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Should You Invest in Dogecoin in 2022?

TheMotleyFool

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Thanks to the meme-stock mania that took over the market last year, Dogecoin (CRYPTO: DOGE) was a star. The popular token, created as a fun competitor to Bitcoin (CRYPTO: BTC), skyrocketed almost 12,000% from the start of 2021 to its all-time high on May 8. Since then, however, Dogecoin has lost more than 70% of its value.

You might be viewing this as a lucrative opportunity to scoop up some cheap DOGE, the name of this dog-inspired cryptocurrency's native token. Does Dogecoin, now the 11th most-valuable cryptocurrency with a market cap of $21 billion, make a good investment this year? Let's find out.

Image source: Getty Images.

Source Fool.com

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