Based on a crypto analyst recognized pseudonymously as Grasp Kenobi on social media platform X (previously Twitter), the prime cryptocurrency that’s going to outperform Bitcoin on this market cycle is none apart from Dogecoin, the unique OG meme coin. The analyst recommended that Dogecoin will outperform Bitcoin within the ongoing market cycle because of the follower impact, with Bitcoin laying the groundwork for the meme coin.
This comes whilst Bitcoin has had the lion’s share of investments and new influx into the crypto business because the starting of the yr resulting from increased institutional investments. This has seen Bitcoin outperforming most altcoins, with Ethereum, the king of altcoins, particularly struggling to keep up.
Dogecoin Will Outperform Bitcoin Due To The Follower Impact
In a prolonged post on X, Grasp Kenobi highlighted factors to assist his Dogecoin claims. Whereas Bitcoin has loved a surge in dominance because the starting of 2024, Dogecoin’s historic efficiency and community-driven momentum appear to assist the analyst’s declare.
Created as a joke in 2013, Dogecoin has defied expectations and carved out a distinct segment for itself as a top-10 cryptocurrency by way of market cap. Notably, the analyst famous that DOGE has persistently outperformed Bitcoin in each market cycle for the previous 10 years. He credit this attention-grabbing dynamic to the follower impact between Bitcoin and Dogecoin. The follower impact principally means that DOGE has had the benefit of using Bitcoin’s trajectory and utilizing it as a launchpad for the previous few years.
Notably, the analyst famous that Bitcoin has largely existed with out a blueprint. This has prompted Bitcoin to change into the blueprint adopted by different cryptocurrencies, which allowed DOGE to grow extra shortly. Within the 2017 and 2021 bull runs, Dogecoin’s features dwarfed these of Bitcoin, largely pushed by retail traders, memes, and assist from high-profile figures like Elon Musk.
When To Count on A DOGE Worth Surge
Dogecoin presently has a market cap of $15.2 billion, a 67% improve since October 2023, the month that marks the start of the present market cycle. Drawing similarities with Bitcoin and the 2024 halving, Grasp Kenobi famous that Dogecoin’s present trajectory after the 2024 halving bears loads of similarities to Bitcoin’s efficiency following the 2016 halving. Particularly, he identified that Dogecoin’s market cap is presently the identical as the place Bitcoin was roughly 190 days after its 2016 halving occasion.
Going by this reasoning, the analyst suggests Dogecoin should be able to achieve at the least a market cap of $320 billion someday in 2025. So as to attain this level in market cap with the time projection, DOGE would want to go on a worth surge of over 2,000% inside the subsequent one yr. On the time of writing, DOGE is buying and selling at $0.1043. A market cap of $320 billion necessitates the meme coin to be buying and selling round $2.2.
Featured picture created with Dall.E, chart from Tradingview.com