Is Dogecoin Really a Millionaire Maker?
Key Points
Dogecoin, down 87% from its all-time high, trades for just pennies.
As a meme coin, Dogecoin offers little real utility.
Over the past five years, attempts to make Dogecoin more than just a meme coin have largely fizzled.
- 10 stocks we like better than Dogecoin ›
On the surface, meme coin Dogecoin (CRYPTO: DOGE) would appear to have some of the characteristics of a millionaire-maker coin. For one, it's dirt cheap and trades for just pennies, making it easy to accumulate. It also has a past history of spiking wildly in value.
But dig a little deeper, and you might want to rethink an investment in Dogecoin. It may have been a millionaire maker in the past, but a lot has changed since then.
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Dogecoin's recent performance
As a stand-alone investment, Dogecoin has been absolutely dog-awful over the past five years. And that's an understatement. Ever since Dogecoin hit an all-time high of $0.74 in May 2021, it's been mostly downhill for the world's most popular meme coin.
Dogecoin is now down a shocking 87% from those highs. Moreover, all attempts by billionaire Elon Musk to support the meme coin over the past five years have largely gone nowhere. Yes, you might be able to buy some Tesla (NASDAQ: TSLA) merchandise with your Dogecoin, but that's not going to make you a crypto millionaire.
Image source: Getty Images.
The problem, quite simply, is that the meme coin market is in a serious rut right now. For the year, Dogecoin is down 20%. Fellow dog-themed meme coin Shiba Inu (CRYPTO: SHIB) is down 25%. The meme coin market is just too saturated, and there's simply no investor appetite for this type of risk right now.
Dogecoin's search for meaning
As might be expected, there has been plenty of hype and buzz about how Dogecoin is going to turn itself around and make investors rich.
The latest buzz is over a partnership with Paxos, a provider of crypto trading and custody solutions. The hope here is that Dogecoin can somehow become part of the mainstream financial world, offering real utility.
Before that, there was the launch of the first spot Dogecoin ETF in September. These new ETFs were supposed to bring in money from deep-pocketed institutional investors and send the price of Dogecoin soaring. But they haven't, and are unlikely to do so.
Can you make money with Dogecoin?
All of that being said, it might still be possible to make money with Dogecoin. For example, you could bet against Dogecoin on various online prediction market platforms. There, you'd be rooting for the price of Dogecoin to fall. If that happens, you'd make money.
Obviously, I'm skeptical about Dogecoin going forward. This dog-themed meme coin has been around for more than a decade and has never once hit a price higher than $0.74. You're never going to get rich if Dogecoin can't break through the $1 price level.
There's tremendous merit in being a patient, long-term investor. But in the case of Dogecoin, I just don't see the point.
Should you buy stock in Dogecoin right now?
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Dominic Basulto has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.
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