What once started as a joke mocking cryptocurrency quickly became an online sensation and even a top ten crypto coin. That’s right, we’re talking about Dogecoin! This popular memecoin was the first of its kind and made a lasting impact on the crypto industry after a humble launch through Twitter in 2013.
Almost 10 years later, this coin has seen its fair share of ups and downs. From worldwide recognition with the help of Elon Musk to a series of all-time lows and the departure of the coin’s founder, Dogecoin has certainly been on a rollercoaster. But what about the future of this coin? Will Dogecoin experience a new all-time high, or has this dog already had its day?
In this article, we’ll learn all about Dogecoin, find out the history of this coin, and discover whether it is still worth buying in 2023!
What Is Dogecoin?
Dogecoin was the first ever memecoin and was created as a joke to lightheartedly mock the cryptocurrency industry. A memecoin is a cryptocurrency that is based on a meme, and a meme can be considered as a piece of text, image, or video that was created to be relatable and often humorous. Memes spread quickly throughout the internet and were especially widespread around the time that Dogecoin was created.
The meme that Dogecoin is based on consists of a photo of a Shiba Inu dog that was first posted by a Japanese teacher in 2010. The photo of the dog glancing sideways at the camera and seemingly raising his eyebrows was often accompanied by the text ‘DOGE’, which was a purposeful misspelling of the word ‘dog’.
In 2013, Jackson Palmer, a manager in Australia, created Dogecoin as a “fun” version of Bitcoin and never expected it to receive the outstanding response that it did. Soon after, he bought the domain Dogecoin.com and partnered with Billy Markus, a software developer, to build the software behind the memecoin.
The Dogecoin Timeline
Before we dive into the current state of Dogecoin, let’s take a look at a brief timeline of the history of this coin over the past ten years!
On December 6th, 2013, Dogecoin was officially launched, and the coin’s official website Dogecoin.com had over 1 million visitors within the first 30 days. Just a few weeks later, on December 19th, the coin’s price went from $0.00026 to $0.00095 within 72 hours, a 300% jump in value!
But it wasn’t all good news in the early days of Dogecoin. On December 22nd, Dogecoin crashed by 80%, and a few days later, the crypto experienced its first major hack. On December 26th, hackers attacked the online Doge crypto wallet platform, Dogewallet, and stole millions of coins. Fortunately, the hackers only stole around $12,000 worth of coins. However, this was still extremely bad publicity for the Dogecoin team after a promising launch in the previous weeks.
2014 – 2015
To build up a good reputation and draw more attention to the project, the Dogecoin team participated in high-profile acts of sponsorship in the years following its launch. In 2014, they raised over 26 million coins for the Jamaican bobsled team in reference to the classic 1993 film. ‘Cool Runnings’.
Although Dogecoin already had a supportive community, the coin failed to keep its momentum going and reached an all-time low of $0.000108 on August 14th 2014. Less than a year later, Dogecoin founder Jackson Palmer announced a leave of absence from the digital currency community.
2016 – 2020
In the following years, Dogecoin managed to see success, starting with a 238% value hike at the beginning of 2016. The coin continued to hit new all-time highs throughout the next few years, repeatedly catching the public eye through various online trends.
In 2021, Dogecoin reached its current all-time high of $0.6887. Around this time, the coin was also receiving plenty of public and media attention after the billionaire and CEO Elon Musk publicly tweeted his support for the project. Musk even created a survey for his Twitter followers to vote for whether his company, Tesla, should start accepting Dogecoin as a form of payment. Articles from established news outlets were also written to discuss the growing hype around Dogecoin.
Unfortunately, 2022 was a rocky year for Dogecoin despite receiving endorsements from various celebrities, including Snoop Dogg, Gene Simmons, Kevin Jonas, Lil Yachty, and Mark Cuban. After Elon Musk, who dubbed himself “The Dogefather”, bought Twitter at the end of 2022, he announced that Tesla would begin accepting Dogecoin. Fans of Musk are hopeful that the Dogecoin enthusiast will integrate Dogecoin in his new vision of Twitter 2.0, but only time will tell if he really is interested in creating utility for the memecoin.
Should You Invest in Dogecoin?
Going back to our original question – Is Dogecoin still worth buying in 2023? Well, the answer can vary between investors. Since this coin is highly volatile, if you have a low risk tolerance, then perhaps you’re better off buying a different crypto. However, if you have a high risk tolerance, and are interested in investing in highly-speculative assets, then Dogecoin may be the perfect addition to your trading portfolio!
Since, at the time of writing this article, Dogecoin is worth $0.08635, it may be a fantastic time for you to buy this asset. Although memecoins are a risky investment, Dogecoin may still surprise us and reach a new all-time high in 2023, 2024, or the following years. We believe that this coin is ideal for diversifying your portfolio, but your own goals, trading preference, and financial situation will determine whether this is a suitable investment for you.
If you’ve decided that you want to buy Dogecoin, but you’re not exactly sure how to, then you’ve come to the right place! A low-cost coin such as this is perfect for first-time traders to get started with building a trading portfolio. However, we recommend starting with a smaller investment you’re prepared to lose, as the crypto market is extremely unpredictable.
We suggest as your first step, if you’re new to trading, you should consider using a brokerage as a form of additional support throughout your investment journey. A brokerage, or broker, is simply an individual or firm that acts as the middleman between you, the trader, and the crypto market. Brokers can make trading more accessible and less intimidating, so we definitely recommend signing up for one!
If you believe using a broker is a good option for you, then you can use a crypto platform to be automatically connected to one. Crypto platforms such as Kraken, Immediate Edge, and Gemini partner with top-notch brokers worldwide and use an algorithm to assign them to traders. This means you don’t have to spend any time searching through a sea of brokerages and checking out the reviews for each one to see if they’re reputable or not. That’s why, as your first step, we recommend signing up for a crypto platform! After you’ve been connected with a broker, you’re free to start buying Dogecoin and any other assets you want to expand and diversify your trading portfolio!
There is a range of different opinions and predictions regarding the future of Dogecoin. As with most other memecoins, Dogecoin suffers a lack of utility which may prevent it from soaring in value again. Other memecoins have also appeared in recent years as direct competitors to Dogecoin, such as Shiba Inu (SHIB), Tamadoge (TAMA), and Dogelon Mars (ELON). Additionally, due to the unlimited coin supply of Dogecoin, the coin’s price is at risk of decreasing since the supply may become higher than the demand.
However, due to the sheer popularity of Dogecoin, the coin may still have a bright future. The official Dogecoin subreddit, r/dogecoin, currently has over 2.4 million subscribers, and even more members of the community are spread across other social media platforms such as Twitter and Discord. It’s clear that Dogecoin still has plenty of support, and with the continued attention drawn in by Elon Musk, the coin can still be a viable investment opportunity.
At the time of the writing of this article, Dogecoin is currently ranked #9 on CoinMarketCap, has a circulating supply of 132,670,764,300 coins, and a market cap of $11,432,218,921.
All in all, we believe that it’s not too late to buy Dogecoin! The coin has undeniably been on a rollercoaster since its launch in 2013, but it still has plenty of potential! With public support from celebrities, a dedicated and active community, and regular media coverage, Dogecoin can still be worth buying in 2023 for some traders! If you’re attracted to high-risk investments or want to buy a less expensive digital asset to diversify your portfolio, then Dogecoin may be your best bet.
On the other hand, if you’re after a low-risk investment or prefer to trade a coin that has utility, then you might want to steer clear of Dogecoin. At the end of the day, every trader is different and has their own set of goals. This can influence whether Dogecoin is a suitable investment or not, so just because other traders are buying the coin doesn’t necessarily mean you should too.
We recommend doing your own research on Dogecoin and the crypto market before making any investment decision. You can also check out various social media platforms to see what the general community’s opinion on the current state of Dogecoin is. This will help give you a better idea of whether you should invest in the revolutionary memecoin or not! Happy trading!