Crypto markets are down big so far this year. Dogecoin (DOGE 1.30%) is no exception. After a huge run-up in 2024, Dogecoin's value has been cut nearly in half during the first few months of 2025. Yet some speculators believe this is a huge buying opportunity, calling for 500% or more in potential upside. Has the recent correction created the ultimate buying opportunity? Could Dogecoin zoom past $80? If you monitor many of the popular technical analysts on X, you'll find plenty of bullish predictions on Dogecoin's near- and long-term price potential. Some believe that Dogecoin's price could reach $1, $20, or even $80 based on historical cycle indicators. If true, all of these price targets would make this cryptocurrency a buy given its price today is less than $0.20. Before you jump in, it's important to bring these wildly optimistic predictions down to earth. The first thing to understand is that many of these predictions are being made by anonymous accounts with no transparency regarding their long-term track record or conflicts of interest. Second, technical analysis isn't widely regarded as a reliable way to predict price movements. As a Motley Fool article on the subject explains, "Studies show technical analysis is often as predictive as a coin flip, lacking long-term value." Finally, Dogecoin is widely considered to be a meme coin. That is, there isn't necessarily any underlying value in the cryptocurrency. Its existence is essentially a widespread social joke. This makes it incredibly difficult to predict Dogecoin's price movement as swings are often influenced by short-term social trends that can appear and disappear at any given moment. Still, with Dogecoin down so much, many cryptocurrency investors are considering jumping in. Might Dogecoin be worth a small investment? One reason to buy Dogecoin today Dogecoin isn't the most reliable investment out there today. In fact, it's fair to say that the cryptocurrency barely qualifies as an investment. More accurately, it can be considered a lottery ticket. Could you make a killing by betting on lottery tickets? Absolutely. But could you also lose nearly everything you put into it? Again, the answer is not just yes, but very likely. Betting on meme coins like Dogecoin can be a fun hobby, but you should never confuse it for investing. If you're keen on betting, always keep a strict separation between your investment funds and your gambling funds. Never bet more than you're willing to lose, and keep your expectations low. Treat it like you would any hobby. No one plays golf or paints landscapes expecting to make money. The same should be true for meme coins. Only one type of person should be betting on Dogecoin right now: those with some discretionary income looking for some entertainment. Be sure to fund your rainy day and traditional investment accounts first. Then, if you have some leftover money and can maintain appropriate expectations, playing around with Dogecoin might be for you.