The end of the year is quickly approaching, and, in true crypto fashion, the crypto market has been buzzing with activity. From the current Ethereum bull run to Bitcoin’s consistent climb, there’s plenty of excitement in the crypto space. What’s more, Dogecoin, the biggest-ranking meme coin by market cap, still ranks high in the crypto market.
Despite being in existence for over a decade, many might wonder if it’s too late to invest in Dogecoin. Luckily, it’s never too late to invest in crypto, let alone Dogecoin. In fact, here is some good news about Dogecoin’s market value in 2024. This year was a great one for Dogecoin, as the coin’s value hit a peak of about $70 billion in May.
Although its market cap fell by the end of that month, Elon Musk’s continued support has helped it recover ever since. Now, let’s look at exactly why you should invest in Dogecoin and why we can expect a huge rise in its market value.
Elon Musk’s Involvement
Despite its rise to fame from the Shiba Inu meme, Dogecoin has maintained its relevance over the years, largely due to celebrity endorsements. In particular, Elon Musk has played a vital role in keeping this meme coin in the public eye. Plus, when the billionaire used the $DOGE icon in the Twitter/X temporary rebranding earlier in 2024, Dogecoin’s value swung upward by 5%.
More than that, Musk intends to transform X into an ‘everything app.’ The first step was making it a payment service, in which he applied for a license in January 2024. From August 2024, several X users have reported having a new ‘payment’ button. Some have even used several payment features like transfer, payment, and balance on the X interface. So, it wouldn’t be surprising to see Dogecoin added to X’s financial ecosystem sometime in the near future.
Dogecoin’s Low Price per Coin Model
Did you know that, unlike Bitcoin’s deflationary nature, Dogecoin is an inflationary coin? Inflationary means it doesn’t have a maximum limit to the total supply of mined tokens. So, as more coins are added to the network, the inflation level continues to decrease. Thus making the token easily accessible to more people. Likewise, this model encourages price stability and spending, provided a steady level of inflation is maintained.
It’s worth mentioning that miners mine approximately one Dogecoin every minute. That translates to 5.256 billion coins added to the Dogecoin ecosystem each year. In exchange, miners receive about 10,000 DOGE for each block mined. These numbers keep the network’s ecosystem constant, usually approaching the zero mark but never quite getting there.
The Passionate Dogecoin Community
As new coins emerge, the active Dogecoin online community remains as passionate as ever. This token is still relevant because the community has been instrumental in supporting the coin’s sustainability since its launch. You can find active Shibes passionately vouching for Dogecoin on Reddit and Twitter.
Whether educating others about crypto, fundraising, or even sharing funny memes, the Dogecoin community thrives on its strong camaraderie and humor. This grassroots support, combined with occasional celebrity endorsements, has kept Dogecoin in the spotlight, proving that it’s more than just a meme. But it’s a symbol of how collective enthusiasm can drive the value and longevity of a cryptocurrency.
Increasing Use Cases
Dogecoin may have started as a joke, but today, it’s much more than that. As the years go by, and in 2024, we see Dogecoin being used in several retail and service businesses worldwide. Plus, the token’s price per coin has gradually increased, a potential sign of better things to come.
More specifically, the token has garnered plenty of support from the online gaming niche. Many online casinos have adopted Dogecoin as a preferred payment option, facilitating fast and secure transactions to and from their gaming accounts. Better yet, many gamers using $DOGE don’t pay for transaction costs, let alone experience payment delays as with traditional systems.
Even the latest trend of casino-like gaming sites is beginning to embrace various crypto tokens for the purchase of new sweeps and gold coin packs. Yes, we’re talking about sweepstakes casinos, where you can have fun and play casino-inspired titles without risking any real money or cryptocurrencies. Most new sweepstakes casinos are embracing Dogecoin and other cryptocurrencies for coin purchases and, in some cases, prize redemption.
Now, $DOGE owners can enjoy unlimited play on such platforms, and a chance to win prizes exchangeable for real money or crypto. With more Dogecoin use cases cropping up, it’s correct to say that this token will not disappear soon.
Is Dogecoin Worth it in 2024?
The short answer is absolutely yes! Everything, including experts, predicts a good end of the year for Dogecoin. But, despite its inflationary nature, let’s not forget that it’s still a cryptocurrency. That means anything can happen, especially since Dogecoin is popular for following market trends. So, don’t forget to do your homework before buying $DOGE.