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Should You Invest $1,000 in Dogecoin Right Now?

TheMotleyFool

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Should You Invest $1,000 in Dogecoin Right Now?: https://g.foolcdn.com/editorial/images/835741/shiba-inu.jpg

It's hard to argue with Dogecoin's (CRYPTO: DOGE) performance. In the past five years, this cryptocurrency has skyrocketed 8,740% (as of Sept. 30). It has taken its owners on a roller coaster ride, but the returns have been truly magnificent.

Right now, Dogecoin trades 66% below its record, established in May 2021. Should investors take advantage of the dip and spend $1,000 to buy this dog-inspired meme token right now?

Image source: Getty Images.

Source Fool.com

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