As a seasoned crypto investor with over a decade of experience in this wild and unpredictable market, I must admit that I was initially skeptical about Master Kenobi’s prediction of Dogecoin outperforming Bitcoin. However, upon careful consideration of his arguments, I find myself intrigued and even slightly convinced.
In simple terms, an anonymous crypto expert on social media platform X (previously Twitter), who goes by the name Master Kenobi, predicts that Dogecoin, the pioneering meme-based cryptocurrency, will surpass Bitcoin in the current market cycle. This prediction is based on a “follower effect,” suggesting that Bitcoin has paved the way for Dogecoin’s success.
Despite Bitcoin dominating investment and new capital in the cryptocurrency sector this year as a result of growing institutional interest, it’s worth noting that Bitcoin has generally surpassed other alternative coins such as Ethereum, which, as the leading altcoin, has faced challenges keeping pace.
Dogecoin Will Outperform Bitcoin Due To The Follower Effect
In a lengthy post on X, Master Kenobi highlighted points to support his Dogecoin claims. While Bitcoin has enjoyed a surge in dominance since the beginning of 2024, Dogecoin’s historical performance and community-driven momentum seem to support the analyst’s claim.
Initially conceived as a humorous take on cryptocurrencies in 2013, Dogecoin has astonished many by securing a place among the top-10 digital currencies in terms of market capitalization. Interestingly, an analyst pointed out that Dogecoin (DOGE) has consistently surpassed Bitcoin in every market cycle over the past decade. He attributes this intriguing pattern to the interplay between Bitcoin and Dogecoin, which he refers to as the ‘follower effect’. In essence, this concept suggests that Dogecoin has benefited from riding Bitcoin’s wave of growth and using it as a platform for launch in recent years.
Specifically, the analyst pointed out that unlike other cryptocurrencies, Bitcoin was initially developed without a clear roadmap or plan. However, its success served as a model for subsequent digital currencies, such as Dogecoin, which experienced faster growth as a result. In the market rallies of 2017 and 2021, Dogecoin’s returns significantly outpaced those of Bitcoin. This rapid growth can be primarily attributed to retail investors, internet memes, and endorsements from prominent figures like Elon Musk.
When To Expect A DOGE Price Surge
Currently, Dogecoin’s market capitalization stands at approximately $15.2 billion, representing a significant jump of 67% since October 2023, which initiates the current market cycle. Comparing it to Bitcoin and its 2024 halving, Master Kenobi observed that Dogecoin’s trend post-2024 halving resembles Bitcoin’s behavior following its 2016 halving. Notably, he highlighted that Dogecoin’s current market cap is equivalent to where Bitcoin was around 190 days after the 2016 halving event.
Based on this logic, the analyst predicts that Dogecoin could potentially reach a market value of approximately $320 billion by 2025. To achieve such a market value within the given timeframe, Dogecoin would need to experience a price increase of more than 2,000% in the next year. As it currently stands, Dogecoin is trading at $0.1043. This would mean that the meme coin would have to rise to around $2.2 for the market cap to reach $320 billion.
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2024-09-20 07:11