Bitrabo Editorial
A crypto analyst, who goes by the name Master Kenobi on the social media platform X (formerly Twitter), claims that Dogecoin, the original meme coin, is expected to surpass Bitcoin in performance during this market cycle. He attributes this potential outperformance to a “follower effect,” where Bitcoin’s influence helps boost Dogecoin’s popularity.
This prediction comes amid Bitcoin’s dominance, which has attracted most of the new investments in the crypto sector since the year’s start, thanks to a rise in institutional investments. Despite Bitcoin’s strong performance, Ethereum and other altcoins have struggled to keep pace.
Why Dogecoin Might Surpass Bitcoin
In a comprehensive post on X, Master Kenobi elaborated on his reasoning for Dogecoin’s potential success. While Bitcoin’s dominance has surged in early 2024, the historical gains and community support behind Dogecoin lend credibility to his argument.
Initially launched as a joke in 2013, Dogecoin has unexpectedly thrived, securing a position as a top-10 cryptocurrency by market cap. The analyst pointed out that Dogecoin has outperformed Bitcoin in every market cycle over the past decade, aided by its association with Bitcoin’s market movement. This follower effect implies that Dogecoin benefits from Bitcoin’s momentum, effectively using it as a springboard.
Moreover, the analyst highlighted that Bitcoin has largely been created without a clear model, inadvertently becoming the trendsetter for other cryptocurrencies. This has allowed Dogecoin to grow more rapidly, especially during the 2017 and 2021 bull markets when its gains far exceeded those of Bitcoin, driven by retail enthusiasm, viral memes, and endorsements from celebrities like Elon Musk.
Projected Dogecoin Price Surge Timeline
Currently, Dogecoin’s market value stands at $15.2 billion, a 67% increase since October 2023, marking the start of the current market cycle. Drawing parallels with Bitcoin’s halving in 2024, Master Kenobi observed that Dogecoin’s current growth trajectory mirrors Bitcoin’s performance post-2016 halving. He noted that Dogecoin’s market cap aligns with Bitcoin’s about 190 days post-its 2016 halving.
Based on this analysis, the analyst predicts Dogecoin could potentially reach a staggering market cap of $320 billion by 2025. To achieve this estimation, DOGE would require a price increase of over 2,000% in the next year. Currently, DOGE is trading at $0.1043, suggesting that a $320 billion evaluation would mean the meme coin needs to reach approximately $2.2 per token.