Does This Leading Meme Coin Have a Future?
Key Points
Many of the biggest cryptocurrencies have grown this year, but not Dogecoin.
It still seems to have a strong fanbase that will keep it alive.
- 10 stocks we like better than Dogecoin ›
The crypto market is full of meme coins, but none of them have topped the one that started it all. Dogecoin (CRYPTO: DOGE) is the largest meme coin and the only one in the top 10 cryptocurrencies.
It hasn't been doing well lately, though. Dogecoin's all-time high was all the way back in 2021, and it's down 36% on the year (as of Oct. 28) while market leaders like Bitcoin and Ethereum are up big. With poor results in a bull market, is Dogecoin done? Let's find out.
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Image source: Getty Images.
Dogecoin keeps on ticking
Even during a down year, Dogecoin is still worth $30 billion. It's also one of the oldest cryptocurrencies, having launched at the end of 2013. Most meme coins crash and burn quickly, so Dogecoin has shown impressive staying power. It was created as a joke, and there's nothing that makes Dogecoin a good investment, but people have known that for years.
Dogecoin seems to have a loyal-enough fanbase that it will stick around. It could also occasionally have brief periods where it does well, like last year, when it surged based on the election of Donald Trump and the role of Dogecoin fan Elon Musk in the campaign.
To reiterate, Dogecoin isn't a good investment -- or an investment, period. I expect that it will still be around in five to 10 years, but it will probably lose value, because meme coin prices are driven primarily by hype. If you just want to spend a little extra cash on a meme coin, Dogecoin is one of many options. If you want to invest in cryptocurrency, you're better off looking elsewhere.
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Lyle Daly has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.
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