Sonali Ray, writer
News in brief
Meme coins, such as Dogecoin, are a controversial topic in the crypto market, with some seeing them as fun ways to get rich quick and others as risky investments with no real-world value. Dogecoin, which has been around since 2013 and is worth over $17 billion, has seen its best days since the release of Shiba Inu in August 2020. However, it is no longer the best option, as there are many other meme coins with market caps of $2 billion or more.
The current market for new joke coins is rising, with Shiba Inu up 60%, Pepe up 692%, and dogwifhat up 1,171%. While these meme coin rivals have market caps of $2 billion or more, they are likely better choices for those seeking quick wealth.
Investing in Dogecoin should be cautious not to chase speed, as they can lose all value quickly. Elon Musk may consider using Dogecoin for Tesla electric cars and X social media platforms, but the talk and guesswork about meme coins are more fun than the real world. Instead, investors should look for other crypto business opportunities and consider the potential value of Dogecoin stock before investing.
News in details
Meme coins are one of the most controversial topics in the crypto market. You either love them or hate them, plain and simple. Some people see them as a fun way to get rich quick, while others see them as risky investments that have no real-world value.
That’s true even for joke coins like Dogecoin (CRYPTO: DOGE) that have market caps in the billions of dollars. This meme coin with a dog on it has been around since 2013 and is now worth more than $17 billion. So, should you add Dogecoin to your portfolio or not?
Dogecoin isn’t the best anymore.
In the world of joke coins, Dogecoin was the top dog until Shiba Inu (CRYPTO: SHIB) came out in August 2020. Dogecoin was what people meant when they talked about joke coins. During that time, Dogecoin gained a lot of support from the public. During the last crypto bull market rise, even billionaire Elon Musk backed it.
It’s no longer the best, though. You can pick from a huge number of joke coins. It’s possible to find meme coins for almost any animal you can think of, as well as coins for famous people and political candidates. There are many “classic” dog-themed joke coins to choose from if you want to buy one.
Now is not the best time for Dogecoin.
Perhaps having more meme coins would not be such a big deal if Dogecoin was still performing exceptionally well. Sad to say, though, Dogecoin’s best days are over. It has been around for 10 years and has never moved above $1. Dogecoin has let investors down many times, except for a short, amazing run in 2020 and 2021.
Take a look at this graph that shows how Dogecoin has done over the last five years. Dogecoin’s value was at its highest in May 2021, when Elon Musk made a famous appearance on NBC’s Saturday Night Live. The so-called “Dogefather” joked in one of his comedy acts that the meme coin was just “a hustle,” and the price of Dogecoin has never gone back up.
Yes, there are times when it looks like Dogecoin might be coming back. But look at how well Dogecoin has done this year, when the market for new joke coins has been rising. Shiba Inu is up 60%, while Dogecoin is up 32%. A joke coin called Pepe (CRYPTO: PEPE) is up 692%. It has a frog on it. Also, dogwifhat (CRYPTO: WIF), a joke coin with a dog theme, is up a huge 1,171%.
Because all of these meme coin rivals have market caps of $2 billion or more, it’s not so simple to brush them off. They do have silly names and characters. However, if your only goal is to “get rich quick,” these are likely better choices than Dogecoin at this time.
Should you really put money into Dogecoin?
Just be careful not to chase speed when it comes to meme coins. When the value of a joke coin goes up quickly, it can be tempting to buy it. You shouldn’t hold meme coins for a long time, though, because they can lose all value quickly. If you want to buy meme coins, you should know that you could lose everything. Think about all the people who bought Dogecoin when the price was $0.74 and are now stuck with an investment that is only worth $0.11.
Still, Dogecoin might be worth an investor’s time if Elon Musk decides to use it all the time at his companies. Like, in March, there were hints that he might be thinking about letting people pay for Tesla electric cars with Dogecoin. At the beginning of last year, there were rumours that Elon Musk might be ready to add Dogecoin as a payment method on the X social media platform.
For some reason, though, the talk and guesswork about meme coins are always a lot more fun than the real world. You should not invest in Dogecoin until something major happens. Instead, you should look for other crypto business opportunities.
Before you buy Dogecoin stock, think about the following:
Think about when Nvidia made this list, on April 15, 2005. If you had put $1,000 at that time, you would now have $771,034!
Source : The Motley Fool
