As the hype around the news mount, approximately $1.7 billion has been pumped into Dogecoin’s market capitalization in an extremely short period of time pushing the meme coin’s market cap to reach $12.76 billion, the highest figure since December 2022.
It is a Proof of Work coin and belong to a list of oldest cryptocurrencies but still successfully stays in a list of top altcoins.
I feel safer with Dogecoin and smart-contract top altcoins that can be hacked, exploited and lost their token values very quickly. If people felt fine when Dogecoin was traded about $0.7, they would feel super fine when it is only trading around $0.1 now. They would smell less risk at current price than with a top price of Dogecoin in the last bull run.
If you want to invest in Dogecoin till the end of 2024 to enjoy big bull run of cryptocurrency market including altcoin season, it is safe to enter now. However, if you only want to jump in, jump out to get short term profit, it is risky now.
For me the current price of DOGE is very high, and even more so when it was $0.7. All because I remember a time when a coin could be bought for less than a cent. It seems to me that DOGE is not bitcoin, which will only get more expensive over the years. So I think buying doge now at $0.1 is not the best investment. I would consider some other project for that.