, you would have DOGE worth $121,052 according to calculations by CNBC. This is considerably more than Bitcoin and Ether, which grew 95% and 369% respectively.
Is Dogecoin a Good Investment: Reddit
Dogecoin is an inflationary coin. This means that it has an endless supply that just keeps on growing as time goes by. Every year, about 4 billion Dogecoins are added to the overall supply in the market. Therefore, DOGE seems unsuitable for long-term investment. However, whether Dogecoin is a good investment or not, depends on your personal circumstances. DOGE is a high-risk, high-volatile crypto. Evaluate the kind of risk you are prepared to accept before investing.
How Can I Invest in Dogecoin?
Investing in Dogecoin is a pretty straightforward task. Here’s how you can start your investment journey into Dogecoin:
- Consider how much you want to invest in DOGE
- Decide on a cryptocurrency exchange
- Select a payment option
- Place your order
- Store your coins in a wallet
BTC to DOGE Exchange
If you already own some BTC, then you are already halfway to owning some Dogecoins. All you need to do is to find a Dogecoin exchange. We recommend Swapzone to conduct your BTC to DOGE exchange. Not only is it free, but also there is no need for registration. You just choose which cryptocurrencies you want to switch and simply start the process.
Here’s a detailed walk-through on how to buy DOGE at the best rate on Swapzone with BTC:
- Head to the Swapzone website.
- Select the proper pair (BTC to DOGE).
- Input the amount of BTC you want to exchange for DOGE, and the aggregator will find the best deals for you.
- Click on the ‘Exchange’ button that leads you to an exchange platform, and type in the address where you want to send the DOGE coins.
- Use the generated BTC address to send your BTC deposit.
- Head to ‘Proceed with the Exchange’ and – if you want – leave a review of the website you chose to carry out your exchange process.
- Wait for the deposit to be processed and DOGE coin exchange completed.
