DOGE Founder Says Bitcoin Growth Dwarfs ‘Everything Else’ But What About Dogecoin?

by

As a researcher who has been following the cryptocurrency market for over a decade now, I find the current state of the market fascinating yet somewhat predictable. The staggering difference between Bitcoin’s performance and other altcoins is reminiscent of a marathon runner leaving everyone else in the dust.

Billy Markus, who worked together with Jackson Palmer to launch Dogecoin back in 2013, recently emphasized to his numerous fans on platform X the immense disparity between Bitcoin‘s performance and that of almost everything else at present.

On social media, where he goes by the name Markus, Shibetoshi Nakamoto recently shared a post as Bitcoin surged to within reach of $98,000, establishing another record-breaking all-time high during the last month.

Markus also shared a recommendation as to whether it is better to hold or sell Dogecoin now.

‘Bitcoin and “everything else”‘

As an analyst, I recently observed a creative meme posted by Markus. In this meme, he compared the cryptocurrency market to Shiba Inu dogs. Specifically, Kabosu, a muscular and well-built Shiba Inu, symbolizes Bitcoin, which is currently undergoing unprecedented growth. On the other hand, Cheems Balltze, an average-sized Shiba Inu, represents altcoins, or “literally everything else in the market right now.

In other words, Shibetoshi Nakamoto highlights the significant difference in growth rate between Bitcoin, the leading cryptocurrency, and other alternatives like Ethereum, the second largest among them.

— Shibetoshi Nakamoto (@BillyM2k) November 21, 2024

In the past day, the leading cryptocurrency has surged by over 4%, reaching an unprecedented peak of $97,862 and making significant progress towards the eagerly awaited $100,000 milestone.

Since hitting the $89,000 mark on Sunday, I’ve noticed a nearly 10% surge in the value of my Bitcoin investments. This upward trend has been ongoing since Monday, November 11, with a total increase of approximately 19%. At the moment, each Bitcoin is being traded at around $97,461.

After being influenced by several factors and mirroring Bitcoin’s significant surge, Ethereum climbed by approximately 2.85%, reaching a new high of $3,140. However, it has experienced a drop of around 10.7% since November 12. Meanwhile, XRP has experienced an impressive jump of nearly 95% since November 11, breaking through the $1 barrier.

Should one sell DOGE or hold? Markus responds

In the comment area, one of Markus’s followers inquired about their Dogecoin investment. Specifically, they wanted to know from the co-creator if they should continue to hold onto their Dogecoin or consider selling it instead.

Shibetoshi Nakamoto provided a distinctive response through an animated GIF, expressing “No Clue.” Known for his cautious stance on cryptocurrency investments and trades, Markus is reported to have minimal holdings of Dogecoin (DOGE) and Bitcoin (BTC), specifically 0.006 BTC.

— Shibetoshi Nakamoto (@BillyM2k) November 21, 2024

Over the past week, DOGE has been trading in a range, holding near the $0.38 price level.

Read More

2024-11-21 12:59