Dogecoin Under $1: Last Chance to Buy Before the Next Rally?

Memecoins are laughing all the way to the bank—while traditional investors scramble to decode the joke. Dogecoin, the OG crypto-meme, still trades under a buck. But for how long?

Why $1 DOGE still matters

Forget fundamentals—this is a psychological battleground. Breaking the dollar barrier could trigger FOMO buys from retail traders chasing round-number milestones. The last time DOGE flirted with $1, it sparked a 300% frenzy. History doesn't repeat, but it often rhymes.

The Elon factor

Tesla's chaotic CEO remains Dogecoin's unofficial hype-man. Every cryptic tweet sends the price spiking 20%—then crashing when reality sets in. Pro tip: Track his jet movements. No, really.

When memes meet money

Wall Street analysts scoff while secretly running DOGE price simulations. Meanwhile, crypto degens stack coins, whispering 'to the moon' like a mantra. In this market, absurdity is the only sure bet.

Bottom line: Dogecoin at $0.90 could be a steal—or the ultimate bagholder trap. Just remember: in crypto, 'undervalued' means either genius insight or spectacular delusion. Choose wisely.

Image source: Getty Images.

1. It's a meme coin

This comes as no surprise to anyone following the crypto industry, but it's worth stressing that dogecoin was launched as a joke and was never intended to be taken seriously as an investment.

Its price movements are solely based on hype cycles instead of meaningful developments or innovations with the coin or its blockchain. When positive news comes out, as it did recently when Bit Origin announced it would spend $500 million to buy Dogecoins, the cryptocurrency soars.

But the same is true on the opposite end, too. Any negative news can send Dogecoin reeling, and any pullback from famous people hyping the coin, including Elon Musk, can result in a loss of interest among investors. Consider that despite Dogecoin's 30% pop over the past month, its value is still down 28% year to date.

The long and short of it is that Dogecoin's gains probably aren't sustainable because there's nothing in the real world that's tethered to its success. It's purely speculative.

2. There's no limit to how many Dogecoins can be mined

There's no limit to the number of Dogecoins that can be mined. I'll let that sink in for a moment so you can consider if that sounds like a good starting place for an investment. In general, if something is more scarce, it usually becomes more valuable. Conversely, if a good is unlimited, its value usually falls over time.

Each year, 5 billion new Dogecoins are added to the cryptocurrency's circulation. In contrast,has a hard cap of 21 million coins that can be mined, and it's already nearing 20 million. While there's some speculation involved in buying and selling Bitcoin, at least it has a ceiling for how many coins will be in existence, which has been a catalyst for its increasing value.

If you're tempted to buy Dogecoin, ask yourself if you'd feel comfortable buying shares of a company that continues to issue new shares every year. Eventually, the stock WOULD be worthless because the shares would be so diluted.

3. Other cryptocurrencies are far better long-term investments

I understand the appeal of investing in cryptocurrencies, especially if you're drawn to the idea that crypto could be transformational to financial systems. But if you're looking for novel investments, putting your money toward Bitcoin would likely be a much better choice than Dogecoin.

As I mentioned, bitcoin has a limited supply, so that's already a huge plus over Dogecoin. Plus, it's already gained a lot of recognition globally as a store of value and even has exchange-traded funds (ETFs) that track its price movements. The existence of these funds means that large institutions back the coin as a legitimate investment through their Bitcoin ETFs, giving the coin much more staying power than Dogecoin.

The bottom line

For all the reasons above, I think it's wise for investors to steer clear of buying Dogecoin. Its price moves purely on speculation, there's no end to how many coins can be mined, and there are more legitimate cryptocurrencies that have far better staying power. If you want to invest in cryptocurrencies but you're not sure where to get started, buying a cryptocurrency ETF could be a smart MOVE -- and likely less risky than owning Dogecoin.