After following cryptocurrency news and forecasting, are you in the mood of considering investing in crypto? The year 2021 was the best year for the cryptocurrency market so far. Unlike 2017 where Bitcoin (BTC) and a few altcoins such as Ethereum (ETH) were the primary gainers, thousands of digital tokens including Dogecoin (DOGE) have returned more than 1000% for investors.
This is the primary reason why the word cryptocurrency brings 293,000,000 (293 million) results in 0.57 seconds.
Millions of people are asking the primary question, how do I get started with cryptocurrency?
If you invest $100 in Dogecoin today and the value of DOGE continues to increase due to the bullishness around the cryptocurrency market, say up to $300, you stand the chance of making a profit of $200.
In investment terms, this is called capital gains from the portfolio ($300-$100) due to Dogecoin being a digital financial asset.
If traders and investors respond to unfavorable technical indicators as well as negative fundamental research and DOGE drops to let’s say $25 due to a huge sell-off, you stand a stance of making a loss of $75.
More importantly, in the world of investing and crypto finance investing for that matter, selling is the only way you can see profits or losses. If you want to learn more about the Dogecoin project and how you can invest in Dogecoin, we have highly researched articles to guide you in deciding on DOGE.
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If You Invest $100 In Dogecoin Today, What Happens?
The price of Dogecoin (DOGE) has been soaring since the start of 2021. So, if you were to invest $100 in Dogecoin today, there is a huge chance that the crypto boom that has made many people millionaires could lead you to reach new milestones in terms of capital gains in the not-too-distant future.
At the time of writing, DOGE’s value has increased significantly, having returned 30,330.31%% from its launch as a crypto trading asset for fans who believed in the meme-inspired currency right from the start.
Such metrics have contributed to increasing the valuation of DOGE to more than $30 billion. With whispers about potential upgrades to Dogecoin’s blockchain to make it more scalable and perhaps trigger smart contracts, the value of DOGE is going to increase even higher. This will translate to relatively higher returns for traders and investors.
The year 2021 saw DOGE gain high-profile support from popular, well-established, and largest cryptocurrency exchanges by trading volume.
Although it took years and lots of lobbying by the Dogecoin Community and Shiba Inu dog fans, DOGE is now available for trading on Binance, eToro, OKEx, FTX, Huobi Global, Voyager, Coinbase, Gemini, Robinhood, Changelly, CoinTiger, Crypto.com, Webull, Mandala Exchange and Bittrex among others.
Aside from exchange listings, the valuation of the digital coin continues to benefit from support from high profile celebrities such as the self-proclaimed DogeFather, Elon Musk, Snoop Dogg, Mark Cuban, Kevin Jonas, Gene Simmons, Angela White, Mia Khalifa, Ben Phillips, Jake Paul, and Marques Brownlee among others.
With millions of followers among them, these celebrities continue to invest in DOGE and tell others to do the same.
DOGE is also supported in the form of a payment option on the part of NBA Franchise owner of the Dallas Mavericks Mark Cuban.
This is why the cryptocurrency continues to be involved in thousands of transactions daily. As of Tuesday, 19th October 2021, DOGE was involved in transactions worth $50 million in 24 hours.
It is therefore not surprising to see numerous analysts and experts across several highly reputable crypto forecasting portals predict a great future for Dogecoin (DOGE).
Experts at Wallet Investor estimate DOGE to trade for a coin at $0.441 by the end of 2022 while experts at Trading Beasts believe DOGE could settle at $0.2729 by the year’s end of 2022 for the short term.
In the medium term, Wallet Investor expects DOGE to settle at $0.650 by the close of 2023 while Trading Beasts foresees DOGE trade at $0.3010 on 31st December 2023.
In the long term, the experts at Wallet Investor estimate DOGE to trade for a coin at $2.674 on 17th October 2026.
This means that investing $100 in DOGE today could see you with more than 140% returns in the short term, 350% returns in the medium term, and 500% returns in the long term.
Just like millions of up-and-coming blockchain and decentralized finance enthusiasts, traders, as well as investors who have numerous questions, you are right to ask, can you really invest $100 in Dogecoin? Let us figure it out.
Can I Invest $100 In Dogecoin (DOGE)?
You can invest as little as $100 in Dogecoin (DOGE).
In fact, Dogecoin as part of cryptocurrencies can be considered as successful because it has the essential features of utility (medium of exchange) and divisibility.
Dogecoin can be divided into eight decimal points (0.00000001). This means that you do not have to buy a whole DOGE.
On the other hand, Dogecoin is trading at a relatively lesser price (less than 50 cents).
You can buy 637 coins worth a $100 investment.
If you decide to adhere to the principles of trading (trade with a capital you can afford to lose, follow your own strategy, and ride winners to death), when DOGE tests new price milestones such as $1, $10, and $100, you could be swimming in USD, Euros, or Great British Pounds.
But before you decide on investing in Dogecoin (DOGE) with $100 or any amount of money that you have set aside to risk on cryptocurrencies, let us discuss what Dogecoin is.
Through this, you will know if Dogecoin is a good investment and whether you should consider investing in Dogecoin with $100.
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What Is Dogecoin?
Dogecoin is the most popular meme-inspired crypto project on the globe. Although it started as a joke, its native asset, DOGE, is one of the most popular and traded cryptocurrencies worldwide. Statistically, Dogecoin has recorded at least $500 million as daily trading volume at the time of writing this report.
In the new wave of joke currencies, it has only Shiba Inu (SHIB) to contest for the position of the most popular, best, and largest meme-inspired currency by market capitalization.
Founded by software developers Billy Markus and Jackson Palmer in 2013, Dogecoin comprises four (4) entities that have contributed to the success the project has enjoyed over the last eight (8) years. They are the Dogecoin Protocol, its native asset DOGE, Dogecoin Foundation, and the Dogecoin Community (they keep the intensity and promotion of the cryptocurrency going across the major social media channels).
After appearing on cryptocurrency exchanges on 1st January 2014, DOGE had an initial value of $0.0020. The digital token has moved on and reached new price milestones such as hitting a new all-time high of $0.7376 on Saturday, 8th May 2021.
To be able to have a great time investing in Dogecoin, you should know everything about the cryptocurrency from buying, selling, and holding (storing). Once you buy Dogecoin on an exchange, you store your holdings in a digital wallet that can be accessed through private keys.
Others do not believe in the cybersecurity system put in place by exchanges and other places of purchasing digital currencies and instead opt to hold their coins in private wallets.
No matter the option of storage you choose, all wallets can be accessed through private keys.
These keys can be set by you (in the case of storing Dogecoin through a cryptocurrency exchange or online financial systems such as Skrill).
On the other hand, if you choose to store your DOGE on Ledger, Trezor, Coinomi, Atomic, and Guarda among others, the wallets are going to generate random sets of names or digits that will facilitate your status as a holder of Dogecoins.
As a result, holding onto your private keys is a top priority.
On the centralized exchanges that list Dogecoin such as eToro, Coinbase, Voyager, Gemini, Binance, and Crypto.com among others, you could request a password (keys) change if you lose the old one. But how do you recover passwords from exchanges? After you input your email address, a link will be sent to the registered and earlier verified email, or pin codes will be sent to a verified contact number associated with the account.
This helps reset your password and regain access to your holdings.
Unfortunately, the same cannot be said for wallets. If you use a wallet provider to store your Dogecoin and other cryptocurrencies, kindly hold onto your private keys. This is because, without your passcodes, you wouldn’t regain accessibility to your account.
Like all crypto projects, the creation, trading, storage, and distribution of digital currencies of Dogecoin happens on a decentralized ledger system called a blockchain.
Payments are primarily facilitated through peer-to-peer (P2P) technology.
To maintain and upgrade the protocol to meet the standards of blockchain technology, Dogecoin primarily relies on its SCRYPT technology to solve its scalability problem.
What’s more, the Dogecoin Foundation continues to discuss possible upgrades to the network which can improve its scalability and interoperability.
This is the primary reason why Ethereum founder and Elon Musk adviser, Vitalik Buterin joined the Dogecoin Board to help fund, hire staff, and work on the Dogecoin project full-time.
Who knows, in the future, Dogecoin may branch into smart contracts and compete with Ethereum, Cardano, Solana, Tron, EOS, and Stellar Network for decentralized finance application developers and users?
To illustrate how Dogecoin works as an investment instrument, traders and investors who believed in the potential of the cryptocurrency right from the start of 2021 have made awesome gains.
More importantly, depending on the total sum of investments made as per the relatively lesser price of Dogecoin, your returns could be in the thousands or millions if you held onto your Dogecoin holdings and sold at the right time in May.
For instance, if you invested $100 when Dogecoin (DOGE) traded for cents in January, you purchased 21,362 coins ($100 divided by $0.004681). If you held onto the excess of 21,000 DOGEs when it reached its all-time high in May 2021, the value of your DOGE holdings would have been worth $15,757 at that time (a 15,657% increase on your $100 investment capital).
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What Makes Dogecoin So Valuable?
Dogecoin, like all cryptocurrencies, holds no intrinsic value.
As Michael J. Boyle of Investopedia puts it, “Intrinsic value is a measure of what an asset is worth. This measure is arrived at by means of an objective calculation or complex financial model, rather than using the current trading market price of that asset.”
With such a definition under perspective, Dogecoin thrives on its use as a transactional currency which falls under utility and medium of exchange as well as demand for the coin by investors.
As a result, the market value of DOGE increases as investors pour liquidity into the token and falls when investors sell off their DOGE holdings for other cryptocurrencies.
Because of its status as a cryptocurrency and a digital coin mired by several crypto scams, no government or central banks support its usage as a legal tender.
Remember that as of October 2021, there are physical representations of Dogecoin.
Yet, Dogecoin has been able to retain its spot as a top ten digital asset despite competition from new entries Solana (SOL) and Shiba Inu Coin (SHIB).
As a large-cap digital asset, Dogecoin is more valuable than some mainstream companies such as Apollo Global Management, People’s Insurance Company of China, Swisscom, UniCredit, Japan Post Holdings, Arista Networks, Mitsubishi Electric, and Deutsche Bank whose market capitalization is below $32 billion.
This is the primary reason why several stakeholders of the meme-inspired currency continue to pile pressure on the Dogecoin Foundation to improve the technology behind the blockchain. Because of the friendly nature of the token through its use in several humanitarian courses, many experts believe that Dogecoin’s provision of a quicker and cheaper payment system can transform global transactions effectively.
Although Dogecoin has been unfortunately associated with several crypto scams that netted hackers millions of dollars, it is still one of the most demanded cryptocurrencies in the world.
Through its accessibility on CoinFlip’s 1,800 ATMs across the United States and listing on Dallas Mavericks and CovCare as an option of payment, the continuous liquidity being poured on DOGE will reflect positively in its market valuation.
Therefore, as a novice investor with an eye on the long term, DOGE can bring you consistent passive income.
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How To Invest $100 In Dogecoin
There are several ways through which you can invest $100 in Dogecoin. Based on speed, liquidity, fees, ease of use, range of payment methods, regulatory compliance, security, and reputation, we will recommend eToro as the exchange for investing $100 in DOGE.
Always buy Dogecoin and other cryptocurrencies from exchanges with high daily volumes. Such exchanges have millions of active users who are ready to respond to orders.
Although, the main thesis of this article is what might happen if you invest $100 in Dogecoin, there are no limits to the amount of money you can invest in DOGE.
Since an exchange such as eToro and others have set affordable minimum trading prices for cryptocurrencies, it is possible to start investing with $100.
Follow the steps below and you would be on your way towards putting your $100 into good use on centralized exchanges (CEX).
- Register for an account with eToro (full name, contact number, email, and residential address).
- Verify your account.
- Deposit funds (using bank cards, direct bank transfer, or wallets from online payment services such as Neteller/PayPal/Skrill).
- Buy coins from the Dogecoin page.
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Will Investing $100 In Dogecoin Make You A Millionaire?
Investing $100 in Dogecoin can make you a millionaire only if you hold onto your DOGE investment for the long term and the price of DOGE rises to more than $2,000.
For understanding, let us use simple mathematics in our analysis of a $100 DOGE investment turning into a millionaire maker.
At $100, you can purchase 637 coins.
You could become a millionaire if DOGE trades for $2,500 in the future. Although there isn’t any fundamental or technical analysis-backed research to back up such a price forecast, Dogecoin has a huge following which can propel the cryptocurrency to such milestones.
At $2,500 and 637 coins in holdings, multiplication will provide the millionaire statistics.
$2,500 multiplied by (×) 637 totals $1,592,500 (1 million).
If DOGE tests $5,000, your $100 investment could turn to $3,185,000 (multi-millionaire).
Dogecoin continues to form a substantial part of the current crypto revolution called decentralized finance (DeFi). Although built on an independent blockchain, Wrapped Dogecoin (WDOGE) is an ERC20 token that can interact with DeFi protocols and applications on Ethereum.
Therefore, Dogecoin continues to gain mileage as Ethereum dominates the DeFi space.
Dogecoin is one of the highly volatile digital currencies on the market. With that said, DOGE has become too popular to trade in extinction zones, and it’s an asset that must be researched upon due to the massive returns it could add to your portfolio.
What To Consider When Investing $100 In Dogecoin?
When investing $100 in Dogecoin (DOGE), it would be in your interest to consider the following.
Virtual Currencies and Blockchain Technology Is a New Concept
Although Dogecoin is one of the pioneer cryptocurrency projects, 95% of the global population is not into cryptocurrencies. This is the primary reason why you shouldn’t think investing $100 in DOGE will result in overnight gains. No analyst foresaw the massive spike in prices of crypto in 2021, so invest in Dogecoin and other digital coins with caution.
Know the Actual Costs Involved
Investing $100 of your hard-earned money in Dogecoin only to lose some of your capital to depositing and transaction fees is heartbreaking. Find exchanges that meet your preferences in terms of fees. Does the exchange allow free deposits and low transaction fees? Once you ask this question, you will be able to tailor your search into finding an exchange that will allow you to use your $100 to buy a package of Dogecoin (DOGE).
Know Your Risk Tolerance
Can you afford to lose $100? Suppose the price of DOGE should drop to extinction zones, will you be able to survive after the loss of your capital? Dogecoin is currently trading at $0.1569 but continues to experience sharp spikes and recessions in its daily trading volume.
If you assess your risk tolerance and realize the rewards outweigh the risks, then you can carry on and invest $100 in Dogecoin (DOGE).
Do not follow feeds from social media and invest your life savings into crypto. As an e-learning organization, we continue to advise our clients about the need to invest an amount they can afford to lose.
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Should You Invest In Dogecoin?
YES! Dogecoin is a digital asset worth investing in. Although it could have been a great idea to invest in Dogecoin much earlier, it is not too late to invest now since DOGE continues to trade below $1. This means you can buy more which can turn your $100 investment into thousands and millions of dollars.
Whatever happens, always ask the question, do the potential rewards of investing $100 in Dogecoin (DOGE) outweigh the possible consequences of the risks associated with investment?
Investing in DOGE has made several people millionaires. Who knows, you could be the next Dogecoin millionaire in the not-too-distant future.
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