Should I Now 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.

What is Dogecoin?

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.

How is Dogecoin Used?

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.

Dogecoin Price History

When Dogecoin was 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.

Should I Invest in Dogecoin?

Let’s start on a pessimistic note. If you’re looking for a surefire way to grow your investments, other cryptocurrencies arguably have more inherent value and should therefore be less risky.

Here are a few aspects to take into consideration.

Cultural Capital

If you feel an illogical pull toward Dogecoin that you just can’t shake, you’re not the only one. Some might say it’s just a joke, but DOGE gained traction by taking inspiration from a meme and using it to give a middle finger to both the financial system and cryptocurrencies that take themselves too seriously.

Profit on Market Irrationality

You can see Dogecoin as a 100% rational movement for the people, or it is the perfect example of how irrational the markets are. If it’s the latter, this could potentially be a way to make money.

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