From Meme to Money: Profiting from Day Trading Dogecoin in 2024

Despite beginning as a joke, Dogecoin has become one of the world's most popular cryptocurrencies in 2024, and many traders are curious to know if you can day trade Dogecoin. If you want to know how to day trade Dogecoin, you will need the services of brokers. Brokers are online marketplaces where you may purchase and day trade Dogecoin. Cryptocurrency brokers provide coins at a predetermined price, allowing you to purchase or sell them quickly. 

When a user issues a buy or sell order, the broker takes the other side of the trade, and the transaction is completed instantly. You can day trade Dogecoin on Coinbase, eToro, Binance, KuCoin, Crypto.com, and others. This article will walk you through the best places to purchase. We will examine the Dogecoin project, if it is possible to day trade Dogecoin, and give expert analysis of Dogecoin price prediction. Hence, you should keep reading if you are currently looking for a popular crypto project to invest or if you can day trade Dogecoin 

What Is Dogecoin?  

Like any other asset, Dogecoin day trade is possible, but you must know the background of the crypto. The market values assets' prices based on supply and demand. Given the large and ever-growing supply, demand has had to skyrocket to drive prices as high as they have recently.

That happened in the first months of 2021, when prices skyrocketed by around 7,000 percent, thanks to retail investors on Reddit (including the Wallstreetbets subreddit that sparked the "meme stock" craze) working together to push prices up, the broader crypto boom, and months of seemingly tongue-in-cheek tweets by Tesla founder Elon Musk, punctuated by his appearance on Saturday Night Live in May 2021.

DOGE remains a highly volatile cryptocurrency, and there is no assurance that it will rise or fall in value in the future, or if Dogecoin counts as a day trade. When an asset significantly increases, FOMO (or "fear of missing out") attracts new traders. Fast-rising DOGE prices in 2021 drew significant media attention (as well as social media posts), creating a loop that attracted new investors and raised prices for a period. Many crypto enthusiasts believes you can day trade dogecoin, however, trading crypto is  not an easy feat as it needs expertise and good risk management. Volatility is a friend of a day trader but if mismanaged could also be the cause of a big loss.

Dogecoin History 

In 2013, Dogecoin (DOGE) was founded as a fun alternative to existing cryptocurrencies like Bitcoin. Unlike Bitcoin, which was supposed to be limited, Dogecoin is designed to be numerous, with 10,000 new coins being mined every minute and no cap on supply. A meme inspired the name and Shiba Inu logo.

For most of its history, Dogecoin was seen as a funny "meme coin" treasured by its community — but with no monetary worth. That changed in 2021: as of April, Dogecoin was one of the top ten cryptocurrencies by market cap, with a total value of more than $50 billion, although each coin is worth pennies.

Doge is the cryptocurrency of dogecoin, a joke use cryptocurrency based on a Shiba Inu dog viral internet meme. The cryptocurrency is simply a direct clone of Litecoin's code and, like all other digital assets, can be used to transfer value over the internet. Initially, the cryptocurrency project was designed solely to ridicule other cryptocurrency initiatives being introduced at the time.

Doge was never intended to have any real-world utility beyond being a simple blockchain-based payment system, yet, it swiftly gathered a devoted fan following that discovered and built new applications. These included a third-party online tipping service, which led to doge becoming a major tipping coin on the social media platform Reddit and using dogecoin to fund humanitarian causes.

Dogecoin Price Chart

Historically, from December 2013 to December 2020, the price of Dogecoin remained very stable. Dogecoin momentarily reached a price of $0.0000869 on May 6, 2015, its lowest since its inception. Dogecoin's price momentarily increased in early 2018. It eventually followed the same fate as other cryptos as the crypto market plummeted following the bitcoin meltdown (also known as the 2018 cryptocurrency crash).

If you are interested in trading Dogecoin, the current price is $0.07868, with a 24-hour trading volume of $261,366.579. Dogecoin now has a market capitalization of $10,9567,052. Where to buy Dogecoin, the best cryptocurrency exchanges for trading Dogecoin stock are Binance, BTCEX, MEXC, Deepcoin, and others.

Pros Of Trading Dogecoin 

Dogecoin (DOGE) has returned up to 3,200% by January 6, 2022, while the price has dropped significantly owing to unfavorable market conditions. However, it may be the good investment required to generate enormous gains in your investment portfolio. This post will look in depth at why you should consider investing your hard-earned money in Dogecoin, the benefits and drawbacks, and crucial things to consider. Before investing in Dogecoin, you should research to learn about the digital asset, so you know what you're getting yourself into.

Investing in Dogecoin as a trader or investor without conducting fundamental or technical analysis raises your risk of incurring irreversible losses. To begin with, Dogecoin is not your typical cryptocurrency that adheres to investment rules. Instead, it provides something distinctive (its joke factor as a driver of its price). Several cryptocurrencies cannot say the same because they rely on adoptions, integrations, and technological advancement.

Dogecoin, unlike Ether (ETH), Tronix (TRX), or Cardano (ADA), which offer smart contracts, is a cryptocurrency that relies on its base layer to function as a transactional currency. This is because every investment is flawed. While this presents an excellent use opportunity, you must first understand what Dogecoin is, what it provides users, and what other potential signs to look for as a novice trader or investor.

There are various reasons why you should trade Dogecoin:

• Doge's block generation time is only 6 minutes, making it an excellent choice for payments and transfers.
• Doge has a very active web network. Therefore there are plenty of trading ideas and tools available.
• Dogecoin, ranked in the top 50 cryptocurrencies, is a very popular cryptocurrency that can be exchanged on various platforms and exchanges.
• Profit can be made by taking advantage of volatility. You can purchase DOGE after researching the coin and determining its future bullishness.

Cons Of Trading Dogecoin 

However, traders should be aware of the following dangers when trading Dogecoin:

• There is no limit to the number of coins that can be minted. The Doge is extremely susceptible to inflation. This is in contrast to most other cryptocurrencies, which are deflationary.
• Dogecoin's price is erratic and heavily influenced by personalities such as SpaceX CEO Elon Musk tweeting about the cryptocurrency. This means that the price only sometimes reflects the underlying value.
• Doge has earned a lot of success through its branding and PR rather than through its technology, which isn't innovative and lacks development. Customer service and user instructions for Dogecoin are minimal.
• Dogecoin is based on its playful nature rather than genuine innovation. Several financial news portals' investment headlines are overly focused on the meme currency's humorous nature rather than any breakthrough innovation.
• Over-Reliance on Bitcoin Price Patterns DOGE has followed the price patterns of the parent cryptocurrency from its introduction as a crypto trading asset in January 2014. DOGE was founded to mock other cryptocurrencies such as Litecoin and Bitcoin. Dogecoin has rallied to fresh all-time highs alongside BTC, other cryptocurrencies, and Defi coins. If BTC has a bad season owing to tight regulation or a massive sell-off by long-term investors of the digital gold, DOGE may hit new highs.

Future Price Forecasts 

Due to its recent price surge, many investors have taken an unexpected interest in Dogecoin. To that end, what do you think the value of Dogecoin will be in 2022, 2025, or 2030?

Dogecoin is valuable since it may be used to make online payments without incurring fees. Doge has a large and growing following on sites like Reddit, Discord, Quora, and YouTube; as a result, its popularity will be around for a while. In particular, the community is working toward one Dogecoin worth $1, or "getting Dogecoin to the moon."

Due to its many benefits, Dogecoin is an investment you should consider. Currently, Dogecoin (DOGE) is the fourth largest digital asset in the world, but its price is still significantly lower than that of its main market competitors. There are more popular forms of electronic payment for making purchases.

On the other hand, Dogecoin was expected to enter the mainstream in 2021 after forming fruitful agreements with COVCARE and the Dallas Mavericks. In addition, it has become more well-known thanks to its inclusion on eToro and Gemini (two of the largest cryptocurrency exchanges in the world).

Dogecoin is currently trading at a discount to Bitcoin, costing only $0.15; because of this, the digital asset is a fantastic investment option for those with limited financial experience. Experienced investors can use bitcoin as a hedge against losses by adding it to their portfolio. Simply put, investing in Dogecoin has a high degree of risk but large potential profits.

Doge is the subject of extensive study, with well-known crypto traders like Zakaria M (who made a 2020 prediction that one Dogecoin would be worth one dollar within five years) among those who have offered their opinions.

But there's no doubt that Dogecoin's value has surged enormously due to its novelty and notoriety, including the impact of influencers, which makes it very hard to predict using fundamental trading research.

Traders can assume that in the short term, public figures like Elon Musk will influence the price of cryptocurrencies and that in the longer period (5 and 10 years out), the projection will more accurately reflect the true value of Doge. For instance, the price of Dogecoin may increase dramatically if it gains the support of Amazon's creator, Jeff Bezos.

Subsequently, we can see the long-term price prediction on Doge is a sell. This means experts believe we will continue to see a bearish momentum on Dogecoin in the next couple of months. The crypto market has been rallying in the past few weeks, and experts believe this is just a retracement or correction.

Dogecoin Day Trade Strategy

You can day trade Dogecoin if day trading of is your favourite  strategy.  Dogecoin day trade involves actively seeking for trades with a high potential reward-to-risk ratio to make fast profits. If day trading is more your style, then Dogecoin count as a day trade if you are able to make profits. There are several strategies used by traders to day trade like scalping. However day trading involves a lot of risks and best handled by traders with good experience and risk management.

How To Buy, Store & Trade Dogecoin 

These "crypto wallets" are designed to store one or more cryptocurrencies securely, whether hardware wallets or software wallets, online or offline. Wallets can be funded because each has a unique public key that can be used to verify the wallet's owner (and hence the Dogecoins). Following the explanation of Dogecoin, we will explore its purchase, storage, and subsequent exchange.

It must be used with the owner's private key to execute a transaction. While keeping your cryptocurrencies in a personal wallet is the safest option, some exchanges include wallets as part of their service. An exchange is a simple means to obtain the underlying goods; for a charge, it enables trades between buyers and sellers at agreed-upon rates. One example is the exchange of Canadian Dollars for Dogecoin. Doge traders and holders with a time commitment usually buy and store their currency at an exchange.

Brokers are the place to go when trading larger funds or for other trading freedom. To trade Doge, you can alternatively use a broker. In exchange for a deposit, a trader can employ a broker to acquire access to leverage and a wider range of assets. A trader who deposits US dollars but does not possess either Dogecoin or XRP can still participate in the market by speculating on the value of these two cryptocurrencies.

Trading Wallets

The official Dogecoin wallet, Dogecoin Core, is a secure application with few bells and whistles and a straightforward user interface. In contrast, the Trezor Model T is widely recognized as one of the best Dogecoin-compatible hardware wallets. For Dogecoin traders who prefer a hardware wallet, the highly regarded Ledger Nano X is a fantastic option because it allows the public key to be accessed for payments via a QR code.

Zengo, a mobile software for Android and iOS, is the first keyless cryptocurrency wallet to support Dogecoin storage. You no longer need to enter a password to access your funds because a 3D biometric face scan is used instead. Keep an eye on Revolut, a digital bank, as they announce their plans to add Dogecoin support shortly.

Trading Brokers

Binance is a great place to buy Dogecoin since it has an app-based electronic wallet called the Trust Wallet. However, Kraken is a reliable exchange that allows users from the United Kingdom and the United States to buy and sell Doge, but it does not offer a wallet service. Zebpay is widely used as a Dogecoin exchange in India. Doge is not currently compatible with Coinbase.

Trading Tips 

The following are some of the finest ways to trade Dogecoin.

• Follow the latest token news on Yahoo, but also keep an eye out for developments on social media and community forums, as the behavior of other retail investors mostly impacts Dogecoin's price.
• Keep an eye on the value of Doge using a tracker. Investors can set up notifications for when a certain price threshold is met using the TradingView app. Impending changes may influence Dogecoin in cryptocurrency regulation, so stay tuned for updates.
• Stop-loss orders and not putting all your eggs in one basket are tried-and-true risk-management tactics that may be applied to any trading style. A Dogecoin investing calculator can be used to assess the stop-loss limit and potential profit or loss from a trade.

Final Word On Trading Dogecoin

Day trading Dogecoin can be a risky and volatile task that requires careful consideration and in-depth knowledge of the cryptocurrency market. While some Dogecoin investors may have made substantial profits, it is important to remember that the price of this cryptocurrency can change quickly and without warning. Furthermore, day trading requires a significant amount of time, effort, and focus in order to keep track of market trends and make sound decisions. As with any investment, it is critical to conduct extensive research and consult with financial professionals before making any decisions. Finally, while day trading Dogecoin can be profitable for some, it is not a surefire way to make money and should be done with caution.