The cryptocurrency market is always full of surprises, and according to a crypto analyst known as Master Kenobi on social media platform X, Dogecoin is set to outperform Bitcoin in the current market cycle. Despite Bitcoin’s dominance in terms of investments and new inflow into the industry, especially with increased institutional investments, Master Kenobi believes that Dogecoin will shine due to the follower effect, with Bitcoin paving the way for the meme coin.
Dogecoin, originally created as a joke in 2013, has defied expectations and established itself as a top-10 cryptocurrency in terms of market cap. Master Kenobi points out that Dogecoin has consistently outperformed Bitcoin in every market cycle for the past decade, attributing this success to the follower effect between the two coins. This effect suggests that Dogecoin has been able to leverage Bitcoin’s trajectory and use it as a springboard for its own growth.
The analyst highlights that Bitcoin has largely existed without a blueprint, allowing other cryptocurrencies to follow its lead. This has enabled Dogecoin to grow rapidly, especially during the 2017 and 2021 bull runs where its gains surpassed those of Bitcoin. Retail investors, memes, and support from high-profile figures like Elon Musk have also contributed to Dogecoin’s popularity and success in the market.
Currently, Dogecoin boasts a market cap of $15.2 billion, a 67% increase since the beginning of the current market cycle in October 2023. Drawing parallels with Bitcoin and its halving events, Master Kenobi predicts that Dogecoin’s performance post-2024 halving mirrors that of Bitcoin after the 2016 halving. By comparing market cap trajectories, the analyst suggests that Dogecoin could reach a market cap of $320 billion by 2025, requiring a price surge of over 2,000% within the next year.
At the time of writing, Dogecoin is trading at $0.1043, with a market cap of $320 billion implying a price of around $2.2. This ambitious projection aligns with the analyst’s belief in Dogecoin’s potential to outshine Bitcoin in the coming years. The featured image, created with Dall.E and a chart from Tradingview.com, illustrates Dogecoin’s price jump above $0.1, indicating the coin’s upward momentum in the market.
Overall, Master Kenobi’s insights into Dogecoin’s performance and potential for growth offer a fresh perspective on the cryptocurrency market. With Dogecoin’s historical track record and community-driven momentum, it will be interesting to see if the meme coin can indeed surpass Bitcoin in this market cycle and establish itself as a formidable player in the industry.
