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Is it too late to invest in DOGE?

Is it too late to invest in DOGE?

Despite some hiccups, the crypto market has been infused with optimism since the start of 2024 as multiple cryptocurrencies – including Bitcoin (BTC) – reached new all-time highs.

The broad rally also revived in earnest many of the old meme coins and brought forth multiple new and successful ones with Dogwifhat (WIF) – holder of the highest price ever among the prominent members of its crypto type – being the most notable example.

Additionally, many of the internet-joke-based cryptocurrencies – including Pepecoin (PEPE), Floki Inu (FLOKI), and Bonk (BONK) – are either very close to or at their highest-ever recorded prices with two notable examples – Shiba Inu (SHIB) and Dogecoin (DOGE).

Is it too late to buy Dogecoin?

While investment in any of the meme coins in the current crypto market context could yield immeasurable rewards, the fact they are so near their historic highs makes any such trade highly risky.

Dogecoin stands in stark contrast as it, despite being at its greatest price since early 2022 at $0.18, remains significantly below the all-time high. 

Additionally, DOGE has several positive indicators backing it, with Ali Martinez, a prominent crypto expert on X, explaining that the coin appears to be headed toward $1 in mid-April.

While the analysis is, at press time, relatively old having been made in mid-March, it has been backed by other experts more recently. 

On April 1, the pseudonymous analyst Mikybull Crypto pointed out that Dogecoin flipped bullish on the monthly for the first time since 2021 and on April 2, in some ways harkening back to Martinez, described $1 as “a magnet target.”

Given that a potential climb to $1 would constitute nearly a 450% upside, the current trends in the crypto market, and general expert analysis of Dogecoin’s performance and prospects, it would appear that it isn’t too late to invest in DOGE.

Still, it is noteworthy that, while a consensus that a surge is inbound exists, a rise to its old all-time high is a difficult task, let alone to $1 given Dogecoin’s annual supply inflation.

DOGE price chart

While $1 DOGE remains in the potential, the coin’s 2024 performance has already been exceptionally strong, particularly after the end of February.

Since the start of the year, Dogecoin surged 104.45% while it is also up 12.23% in the last 30 days.

DOGE 30-day price chart. Source: FInbold

More recent performance indicates that the progenitor meme coin is in a phase of correction and consolidation as it is 0.83% in the red on the weekly chart down 0.20% in the latest 24 hours of trading. Dogecoin price today stands at $0.1826.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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