Today, Elon Musk’s favourite cryptocurrency, Dogecoin, hit a new all-time high price of nearly $0.60; yes, you read that correctly. Now, investors around the world are all asking the same question: will Dogecoin make me rich?
Investing in Dogecoin has proven to be a highly profitable practice for plenty of people, but what about those who haven’t bought in yet? Is now a good time to buy Dogecoin, or should you wait? Will Dogecoin make you rich, or should you exercise caution? We have all the answers you need.
Where to buy Dogecoin: top platforms to invest in DOGE
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First things first, let’s explain where to buy Dogecoin. Our team of financial analysts have been hard at working reviewing the options available to you, and we have settled on these three platforms as the best places to buy Dogecoin.
Etoro started supporting Dogecoin yesterday, and now it finds its place on our list of the best platforms to buy Dogecoin. The online broker has a stellar track record of reliability and its innovative features like CopyTrader™ make it stand out from the competition. If you are wondering where to buy Dogecoin right now, eToro is a good option.
Last but not least, Skilling is one of our favourite platforms to invest in DOGE with. Within minutes of creating an account, it becomes clear that Skilling’s intuitive interface and low fees make it one of the best places where you can invest in Dogecoin.
Plus500 is one of the best brokers to buy Dogecoin with. Its interface is clear and easy to navigate, and the assortment of assets on offer secures its position as one of the main players in the crypto space. If you want to buy DOGE now, opening a Plus500 account could be a smart move.
Some of the most popular search terms in the last 24 hours include ‘how to buy Dogecoin stock, ‘where to buy Dogecoin stock,’ ‘how to invest in Dogecoin stock’ and ‘will Dogecoin stock make me rich?’ Before you decide to invest in Dogecoin, make sure you are aware that Dogecoin is not a stock; it is actually a form of cryptocurrency.
If you are still asking yourself the question ‘what is Dogecoin,’ feel free to check out our introductory guide to buying DOGE.
Will Dogecoin make me rich?
It is virtually impossible to guarantee rewards when making an investment, and this is true for DOGE. We cannot definitively answer if DOGE will make you rich, though we can give you some useful information.
In terms of the fundamental value of the coin, it started off as something of a joke; that is why creators Jackson Palmer and Billy Markus incorporated Doge – an internet meme of a Shiba Inu – into Dogecoin’s logo.
However, it has now tapped into one of the most profitable catalysts: market hype. We saw it with the WallStreetBets situation, and now, with Elon Musk standing firmly behind it, we are seeing it with Dogecoin. The market has already demonstrated its capacity to make remarkable things happen with Bitcoin and Ethereum, and more recently, GameStop, and we wouldn’t be surprised to see it continue.
Interestingly, there are some technical things to like about Dogecoin. Most notably, the coin’s block time of 1 minute is substantially less than Bitcoin, Ethereum, and even Litecoin. This makes it scalable, meaning its applications could extend far beyond tipping online content creators. With this kind of momentum, it could be a real contender.
If you invest in Dogecoin expecting to get rich, it probably isn’t the right play for you. However, if as Mark Cuban has described it, you see Dogecoin as a better version of a lottery ticket, Dogecoin could make you rich. Just make sure you don’t invest money that you can’t afford to lose.
What price will Dogecoin reach?
Again, it is difficult to say. Any would-be analyst can conduct technical analysis on Dogecoin’s recent market performance and provide a ballpark figure, though given the immense volatility attached to the cryptocurrency, the reliability of such predictions would be questionable.
So, does that mean we have no idea of what price Dogecoin will reach? Not exactly. We have already seen some remarkable success stories in the realm of crypto, and we have a pretty clear idea of what sort of growth could be possible, and it is dramatic.
Don’t be surprised to see a Dogecoin dip in the near future because profit taking will always occur. However, the bigger picture looks positive right now.
Will Dogecoin reach $1?
Given its current momentum and Elon Musk’s imminent Saturday Night Live appearance, Dogecoin could very well reach $1 in the near term. Keep in mind that nothing is guaranteed, though the market sentiment and technical indicators appear remarkably bullish right now.
Will Dogecoin reach $100?
This is where things start to get a little more complicated. In order for DOGE to be $100, it would in all likelihood become by far the most valuable crypto on the planet, and that is because its unlimited supply currently stands at around 130 billion coins.
We are not saying this is impossible, though if Dogecoin hits $100, it would be an almighty surprise.
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