Emily Walker
Dogecoin originated as a playful concept but has since established itself as the leading meme coin, amassing a significant fanbase since it was created. Recently, on the social media platform X, crypto analyst Master Kenobi made a strong argument for Dogecoin being a superior cryptocurrency when compared to Bitcoin.
Outstanding Historical Growth Compared to Bitcoin
Bitcoin, as the premier cryptocurrency, has had a tremendous performance over the past decade, outshining all other traditional financial assets. Nevertheless, Master Kenobi highlighted that Dogecoin has surpassed Bitcoin in performance since it was launched.
Since Dogecoin’s launch on December 8, 2013, its value has skyrocketed by around 883,920%, reaching its all-time high. Comparatively, Bitcoin’s growth during the same timeframe has been approximately 17,234%. This stark difference points to Dogecoin’s potential as a lucrative investment option.
In contrast to Bitcoin’s limited supply, DOGE utilizes a fixed inflation strategy, adding about 5 billion new coins each year. While some may view this as a drawback, supporters argue it is an essential aspect of Dogecoin’s design. Kenobi explained that with the total supply of DOGE now over 140 billion, the annual increase is relatively small, and its impact will continue to diminish over time. Furthermore, the rate of Dogecoin adoption has significantly exceeded its inflation rate.
Additionally, the analyst noted that Dogecoin’s current low price is a strong advantage over Bitcoin. The affordability of DOGE allows retail investors to purchase large quantities for the same cost as a mere fraction of Bitcoin. Conversely, Bitcoin’s high price is leaning towards making it more of an investment vehicle for institutions.
This combination of price accessibility along with Dogecoin’s robust community and meme-driven culture enhances its attractiveness as an approachable cryptocurrency.
The Present Status of Dogecoin
As of now, Dogecoin is valued at approximately $0.38, with a 24-hour trading volume reaching $10.56 billion and a market capitalization of $55.8 billion. Recently, DOGE peaked at $0.42 for the first time in two years but has since faced a slight correction, hitting a low of $0.356 in the last 24 hours.
Despite this, Dogecoin has shown positive gains over both the past week and month, reflecting a bullish trend. This positions the meme coin well to potentially close the month on a positive note. There is also speculation about possibly achieving a new all-time high beyond $0.73 before 2024 ends. This optimism is bolstered by the recent U.S. presidential election, where President-elect Donald Trump has shown support for cryptocurrencies.