The crypto market is full of meme coins, but none of them have topped the one that started it all. Dogecoin (CRYPTO: DOGE) is the largest meme coin and the only one in the top 10 cryptocurrencies.
It hasn’t been doing well lately, though. Dogecoin’s all-time high was all the way back in 2021, and it’s down 36% on the year (as of Oct. 28) while market leaders like Bitcoin and Ethereum are up big. With poor results in a bull market, is Dogecoin done? Let’s find out.
Dogecoin keeps on ticking
Even during a down year, Dogecoin is still worth $30 billion. It’s also one of the oldest cryptocurrencies, having launched at the end of 2013. Most meme coins crash and burn quickly, so Dogecoin has shown impressive staying power. It was created as a joke, and there’s nothing that makes Dogecoin a good investment, but people have known that for years.
Dogecoin seems to have a loyal-enough fanbase that it will stick around. It could also occasionally have brief periods where it does well, like last year, when it surged based on the election of Donald Trump and the role of Dogecoin fan Elon Musk in the campaign.
To reiterate, Dogecoin isn’t a good investment — or an investment, period. I expect that it will still be around in five to 10 years, but it will probably lose value, because meme coin prices are driven primarily by hype. If you just want to spend a little extra cash on a meme coin, Dogecoin is one of many options. If you want to invest in cryptocurrency, you’re better off looking elsewhere.
Should you buy stock in Dogecoin right now?
Before you buy stock in Dogecoin, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Dogecoin wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004… if you invested $1,000 at the time of our recommendation, you’d have $603,392!* Or when Nvidia made this list on April 15, 2005… if you invested $1,000 at the time of our recommendation, you’d have $1,241,236!*
Now, it’s worth noting Stock Advisor’s total average return is 1,072% — a market-crushing outperformance compared to 194% for the S&P 500. Don’t miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
