How Much Should You Invest in Dogecoin in 2022?

In 2013, Billy Markus and Jackson Palmer designed a payment system, which was meant to be a joke. Dogecoin quickly grew in popularity, and despite the instability, became one of the more popular cryptocurrencies on the market. Inspired by the Doge meme, Dogecoin became known as the first ever “meme coin” and inspired a number of imitators in the future. 

While, originally, it was meant to be a joke, today, Dogecoin has grown into something bigger. With a market value exceeding $8 million, the crypto has become the seventh largest electronic currency in the world right now. So, with that in mind, the question we are posing today is, “Should you invest in Dogecoin in 2022, and if so, how much?” 

Dogecoin’s History

As we said, Dogecoin was originally intended as a joke. The intention was never for it to become as popular as it did. This meant that, for a long time, Dogecoin was quite unstable, with its value fluctuating intensely. For a long time after its creation, Dogecoin was one of the most volatile cryptocurrencies on the market. Still, despite that, it garnered a huge increase in value in the first three days of its release, in large part thanks to the social media site, Reddit. Redditors were enamored by the idea, and the crypto soon went viral on the website.

The memecoin began to garner mainstream popularity around 2020. This led to people beginning to take the coin seriously, and today, Dogecoin is treated as seriously as any other cryptocurrency, on the various crypto trading websites that are popular right now. 

The State of Dogecoin Now

In 2021, Dogecoin was one of the top performing cryptocurrencies on the market, garnering a lot of media attention, and seeing quite a bit of traffic from traders. As of April, 2022, the price of Dogecoin is around $0.14, which is a marked increase in value from the beginning of 2021. Quite a few factors played a role in Dogecoin’s rise to prominence. 

Apart from the initial boost caused by Reddit, Dogecoin also became hugely popular on websites like Twitter, due to the attention it got from celebrities with a huge presence on the social media. Chief among them, was Tesla’s CEO, Elon Musk. Elon Musk is one of the premium supporters of cryptocurrency in mainstream culture today. 

But it wasn’t just Mr. Musk who brought Dogecoin to the attention of popular culture. Musicians Snoop Dogg and Gene Simmons of KISS, have also publically announced that they are investors in the memecoin (as well as various other cryptocurrencies), and their support of it seems to have raised the coin’s stocks by quite a bit. 

Dogecoin’s Future

Dogecoin is one of the most popular digital currencies right now, ranking seventh in the world. Though it’s popularity was largely garnered in 2021, as time goes on, the coin is becoming all the more stable, and better to invest in. Experts are predicting that, by the end of 2022, the coin might double in value, and reach $0.35. It is certainly expected that in the next 3 years, it will keep rising in value, however, the likelihood of the coin hitting the dollar mark before 2025 is quite low. Experts and seasoned investors believe that, while Dogecoin is becoming more stable, the investment is still on the riskier side, so traders should invest no more than 5% of their portfolios in the cryptocurrency. 

Conclusion

Cryptocurrencies are one of the most popular investment options in 2022, especially among younger generations. Among the various cryptocurrencies on the current market, Dogecoin stands out, in terms of value and potential. If you are looking to invest in crypto in 2022, Dogecoin should be among the top coins on your radar.