Should I 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. 

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. 

The crypto protocol was made by copying and pasting the source code behind Bitcoin. Markus claims it took him just three hours to launch Dogecoin and that he did so for a joke. Even Markus sold all his holdings in 2015; he must be kicking himself now. 

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

Despite being around since 2014, Dogecoin went pretty much unnoticed for the first six years of its existence. When Dogecoin 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. 

Little did anyone know that this was just the beginning. In May, it reached an all-time high of $0.67, representing a return of 334,900%. Why, you ask? The entire crypto market was enjoying a boom during this period (like NFTs are seeing now), and many cryptocurrencies benefited from it, so this was undoubtedly a factor.