Inspired by the Shiba Inu “Doge” meme, Dogecoin was launched in 2013, creating a dramatic entry to the market. What began as an internet joke quickly developed into a crypto with one of the strongest online communities.
A decade later, one question is still surfacing: Is Dogecoin worth holding today? In this article, we will be exploring the question by examining the coin’s technology, ecosystem, and long-term potential, along with the risks associated with holding the coin.
Overview of the Price History of Dogecoin
From a light-hearted digital currency to a cryptocurrency that is constantly talked about, Dogecoin has had a growth that only a few coins have been able to achieve. This growth is a result of a number of factors, including community support, social media hype, and endorsements from major companies.
During the early days of Dogecoin, it was trading for fractions of a cent. In 2014, it managed to solidify its community-centered appeal by being involved in charitable causes. However, for several years, its price fluctuated between $0.0002 and $0.001, until mid-2017, when its price increased to $0.002.
Late 2017 was a highly favorable time for Dogecoin, as it experienced a massive surge, with a significant price increase, reaching around $0.01 by the end of December, a significant leap for a coin that had spent its initial years at lower levels.
For most of 2018 and 2019, Dogecoin’s price fluctuated between $0.002 and $0.003. Even though the price was stagnant, it maintained an active community and had occasional increases in cost, mostly caused by mentions on various social media platforms. By the end of 2020, Dogecoin’s price reached around $0.003 and had become popular within the niche market.
2021 was the year of Dogecoin, as its price surged from $0.007 to $0.07 by early January 2021. This hike was caused due to a combination of social media hype, endorsements by celebrities, and interest shown by retail investors. By the end of April, the same year, its price hit $0.40, and by May, it reached an all-time high, $0.74. This sudden rise in price was mainly due to speculative trading, along with the widespread FOMO, turning Dogecoin into one of the most talked-about digital assets of 2021.
However, by mid-2021, the price fell back to $0.20, when the hype died, something that was expected. Since the coin had a volatile period, its price kept fluctuating between $0.15 and $0.30 for the rest of 2021 and throughout 2022. During 2023, Dogecoin became one of the most widely recognized cryptocurrencies, with its price ranging between $0.05 and $0.15.
Currently, in 2025, Dogecoin has a trading value of around $0.160. Though Elon Musk’s post on X started discussions, the coin’s price, usage, and whale activity stayed more or less constant. DOGE is still in a position where a bigger move is possible with proper support and follow-through, and not just hype.
These ups and downs indicate that Dogecoin operates more or less on sentiment and not on the fundamentals of a good crypto. The pattern shows that DOGE performs best during the phases of hype while struggling to maintain the momentum. It can offer short-term trading opportunities during the price surges and can be a risky asset if holding for a long period of time without clear utility growth.
Why Some Investors Still Believe in Dogecoin?
- The presence of a strong and loyal community, “Doge Army”, which consistently rallies around during the downturns of the coin, organizing social campaigns, and keeping the coin relevant.
- Dogecoin has a simple interface with speedy, low-fee transactions, and has fast block times, and a reliable, well-tested blockchain.
- Dogecoin is currently being adopted by a number of online retailers, tech companies, and payment gateways, which has increased the mainstream attention to the coin.
- Support from high-profile names like Elon Musk is contributing to the visibility of DOGE.
Why Investors are Skeptical About the Coin?
- Lack of clear direction in development and lack of smart contract functionality, along with no major technical innovations, mean Dogecoin is not competitive enough to be accommodated in the growing sectors of blockchain.
- The unlimited supply model of Dogecoin, with an annual issuance of 5 billion DOGE, can impact the long-term appreciation if the demand doesn’t grow at the same pace.
- As the coin is tied to social media sentiments, it is more prone to sharp spikes as well as rapid crashes, making it highly volatile.
- While newer blockchains are faster, more scalable, and versatile, Dogecoin is not evolving meaningfully and might get outclassed by the modern assets if this continues.
Is Dogecoin Suitable for Beginners?
Dogecoin offers an exciting opportunity for short-term investments due to its strong and active community, liquidity, and presence in pop culture. However, the unlimited supply, high volatility, and limited utility make it unfit for long-term investments. So, if you are a beginner, looking for a short-term investment that can yield you a better return, you can invest in Dogecoin during the hype phase.
When To Sell DOGE?
Knowing when exactly to sell your investments is just as essential as knowing when to buy. The selling decision is based on your investment strategy and willingness to take risks. If you are looking to make short-term gains, you can capitalize on the volatility of Dogecoin by selling it when the price increases due to the hype created by social media or news coverage.
Setting price targets before selling your DOGE can help you make smarter decisions regarding when to sell. This can prevent you from making any decisions based on emotions. Stay vigilant about the market sentiments, as this can also influence your selling decisions. If the overall crypto market is inclined toward the bulls, you might want to hold on to your DOGE. However, if there is a shift in those market sentiments, it would be better to sell them before the price drops even further.
In case you are a long-term investor, wanting to believe in the potential of Dogecoin, it would be better to hold on to your coins, regardless of the short-term fluctuations in the price. But a regular assessment of your portfolio is recommended that even for long-term investors, while preparing to sell in cases of any changes in the market circumstances.
Final Words
Dogecoin is still worth holding, only if you have a clear idea of what its capabilities and risks are. A culturally powerful cryptocurrency powered by a strong, active community with simple, low-fee transactions, Dogecoin has turned into more than just an internet meme.
Investing in DOGE, especially for beginners, can give you an insight into how the market actually works. For investors looking for a coin with strong fundamentals or advanced technology, Dogecoin might not be the best option for long-term investment.
