According to a well-known crypto analyst, pseudonymously known as Master Kenobi on social media platform X (formerly Twitter), Dogecoin is set to outperform Bitcoin in the current market cycle. Despite Bitcoin’s dominant position and substantial investment inflow, the original meme coin, Dogecoin, is predicted to take the lead. The analyst attributes this to the “follower effect,” where Bitcoin has paved the way for Dogecoin’s rise.
Dogecoin Will Outperform Bitcoin Due To The Follower Effect
In an extensive post on X, Master Kenobi elaborated on why Dogecoin is poised to surpass Bitcoin’s performance. While Bitcoin has seen a substantial increase in dominance since the start of 2024, Dogecoin’s historical performance and strong community support back the analyst’s claims. Created as a joke in 2013, Dogecoin has defied expectations and secured its place as a top-10 cryptocurrency by market cap.
Master Kenobi pointed out that Dogecoin has consistently outperformed Bitcoin in every market cycle over the past decade. This phenomenon is attributed to the follower effect, where Dogecoin benefits from Bitcoin’s established trajectory. Unlike Bitcoin, which had no prior blueprint, Dogecoin has used Bitcoin as a launchpad for its growth. During the 2017 and 2021 bull runs, Dogecoin’s gains outpaced Bitcoin, driven by retail investors, memes, and endorsements from high-profile figures such as Elon Musk.
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When To Expect A DOGE Price Surge
As of now, Dogecoin boasts a market cap of $15.2 billion, marking a 67% increase since October 2023, the onset of the current market cycle. Master Kenobi draws parallels between Dogecoin’s current trajectory and Bitcoin’s performance following its 2016 halving. Specifically, he notes that Dogecoin’s market cap mirrors Bitcoin’s position around 190 days after its 2016 halving event.
Based on this analysis, the analyst predicts that Dogecoin could achieve a market cap of at least $320 billion by 2025. To reach this milestone within the projected time frame, Dogecoin would need to experience a price surge of over 2,000% within the next year. Currently, Dogecoin is trading at $0.1043. Achieving a market cap of $320 billion would require Dogecoin to trade at approximately $2.2.
Conclusion
While Bitcoin continues to dominate the cryptocurrency market with significant institutional investments, Dogecoin’s unique position and historical performance suggest it could outshine Bitcoin in this market cycle. With the follower effect playing a crucial role and strong community support, Dogecoin’s future looks promising. Investors and crypto enthusiasts will be keenly watching to see if Dogecoin can indeed achieve the projected market cap and price surge.
