Is Dogecoin a Buy Right Now for Just $0.17? Here Is What History Suggests.

• Dogecoin beforehand skilled an epic run towards the top of 2024, however has since bought off.

• Right now, the value of Dogecoin is hovering close to a important threshold which will give technique to one other worth improve.

• Sensible buyers perceive that there are a variety of dangers related to shopping for Dogecoin.

• 10 stocks we like better than Dogecoin ›

There are a lot of other ways to spend money on cryptocurrency. For individuals who need direct publicity, a number of the extra widespread alternatives embrace investing in Bitcoin or Ethereum.

Against this, some could select a extra passive route — investing in public corporations corresponding to Coinbase World, Circle, or Robinhood Markets, whose respective enterprise fashions contact the cryptocurrency panorama in a number of methods.

There are many different decisions past the mainstream shares and cryptocurrencies referenced above, nevertheless. In recent times, one cryptocurrency that has burst onto the scene is Dogecoin (CRYPTO: DOGE).

Let’s discover the rise in Dogecoin’s reputation. Extra importantly, let’s discover some patterns within the crypto’s worth motion over the past a number of years.

For simply $0.17, ought to buyers think about shopping for Dogecoin proper now? Learn on to seek out out.

All through 2024, Dogecoin’s worth did not transfer too dramatically till the final couple of months of the yr. Between November and December, the value of Dogecoin out of the blue spiked dramatically — rising from about $0.15 to a excessive of $0.47. In my eyes, Dogecoin’s sharp rise could be tied to the end result of the presidential election.

Following Donald Trump’s victory in early November got here the creation of the Division of Authorities Effectivity (DOGE). Tesla Chief Government Officer Elon Musk was initially tasked with managing the DOGE initiative. In years previous, Musk has jokingly touted Dogecoin on a number of events — from posting memes on social media to incorporating references to the cryptocurrency throughout his look on Saturday Evening Stay.

I believe the DOGE moniker utilized by the Trump administration, mixed with Musk’s perceived curiosity in Dogecoin particularly, fueled a hype narrative that instructed Dogecoin could possibly be value shopping for.

The chart beneath illustrates Dogecoin’s worth in the course of the previous 5 years. After sifting via the varied peaks and valleys seen beneath, buyers can start to kind some important insights.

Particularly, when Dogecoin begins to hover round $0.15 (near the place it’s now), the value often experiences notable will increase. These surges are sometimes transient and usually the rally fades at about $0.20.