According to a crypto analyst who goes by the pseudonym Master Kenobi on the social media platform X (formerly Twitter), the main cryptocurrency set to surpass Bitcoin in this market cycle is none other than Dogecoin, the original OG meme coin. The analyst suggested that Dogecoin will outperform Bitcoin is present in the current market cycle because of the follower effect, with Bitcoin laying the foundation for the meme coin.
This comes even if Bitcoin has had the lion’s share of investment and new inflow into the crypto industry since the beginning of the year due to increased institutional investmentThis has caused Bitcoin to outperform most altcoins, with Ethereum, the king of altcoins, in particular struggling to keep up.
Dogecoin will surpass Bitcoin due to follower effect
In a long after On X, Master Kenobi highlighted points to support his Dogecoin claims. While Bitcoin has seen an increase in dominance since early 2024, Dogecoin’s historical performance and community-driven momentum seem to support the analyst’s claim.
Created in 2013 as a joke, Dogecoin has exceeded expectations and carved out a niche for itself as a top 10 cryptocurrency by market cap. The analyst specifically noted that DOGE has consistently outperformed Bitcoin in every market cycle over the past 10 years. He attributes this interesting dynamic to the follower effect between Bitcoin and Dogecoin. The follower effect essentially suggests that DOGE has had the advantage of riding Bitcoin’s trajectory and using it as a launch pad in recent years.
The analyst noted in particular that Bitcoin has existed largely without a blueprint. This has led to Bitcoin becoming the blueprint, followed by other cryptocurrencies, which let DOGE grow faster. During the bull runs of 2017 and 2021, Dogecoin’s gains outpaced Bitcoin’s, driven largely by retail investors, memes, and support from prominent figures like Elon Musk.
When to Expect a DOGE Price Hike
Dogecoin currently has a market cap of $15.2 billion, up 67% since October 2023, the month that marks the beginning of the current market cycle. There are similarities with Bitcoin and the 2024 HalvingMaster Kenobi noted that Dogecoin’s current price after the 2024 halving bears many similarities to Bitcoin’s performance after the 2016 halving. In particular, he pointed out that Dogecoin’s market cap is currently the same as where Bitcoin was approximately 190 days after the 2016 halving.
Following this reasoning, the analyst suggests: Dogecoin should be able to to reach a market cap of at least $320 billion sometime in 2025. To reach this point in market cap with the time projection, DOGE would need to experience a price increase of over 2000% within the next year. At the time of writing, DOGE is trading at $0.1043. A market cap of $320 billion would require the meme coin to trade around $2.2.
Main image created with Dall.E, chart from Tradingview.com