Buy Dogecoin: analysis and forecast, is it worth it?
Published: 12 March 2021 by Andrew
Dogecoin is one of the most fashionable cryptocurrencies in this period and its growth is due to the enthusiasm of its supporters who started to buy Dogecoin because they strongly believe in the project.
Indeed, this cryptocurrency is proving to be a very interesting asset with excellent growth prospects, but given the current price, is it a good time to invest in this asset?
To answer this question we need to better analyze the history and growth path of this cryptocurrency but we can also tell you one thing right away.
To buy Dogecoin just follow these 4 steps:
- Register with a regulated CFD Broker like eToro
- Practice on the Demo account to familiarize yourself with the platform.
- Make the minimum deposit required
- Select the Dogecoin on the platform and start investing
In this way you can buy Dogecoin without paying commissions, in a safe and regulated way.
Below we have included the best cryptocurrency platforms, they are all safe and reliable, you can freely choose the one you prefer:
Min. Deposit: 50€
Min. Deposit: 100€
Min. Deposit: 50€
Min. Deposit: 250€
Min. Deposit: 100€
Min. Deposit: 250€
Buy Dogecoin: little history
Dogecoin was born almost as a joke in 2013. Even the logo of the dog, a Japanese Shiba Inu wanted to represent a “nice” cryptocurrency but without any pretense.
On a technical level it is a decentralized peer to peer crypto, mainly made to send money anywhere quickly, easily and cheaply.
The DOGE, diminutive of Dogecoin and symbol of cryptocurrency, is also accepted as a payment and in fact that was its original purpose.
Social media did the rest, along with some famous people who promoted this crypto almost for fun, like Tesla boss Elon Musk, who enthusiastically tweeted about Dogecoin as an emerging cryptocurrency.
Dogecoin is currently one of the top 15 cryptocurrencies in the world by market capitalization with over $ 7 billion in market cap.
How to buy Dogecoin
Investing in cryptocurrencies means speculating in a very volatile market and you need safe, reliable and possibly commission-free intermediaries.
In the table below we show you the strengths and weaknesses of the two main methods to buy Dogecoin: Exchanges and CFD Brokers:
|Cryptocurrency Exchange||CFD Broker|
We can summarise:
- Exchanges are ultimately expensive (there are commissions to be paid), unsafe (they suffer frequent cyber attacks) and allow you to earn only in the event of a rise in prices.
- CFD brokers, on the other hand, are safe and regulated, do not charge commissions and also offer the possibility of earning when prices fall (short selling).
Buy Dogecoin with the best platforms
If you are interested in cryptocurrency trading and want to speculate on price fluctuations, CFD brokers are undoubtedly the most suitable intermediaries as you have seen.
If, on the other hand, you want to buy Dogecoin and use them to make online purchases on the few e-commerce that accept them, you need an exchange but be careful which one you use, there are really dangerous ones.
In this guide we know that most of our readers are interested in trading and therefore we show you which are the best CFD brokers to buy Dogecoin, the safest ones, without commissions and with the best trading platforms: eToro, ForexTB and IQ Option.
Once you have chosen your intermediary you can:
- Buy the Dogecoin CFD to earn from the price increase
- Sell the Dogecoin CFD to profit from the price drop
Once the desired price has been reached, close the operation and if you have made a profit, this will be net, with no commissions to pay.
eToro is certainly the most popular and widespread online broker in the world, security is confirmed by a regular CONSOB license and its reliability has convinced over 10 million subscribers.
To buy Dogecoin you need to access the eToro platform, select the Dogecoin, click on “Invest”, decide whether to buy or sell the cryptocurrency and how much to bet in the single operation.
But if you don’t like manual trading and prefer automatic investments, with eToro you will find what you need.
This Broker has patented Copy Trading, a system that allows you to copy the operations performed by the best traders in the world (on eToro) automatically and free of charge.
To use Copy Trading there are some steps to follow:
- You register on eToro
- In the People section you can choose the traders to copy, based on their returns, filtering (if you want) those who invest in cryptocurrencies.
- With a click, Copy Trading will copy the operations of the chosen traders into your account.
At that point you will get the same returns as these trading experts (in proportion to the investment made), at no additional cost.
Below you can see the average annual profits of some traders who use eToro, they are not suggestions but they serve to make you understand what returns we are talking about:
Click here and choose which trader to copy
ForexTB now needs no introduction, especially thanks to the success of its Trading Course.
With a regular CySEC license, this Broker has created an ebook that summarizes the rules behind online trading and makes them understandable for anyone.
This course is free, download it now from the link below, you will find many useful strategies also for cryptocurrencies:Click here and download the trading course for free
The advantages offered by this Broker continue with the choice of trading platforms which are two, both free:
- Metatrader 4 is a platform with numerous tools available, which meets the needs of the most experienced traders.
- The web platform is simple and accessible from any browser, without downloading any software.
Here is a screenshot of the ForexTB web platform with the Dogecoin CFD:
Buying Dogecoin with ForexTB is very easy, just click on Buy or Sell and decide how much to bet in the operation.Try the ForexTB platform for free
IQ Option is a broker with a regular CONSOB license that has made its way into the crowded world of financial intermediaries thanks to a great advantage.
Thinking of less capitalized investors, the advantage is to offer the opening of a trading account by depositing only 10 euros as a minimum amount.
In this way anyone can start trading, perhaps investing a few euros to buy Dogecoin with the splendid trading platform made available by IQ Option.
But if you still want to do some tests without risking even those 10 euros, there is the Demo account, totally free and with unlimited virtual money.Click here to access the IQ Option Demo account
The IQ Option trading platform is very technical but at the same time simple and clear. Packed with tools and indicators that make cryptocurrency trading fast and professional.Try the IQ Option platform for free
Is it worth buying Dogecoin?
The recent surge in Dogecoin has sparked the interest of all traders in this nice cryptocurrency with a dog’s face as a logo.
The performance of the digital currency has registered + 800% in a few weeks and this has made it one of the cryptocurrencies to bet on in the future, but is this really the case?
In reality, such rapid growth is due to the organization of some DOGE supporters who agreed to buy Dogecoin as if there were no tomorrow, causing the price to soar.
This community that supports this altcoin goes from Reddit to TikTok and uses social media to promote the now famous Japanese dog.
But now cryptocurrency is popular and market analysts are starting to seriously consider it for the future, it is not just a group of supporters, there are many who believe in DOGE.
The price of Dogecoin moves very quickly, like the main cryptocurrencies, its fluctuations vary a lot even within the same day, following the movements of the most famous cryptocurrencies such as Bitcoin, Ethereum, Binance Coin, etc.
Let’s now see the analysis on Dogecoin by some industry experts:
- Zakaria M, one of Steemit’s most eminent bloggers, says that a single Dogecoin could reach $ 1 in 5 years given the current volume of trading with the main Fiat currencies.
- Crypto Ground predicted Dogecoin could hit $ 0.119 in 5 years.
- WalletInvestor remains more cautious stating that the token could be worth $ 0.0868 in five years.
Dogecoin has already been adopted as a means of payment for goods and services by numerous e-commerce companies and this only intensifies interest in this cryptocurrency.
Many analysts believe Dogecoin can be compared to other cryptocurrencies such as IOTA and TRON which are enjoying considerable success.
Below we can see the Dogecoin chart over the last 3 months with the incredible increase in the price and volatility of the cryptocurrency:
The major cryptocurrency analysts have gone far in their predictions on Dogecoin, below are their assessments.
Dogecoin forecast 2021
Dogecoin could fluctuate around $ 0.05 in these first months of 2021 and then rise by the end of the year and approach $ 0.1, setting a new all-time high.
Dogecoin is likely to continue its growth at least as long as supporters continue to increase.
Dogecoin forecast 2025
Over a 5-year time frame, Dogecoin is likely to hit $ 0.4. It could go as high as $ 0.45 if it doesn’t encounter any turbulence.
The lowest expected price in 2025 could be $ 0.281 and the highest expected price could be $ 0.450.
Dogecoin forecast 2030
According to the price chart of this crypto and the analysis of the trend seen so far, Dogecoin could outperform several cryptocurrencies with a more glorious history behind them.
By 2030, Dogecoin could reach $ 0.8.
Dogecoin forecast 2040
For 2040 there is a long way to go and as we know such long-term forecasts are less reliable than short-term ones, but given that some analysts have gone so far we want to report their estimates.
Dogecoin could become one of the top 5 cryptocurrencies by capitalization within 10/15 years and the price could reach $ 2 by 2040.
Dogecoin Pros and Cons
This cryptocurrency has made its way into the crowded world of digital currencies thanks to its many supporters.
Buying Dogecoin is an excellent investment for many, but attention must be paid to the volatility that could generate important retracements, even in the context of a constant upward trend.
- Dogecoin has a constantly growing community of investors and as long as their interest continues to remain so strong, it will sustain the price of this cryptocurrency for a long time to come.
- The adoption of Dogecoin as a currency by some e-commerce makes it one of the few cryptocurrencies actually used to make purchases
- Dogecoin supporters could change their focus in a short time and shift their attention to another cryptocurrency, causing it to collapse.
- If the Dogecoin does not become in effect a currency used for purchases, it will always have a very fluctuating trend on the markets.
Dogecoin in the past was used to evaluate the interest in less “famous” and capitalized altcoins but now everything has changed.
Currently Google searches for “how to buy Dogecoin” have reached those for “buying Bitcoin”, which is really impressive given where this cryptocurrency came from.
The availability of some popular e-commerce companies to accept Dogecoin will hopefully stabilize the fluctuations but the time is not yet ripe and analysts expect the upward trend to continue a long time and in a very disturbed manner.
Whether you want to buy Dogecoin, whether you prefer to wait or go down, what matters is to test your trading strategy first on a Demo account.
These accounts are risk-free because they use virtual money and are perfect for practicing, here are the links to register for free with the best cryptocurrency brokers that offer Demo accounts:
- Access the eToro Demo account for free by clicking here
- Register on ForexTB and try the Demo account by clicking here
- Access the IQ Option Demo account for free with this link
It is a cryptocurrency born almost for fun in 2013 that has a logo with a cute Japanese dog.
They are on the upside, analysts are mostly optimistic about the future of this cryptocurrency which is backed by a large community of investors.
According to market analysts, yes, but the price is very volatile and the fluctuations will continue in a very violent way, despite the bullish forecasts.
CFD brokers such as ForexTB are the perfect choice to buy Dogecoin safely and without paying commissions.