Is There a Future for Dogecoin?
Key Points
In more than a decade, Dogecoin has never hit the $1 mark.
Dogecoin was once a novelty investment, but there are now literally thousands of different meme coins.
Elon Musk's creation of DOGE was supposed to revive Dogecoin, but it's still down 38% for the year.
- 10 stocks we like better than Dogecoin ›
The first thing you need to know about Dogecoin (CRYPTO: DOGE) is that it has never traded higher than a price of $0.74 since it launched in 2013 -- and that happened all the way back in May 2021. That tells you all you need to know about the future prospects of the world's first meme coin.
Dogecoin continues to underperform the market
Year to date, Dogecoin is down 38% and shows no signs of recovering anytime soon. Earlier in the year, there was hope that billionaire tech entrepreneur Elon Musk -- a well-known Dogecoin supporter -- might revive the fortunes of Dogecoin with the launch of DOGE (Department of Government Efficiency) for the Trump administration. But that revival simply has not happened yet.
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As a result, Dogecoin continues to underperform every single major cryptocurrency. While Dogecoin is holding up better than other meme coins in 2025, that's not really saying much. The next-biggest meme coin, Shiba Inu (CRYPTO: SHIB), is down 52% in 2025.
Image source: Getty Images.
A major factor here is the oversaturation of the meme coin market. There are literally thousands of meme coins, and dozens of dog-themed meme coins. Yes, Dogecoin was fresh and vibrant when it first appeared on the scene more than a decade ago, but not any longer.
Look elsewhere for explosive upside potential
Sure, Dogecoin might have some utility as a proof-of-work blockchain. Some brands might decide to build on top of it. And X (the social media platform formerly known as Twitter) was once ready to integrate Dogecoin as a payment option for social media users.
But, alas, it's time to give up on Dogecoin. It had a brief moment of brilliance during the previous crypto market rally of 2020-2021, but it's now time to look elsewhere for cryptocurrencies with more explosive upside potential.
Should you invest $1,000 in Dogecoin right now?
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Dominic Basulto has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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