As a seasoned investor with a background in finance, I find Murad Mahmudov’s prediction intriguing but not entirely convincing. While it’s true that the meme coin market is volatile and unpredictable, I believe it would take more than just a “meme” to dethrone Dogecoin from its coveted position.
Previously employed at Goldman Sachs, analyst Murad Mahmudov anticipates that by 2024, a different meme-based cryptocurrency may surpass Dogecoin, the current leading meme cryptocurrency.
“The biggest trick they played on you is to convince you that DOGE cannot be flipped,” Mahmudov wrote in a social media post.
Discussions have been ignited regarding new meme coins that might challenge Dogecoin for its highly sought-after position.
For now, DOGE remains the only meme cryptocurrency in the top 10.
Has any meme coin toppled Dogecoin?
In my exploration of the cryptocurrency landscape last October, I discovered an intriguing moment when Shiba Inu (SHIB) momentarily outranked Dogecoin on the CoinGecko ranking platform.
However, SHIB‘s massive rally proved to be short-lived, and Dogecoin maintains an impressive lead over its biggest rival ($15.3 billion and $8.3 billion, respectively).
Besides Dogecoin, other meme coins like PEPE (Pepe) and WIF (dogwifhat) also exist as possible competitors. Nevertheless, they’re significantly behind in their efforts to dethrone Dogecoin as the reigning meme coin.
Not realistic?
Several analysts suggest that it’s highly unlikely for any other meme-based cryptocurrencies to overtake Dogecoin due to the significant difference in their positions and potential obstacles.
Of course, it should also be mentioned that Dogecoin is an inflationary cryptocurrency, which means that its total supply is virtually unlimited. The expansion of the Dogecoin supply, which currently stands around 3.5% per annum, is necessary for rewarding miners and keeping the network fees low. Moreover, this makes it possible for the leading cryptocurrency to actually function as a currency.
Despite the fact that Dogecoin’s money supply will decrease over time, it retains a distinct advantage compared to non-inflationary meme coins.
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2024-08-22 21:33