According to a cryptocurrency analyst known by the pseudonym Master Kenobi on social media platform X (formerly Twitter), the main cryptocurrency that will outperform Bitcoin in this market cycle is Dogecoin, the original meme coin. The analyst suggested that Dogecoin will have better results Bitcoin is in an ongoing market cycle due to the copycat effect, with Bitcoin laying the foundation to become a meme coin.
This happens even when Since the beginning of the year, Bitcoin has been the lion’s share of investment and fresh inflow into the cryptocurrency industry due to increased institutional investmentThis has allowed Bitcoin to outperform most altcoins, especially Ethereum, the king of altcoins. struggling to keep up.
Dogecoin to Outperform Bitcoin Due to Copycat Effect
In the long run fasting on X, Master Kenobi highlighted points that support his claims about Dogecoin. While Bitcoin has enjoyed a rise in dominance since early 2024, Dogecoin’s historical performance and community-driven momentum seem to support the analyst’s claims.
Created as a joke in 2013, Dogecoin has exceeded expectations and carved out a niche for itself as one of the top 10 cryptocurrencies by market capitalization. In particular, the analyst noted that DOGE has consistently outperformed Bitcoin in every market cycle for the past 10 years. He attributes this fascinating energetic to the copycat effect between Bitcoin and Dogecoin. The copycat effect essentially suggests that DOGE has had an advantage by following Bitcoin’s trajectory and using it as a launchpad for the past few years.
In particular, the analyst noted that Bitcoin existed largely without a plan. This led Bitcoin to become a plan, followed by other cryptocurrencies that allowed DOGE to develop faster. During the 2017 and 2021 bull runs, Dogecoin’s gains eclipsed Bitcoin’s, largely thanks to retail investors, memes, and support from celebrities like Elon Musk.
When to expect a edged augment in DOGE prices
Dogecoin currently has a market capitalization of $15.2 billion, up 67% since October 2023, the month that marked the beginning of the current market cycle. Drawing parallels to Bitcoin and halving in 2024Master Kenobi noted that Dogecoin’s current trajectory following the 2024 halving has many similarities to Bitcoin’s performance following the 2016 halving. In particular, he pointed out that Dogecoin’s market cap is currently the same as what Bitcoin had approximately 190 days after the 2016 halving.
Following this line of reasoning, the analyst suggests Dogecoin should be able to reach at least a market cap of $320 billion in 2025. To reach this market cap point according to the time forecast, DOGE would need to grow by over 2000% over the next year. At the time of writing, DOGE is trading at $0.1043. A market cap of $320 billion requires the meme coin to trade at around $2.2.
Featured image created with Dall.E, chart from Tradingview.com
