Dogecoin is one of the most surprising cryptocurrencies of our time. Starting as a joke currency based on a popular internet meme, it quickly rose to become one of the leading coins in terms of market cap. It’s also one of the most popular altcoins to invest in.

Although DOGE has shown promise and results, is it profitable for investments, especially if you want to buy it next week? This will be covered in the guide below.

The Beginning of Dogecoin

Dogecoin emerged towards the end of 2013 when Bitcoin had become very popular and raised the curiosity of developers as they tried to determine the extent of its possibilities. It was inspired by an internet meme called Doge, which was of a Shiba Inu dog.

It’s often said that it started as a joke currency, but it shed this perception by becoming one of the most traded P2P cryptocurrencies. By 2014, it had already gained ample attention. It is currently being exchanged widely and featured on different platforms.

Characteristics of Dogecoin

An investor should consider all the following features of Dogecoin when deciding to invest:

• It has been adopted by a lot of high-profile investors. A notable mention is Elon Musk, often called the self-appointed former CEO of Dogecoin.
• Dogecoin is one of the oldest cryptocurrencies to have been released, just four years after Bitcoin.
• Dogecoin has such a low price, anyone can invest in it. The price shouldn’t discourage you as it still brings in top profits.
• The currency does not have a fixed maximum supply or inflation rate. It had a max supply of 100 billion in 2015 but this was surpassed.
• It is mostly known as a lighthearted cryptocurrency.

Price Prediction for Next Week

When considering the Dogecoin price prediction for next week, there is some activity that occurred this month that you should consider.

• For one, Dogecoin has been leading other altcoins in terms of gains since the year started. It has gone above 1 cent per token. It is considered the biggest winner of Bitcoin’s rally, ever since it was endorsed by Angela White, an Australian adult film star.
• After she dropped a tweet, the cryptocurrency experienced an immediate 125% increase in its value, which is way more than the impact Elon Musk had on the cryptocurrency after tweeting his endorsement.
• Last week, DOGE lost 15% in 12 hours alone. The price even went below the 20 SMA until it got to the $0.01 mark. If this retracement continues, Dogecoin might not be a good investment choice next week.
• DOGE is also well known for following the price movement of BTC and ETH, two cryptocurrencies expected to stabilize and continue their uptrend. It’s expected that DOGE will follow in their footsteps a few days after, also stabilizing and increasing in value.
• Based on this, it’s safe to say that although the digital coin is experiencing a retracement now, it will follow the price movement of BTC and ETH towards an uptrend. Thus, by next week, Dogecoin is expected to have increased in value.

Invest in Dogecoin

Dogecoin shocked the cryptocurrency community this year when it went ahead of all altcoins, offering investors and traders a chance for huge returns. All the previous price movements so far indicate further growth.

If you want to buy Dogecoin with your other cryptocurrencies, it’s time to do so before its price rises.