It’s no news that altcoins in the crypto world are all racing to be the king of crypto dominance. However, OG meme coin Dogecoin (DOGE) is emerging as a frontrunner to potentially outshine the benchmark crypto, Bitcoin (BTC), in the current market cycle, according to a pseudonymous analyst.
Dogecoin’s Explosive Growth Potential
In a recent detailed Twitter (aka X) post, crypto analyst Master Kenobi notes that while Dogecoin was created in 2013 as a lighthearted parody of Bitcoin, DOGE has since become one of the world’s most valuable cryptos, reaching the top 10 in market capitalization, thanks to organic marketing.
Though DOGE wasn’t designed with much of a use case besides making fun of the proliferation of cryptocurrencies, its constant presence in the crypto community has helped it become a force to reckon with.
Master Kenobi argued that some investors had seen DOGE as a non-traditional way to protect their wealth from “inflation and prying eyes,” which has made DOGE one of the most popular crypto assets.
The pundit went on to point out that Dogecoin has consistently outperformed BTC in every market cycle over the past 10 or so years. He attributes this intriguing dynamic to the follower effect between the two cryptocurrencies.
Unlike Bitcoin, which had to grow without a blueprint as it was the pioneer crypto, Dogecoin has had the advantage of riding BTC’s trajectory and utilizing it as a launchpad for the past couple of years. Moreover, DOGE has benefited from the significant influx of capital into the crypto market already laid by Bitcoin, allowing the doggy-themed token to grow much faster.
“In the last decade, #DOGE has demonstrated that it can outperform precisely because of this “follower” effect, learning from #Bitcoin’s mistakes and successes while capitalizing on the overall market enthusiasm. This dynamic has given it an accelerated trajectory compared to #Bitcoin, which had to overcome the challenges of being the first mover,” Master Kenobi opined.
He further stated that Dogecoin has become more solid with the passing of each cycle, further boosting its reputation and potential for growth.
When To Expect A Meteoric DOGE Price Rally
Analyst Kenobi drew comparisons between Bitcoin’s market cap in 2017 and Dogecoin’s today and concluded that the meme coin’s current trajectory following the April 2024 halving event is similar to Bitcoin’s performance after the halving in 2016. In particular, he highlighted that Dogecoin’s market value is presently the same as Bitcoin’s roughly 190 days after its 2016 halving.
Based on the analyst’s reasoning, DOGE could hit a market capitalization of $320 billion or even higher sometime next year. The top meme coin would need to jump by over 1,980% to attain this market cap in 2025.
Dogecoin currently boasts a $15.9B market cap, with its price hovering at $0.106, CoinGecko data shows. A $320 billion market cap means DOGE would change hands at roughly $2.1 per coin.
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