Dogecoin, initially created as a joke, has become the reigning champion of meme coins with a massive following. Recently, crypto analyst Master Kenobi made a compelling argument on social media platform X, presenting Dogecoin as a superior cryptocurrency compared to Bitcoin.
Exceptional Historical Performance Compared To Bitcoin
Bitcoin, the largest crypto asset globally, has outperformed all other traditional financial assets since its inception. However, Master Kenobi pointed out that Dogecoin has actually outperformed Bitcoin since its launch on December 8, 2013. Dogecoin has seen a remarkable growth of approximately 883,920% compared to Bitcoin’s 17,234% growth during the same period. This significant outperformance highlights Dogecoin’s potential as a high-yield investment.
Unlike Bitcoin’s capped supply, Dogecoin utilizes a fixed inflation model, introducing around 5 billion new coins each year. While some may view this inflationary trend negatively, proponents of Dogecoin argue that it is a necessary feature. With Dogecoin’s circulating supply exceeding 140 billion DOGE, the annual issuance is now considered insignificant, with its impact decreasing over time. Additionally, Dogecoin’s adoption rate has surpassed its inflation rate.
Moreover, the analyst emphasized Dogecoin’s low price as a major advantage over Bitcoin. The affordable price per DOGE unit makes it appealing to retail investors who can purchase thousands of DOGE for a fraction of the cost of a Bitcoin. In contrast, Bitcoin is increasingly seen as an instrument for institutional investors due to its high price. Dogecoin’s affordability, combined with its strong community and meme culture, makes it more attractive as an accessible cryptocurrency.
Current State Of Dogecoin
As of the latest update, Dogecoin is trading around $0.38 with a 24-hour trading volume of $10.56 billion and a market capitalization of $55.8 billion. While Dogecoin recently reached $0.42 for the first time in two years, its price has since corrected, dropping to $0.356 in the past 24 hours.
Despite the correction, Dogecoin has maintained gains over both seven-day and 30-day periods, indicating a bullish trend. The meme coin is on track to end the month with a bullish close, with the potential to reach a new all-time high above $0.73 before the end of 2024. This optimism is fueled in part by the recent US presidential election, where President-elect Donald Trump has shown support for cryptocurrencies.
In conclusion, Dogecoin’s exceptional historical performance, inflation model, low price, and bullish trend make it a compelling investment opportunity. As it continues to gain popularity and acceptance, Dogecoin’s future growth potential remains promising in the cryptocurrency market.
