Why Dogecoin could be a smart investment for Indians in 2024?

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Bitcoin and Ethereum are usually the top choices for crypto investors and traders, but another cryptocurrency in the meme coin category is gaining significant traction. Any guesses? Yes, we are talking about Dogecoin (DOGE) taking the crypto space by storm in 2021. Launched in 2013, Dogecoin reached its all-time high in 2021 thanks to Elon Musk’s influence, making it a notable contender in the crypto market. Despite its reputation for volatility and speculative nature, Dogecoin has the potential as a smart investment for Indians in 2024. Let’s explore why.

About Dogecoin

Dogecoin, the first memecoin, was created in 2013 by IBM software developer Billy Markus and Adobe programmer Jackson Palmer. It started as a low-cost alternative to Bitcoin and Ethereum and has become the 8th largest cryptocurrency by market capitalization. Inspired by projects like Litecoin and Lucky Coin, Dogecoin works as an open-source, peer-to-peer crypto. It uses mining to verify transactions, with records stored in a publicly accessible ledger. Unlike Bitcoin’s limited supply, Dogecoin’s supply is unlimited, with around 10,000 new tokens generated every minute.

Dogecoin price history

Dogecoin’s price remained stable for seven years, from December 2013 to December 2020. In January 2014, Dogecoin’s trading volume briefly surpassed that of Bitcoin and all other cryptocurrencies combined. The lowest price was recorded on May 6, 2015, at $0.0000869. Following the overall trends in the cryptocurrency market, Dogecoin experienced a brief surge in early 2018 before beginning to decline. In January 2021, its value increased by 339% to $0.032642 after tweets from Elon Musk. On May 8, 2021, Dogecoin reached its all-time high of $0.682.

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Key reasons why DOGE can be a smart investment

  1. Volatility:

Dogecoin’s significant volatility is a double-edged sword. While this can lead to substantial profits, it also comes with risks. Influencers like Elon Musk can dramatically affect its price with a single tweet, creating opportunities for quick profit.

  1. Influencers:

Nicknamed the “Dogefather,” Elon Musk has had a profound impact on the price of Dogecoin through his endorsements on social media. Relying on an individual’s influence, however, introduces uncertainty about its future value.

  1. FOMO and Public Influence:

The Fear Of Missing Out (FOMO) May Drive Investors To Dogecoin. The hype around this often leads to impulsive investments. Thorough research and analysis of price movements and technical indicators can help make informed decisions.

  1. Understanding its intrinsic value:

Determining the intrinsic value of Dogecoin is challenging. Unlike traditional assets with clear metrics, Dogecoin’s value depends on market sentiment and external influences.

Dogecoin price prediction for 2025

CoinCodex: Forecasts a price range of $0.106937 to $0.543979 by 2025, indicating significant potential growth.

Changelly: It estimates a minimum price of $0.2968 and a maximum price of $0.3448, indicating stable growth.

Techopedia: Forecasts a high of $0.55, a low of $0.16 and an average of $0.3, reflecting steady but limited growth.

Usefulness and future prospects

Initially dismissed as a joke, Dogecoin has gained acceptance as a payment method. Payment processors like BitPay and Coinbase now support Dogecoin and enable transactions for goods and services. Big brands like Gamestop, Airbnb, and Tesla have integrated Dogecoin, boosting its mainstream utility.

Elon Musk’s move to recognise Twitter as a money services company could further integrate Dogecoin into the financial ecosystem. This integration could facilitate peer-to-peer transactions and potentially expand the use of Dogecoin beyond social media.

Is Dogecoin a good investment in 2024?

While some consider Dogecoin a short-term speculative asset, its growing adoption and optimistic expert predictions suggest that it could be a valuable long-term investment. Diversifying portfolios and allocating small amounts to cryptocurrencies can help mitigate risks.

How to invest in Dogecoin in India?

Register with a trusted crypto exchange like Unocoin that supports Dogecoin to invest in Dogecoin. Always do thorough due diligence before investing considering the volatile nature of cryptocurrencies.

Please find the list of authentic Unocoin accounts for all your queries below:

Disclaimer: Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).