In accordance with a crypto analyst identified 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 steered that Dogecoin will outperform Bitcoin within the ongoing market cycle as a result of follower impact, with Bitcoin laying the groundwork for the meme coin.
This comes at the same time as Bitcoin has had the lion’s share of investments and new influx into the crypto business for the reason that starting of the 12 months resulting from elevated institutional investments. This has seen Bitcoin outperforming most altcoins, with Ethereum, the king of altcoins, particularly struggling to maintain up.
Dogecoin Will Outperform Bitcoin Due To The Follower Impact
In a prolonged put up on X, Grasp Kenobi highlighted factors to help his Dogecoin claims. Whereas Bitcoin has loved a surge in dominance for the reason that starting of 2024, Dogecoin’s historic efficiency and community-driven momentum appear to help 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 when it comes to market cap. Notably, the analyst famous that DOGE has constantly 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 turn into the blueprint adopted by different cryptocurrencies, which allowed DOGE to develop extra shortly. Within the 2017 and 2021 bull runs, Dogecoin’s good points dwarfed these of Bitcoin, largely pushed by retail buyers, memes, and help from high-profile figures like Elon Musk.
When To Count on A DOGE Value Surge
Dogecoin at the moment has a market cap of $15.2 billion, a 67% enhance 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 a number of similarities to Bitcoin’s efficiency following the 2016 halving. Particularly, he identified that Dogecoin’s market cap is at the moment the identical as the place Bitcoin was roughly 190 days after its 2016 halving occasion.
Going by this reasoning, the analyst suggests Dogecoin ought to have the ability to achieve at the very least a market cap of $320 billion someday in 2025. To be able 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 12 months. 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
