03 Jul, 2023

Is Dogecoin a Good Investment? 6 Reasons to Buy Dogecoin in 2024

Susan Oh
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Susan Oh
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Susan Oh is a leading figure in the integration of AI and blockchain for social good, serving as the CMO for BeOmni by Beyond Imagination and a civic technologist dedicated to creating scalable solutions. She is a board member of the Blockchain Commission For Sustainable Development supported by the UN GA Office of Partnerships, and...
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Is Dogecoin a Good Investment


Dogecoin is one of the most popular cryptocurrencies today. After its rapid rise due to the influence of Elon Musk, many crypto experts believe Dogecoin still has a place in the crypto world. Dogecoin can be a good investment for short or long-term gains.

It has a high growth potential and a tendency to remain relevant. Furthermore, Dogecoin has multiple use cases. You can use it as a payment method or to make donations. Another reason to buy DOGE is despite the plentiful supply of the coin; it still has good value in the cryptocurrency market.


Over the years, Dogecoin has become one of the most well-known meme coins in the world. DOGE was derived from the famous Japanese Shiba inu dog meme, which went viral several years ago. After the coin’s launch, DOGE experienced a rapid increment in value due to a few influential tweets from Elon Musk.

Is Dogecoin a good buy?
Is Dogecoin a good buy?

The Dogecoin cryptocurrency is one of the first altcoins to grace the crypto space and has a broad community. However, despite the coin’s speculative value, it still has numerous use cases.

Many crypto investors want to know if they can profit from buying Dogecoin. Over the years, there have been multiple increments and reductions in Dogecoin’s price.

Dogecoin trading offers cheap and fast exchanges to members of the Dogecoin community. You can sell and buy DOGE on the Dogecoin blockchain in the blink of an eye. Here are six reasons to invest in Dogecoin.

6 Reasons to Invest in Dogecoin

There has always been speculation about Dogecoin’s price in the cryptocurrency market. Many people feel the coin has no future because it is a joke. However, although DOGE is a meme coin, many factors point to a profitable future. Reasons to invest your money in Dogecoin include the following.

1. Most Popular Meme Token

Dogecoin is the most popular meme token in the world. The cryptocurrency started as a joke by the developers, and many people still see it as such today. However, even though the coin began as a joke, the price of Dogecoin has risen past many non-speculative coins. Dogecoin has a large community that firmly believes the coin has growth potential.

The most popular meme token.
The most popular meme token.

Some cryptocurrency investors stay away from speculative coins. However, meme coins are a part of many people’s crypto portfolios. Many individuals keep DOGE tokens in their wallets, hoping that the meme coin will experience a massive rise in value. Dogecoin has one of the largest communities in the crypto world.

2. Growing Use Cases

One of the main reasons for you to invest in the DOGE meme coin is its growing use cases. Individuals can use Dogecoin for a lot of things. Initially, people used the coin for online tipping. However, over time, it has slowly evolved to become a recognized means of exchange in many organizations. You can now use it to pay for items from stores and services.

Doge’s growing use cases became obvious when Musk made it possible for people to pay for TESLA and SpaceX products using Dogecoin. Since then, several other companies have accepted DOGE as a payment method. Individuals also use Dogecoin for various things like donations. Due to its growing uses, many investors believe it is wise to put money into Dogecoin.

The more companies that accept Dogecoin as a form of payment, the closer the meme coin becomes a currency. If the meme coin becomes a legal means of exchange in different parts of the world, the future of the token will be very bright. The more uses people have for Dogecoin, the greater its value becomes.

3. Significant Potential for Growth

The main reason why many people still believe in Dogecoin is due to its significant potential for growth. Dogecoin has considerable growth potential even though the coin has speculative value. Dogecoin is a cryptocurrency with one of the highest supply in circulation. This means there are many individuals in the world holding onto digital currency.

Significant potential for Dogecoin's growth.
Significant potential for Dogecoin’s growth.

Dogecoin has a low price value compared to Bitcoin and Ethereum. However, it is almost as popular as the two tokens. Its lower price tag makes the token even more enticing to investors, and many people buy Dogecoin to keep it for the future. All these imply that the meme coin has an incredible potential for growth.

Many individuals see DOGE as a dead coin. However, experts believe the coin’s potential for growth is very incredible. Cryptocurrency has a vast community that keeps growing every day. A cryptocurrency with an extensive community network will likely have a stable future.

4. Fast and Cheap Transactions

Everyone wants their crypto transactions to be quick and cheap. Dogecoin features an independent blockchain network, which makes it possible for you to make Dogecoin transactions without delay. Dogecoin creates a separate transaction block every minute, so your transactions are not packed together and can be processed quickly.

Fast and cheap Dogecoin transactions.
Fast and cheap Dogecoin transactions.

Also, the charges for Dogecoin transactions are lower than other cryptocurrencies. DOGE charges are as low as a couple of cents per transaction. This is very useful if you use the coin in a store that accepts Dogecoin in their payment system. Its low transaction fees and fast response give Dogecoin an edge over many cryptocurrencies.

If more stores accept Dogecoin as a means of payment, the fundamental value of the coin will increase significantly. As a coin with fast and cheap transactions, it is no different from the regular currency in stores that accept it as a payment method.

5. Noteworthy Performance Regardless of Large Supply

Dogecoin is one of the cryptocurrencies with the most significant supply in circulation. The Dogecoin blockchain features about 140 million Dogecoins, and people mine millions of more coins daily. This is a massive number for a crypto token. A cryptocurrency in ample supply should experience a decline in its value typically.

However, Dogecoin is different. The popular cryptocurrency maintains a substantial speculative value despite its extensive supply. Regarding market capitalization, Dogecoin has a large market cap that points to its significant market value. Not many cryptocurrencies can remain relevant in Doge’s position. This is one of the primary reasons investors still pump money into Dogecoin today.

Even though the ample supply of the coin impacts Dogecoin’s value, it also benefits the meme coin to a certain extent. A larger supply usually means low prices. It is always better to buy a coin at a low price to increase your profit margin. Imagine getting a cryptocurrency at a low cost, and the price skyrockets after.

6. Elon Musk’s Influence

Elon Musk’s influence is why many cryptocurrency experts and enthusiasts believe in Dogecoin today. Influential people often have some impact on cryptocurrency. However, Elon Musk’s effect on DOGE cannot be called ordinary. Since 2021, the Tesla and SpaceX billionaire has repeatedly made several comments that have immensely impacted its price.

Elon's influence on Dogecoin price.
Elon’s influence on Dogecoin price.

Musk’s first tweet about Dogecoin led to an incredible rise in the value of the cryptocurrency. It also created awareness for the meme coin and attracted a lot of members to the Dogecoin community. Elon Musk was among the first to adopt it as a payment method for Tesla and SpaceX products.

Elon Musk’s influence on Dogecoin over the years has been incredible. With the billionaire’s recent acquisition of Twitter, many believe that Dogecoin will soon become a means of payment for Twitter Blue. If this happens, it will increase the price value of the popular meme coin.

Is Dogecoin a Good Investment? Is it Safe to Buy DOGE?

One common question on the minds of many crypto investors is whether Dogecoin is a good investment. There is no exact answer to this question. You can freely invest in Dogecoin but must know the risks involved. The price of Dogecoin is entirely speculative, and its popularity is based majorly on Elon Musk’s influence.

Investing in Dogecoin will be an excellent idea if you are comfortable with high-risk, high returns. If you are the type of person who likes quick short-term investments, it is safe to invest in DOGE.

However, if you’re the type that prefers to focus on long-term investments, it is not safe to invest your money in Dogecoin. This is because it hasn’t seen any massive increase in value recently, which is why the coin’s value is still speculative.

Is buying DOGE safe?
Is buying DOGE safe?

Another reason DOGE can be a safe investment is its growing use cases. You can use Dogecoin for payment in some stores or companies. After Elon Musk announced accepting the meme coin as a payment option, the value of the coin has remained stable. This is a good sign for investing in its network. If the coin’s value is stable, investing in it is safe.

Most meme coins have a period of rapid increase in their value before plummeting. Dogecoin is the most significant meme coin in the world, but people believe there is nothing left for the coin in the crypto world. With its super potential for growth and fast transactions, some crypto experts think it is safe to invest in Dogecoin.

Where is the best place to buy Dogecoin?

This makes it an excellent choice to invest in. Furthermore, Binance boasts the world’s largest cryptocurrency exchange when it comes to trading volume.

We recommend Binance as the best option to buy Dogecoin.

Most Used
Tradable Coins
  • 600+
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Binance is a great combination of low fees, deep liquidity and multiple cryptocurrencies and trading pairs. We have tested every aspect of it and it STILL holds its reign as the top exchange in the world. In our view, it is the perfect crypto exchange for both newbies and advanced traders alike.

  • Biggest exchange in the world.

  • Industry's lowest trading fees.

  • Advance trading options like leverage trading.

  • 600+ crypto options, 150+ for the US.

  • Lucrative on-site staking options.

  • Hiccups in account verification.

  • Less regulated than some competitors.

  • The corporate structure is not transparently.

Some cryptocurrencies you can invest in carry less risk. One such cryptocurrency is Binance coin (BNB). The Binance token is well-known worldwide for having a stable value. The Binance company is rapidly growing in the crypto scene, and BNB will most likely experience a steady increase in value.

Is Doge A Good Short-Term or Long-Term Investment?

Dogecoin is suitable for both short and long-term investments. The history of Dogecoin implies that the coin is best suited for long-term investments. However, that does not mean Dogecoin is not suitable for short-term investments. You can invest your money into short-term Dogecoin investments or Long-term, but you must be aware of the risks involved.

Short and long-term DOGE investments.
Short and long-term DOGE investments.

Short-term DOGE investors mainly deal with broader trends where they can enter and exit the market quickly—for example, investing money in it to hop on a crypto trend for a few weeks before pulling out your investment. There was a time when people started targeting Musk’s tweets so they could buy DOGE before its value increased.

Most long-term DOGE investors joined the community before its price skyrocketed. Dogecoin has a speculative future; hence, investing in it long-term involves many risks. Even though many signs point at the coin’s value rising in the future, there is still a considerable risk involved in a long-term investment.

If you wonder whether DOGE is better as a short-term investment or long-term, the answer is short-term. This is because there is more risk involved in long-term DOGE investments. There is risk in short-term investing, too, but it is not as significant.

Is Dogecoin a Good Investment: Conclusion

Dogecoin is the world’s most popular meme coin with a large community. The coin became very prominent after Elon Musk commented on his Twitter page and saw a rapid price increase. Since then, the coin’s value has been speculative after several tweets from the billionaire. However, its value is still relatively stable even though it is speculative.

Despite all the speculation surrounding the coin, Dogecoin remains relevant in the crypto market. It offers fast transactions with cheap fees. You can also use Dogecoin as a form of payment in some companies. The meme coin remains relevant despite being one of the largest cryptocurrencies in circulation. Several pointers, like its market cap, hint that Dogecoin might rise in the market again.