The race among the top ten cryptocurrencies continues. While Bitcoin (BTC) has reigned the industry for the longest time, things could change. BTC is the world’s largest cryptocurrency regarding price and market cap. However, an analyst made news after highlighting the possibility of Dogecoin (DOGE) taking over the cryptocurrency market.
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Analyst’s Prediction And Market Dynamics
Dogecoin’s Potential To Surpass Bitcoin
According to an X analyst who is going by the handle Master Kenobi, Dogecoin will surpass Bitcoin by 2025. He does not, however, refute the king coin. The expert believes that Bitcoin will create the foundation for DOGE to take control.
The analyst’s assertion appears to be supported by Dogecoin’s past performance and community-driven momentum. But Bitcoin saw a major rise in dominance this year. BTC rose by 135% throughout the past 12 months. Meanwhile, DOGE surged by a mere 72%.
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Follower Effect Between Bitcoin and Dogecoin
Master Kenobi pointed out that for the last ten years, DOGE has taken over Bitcoin during every market cycle. The analyst attributes this to Dogecoin’s and Bitcoin’s follower effect. The follower effect simply implies that for the previous several years, DOGE has benefited from riding the trajectory of Bitcoin and utilizing it as a launchpad.
Why I believe #DOGE will continue to outperform #Bitcoin in this cycle?
— Master Kenobi (@btc_MasterPlan) September 17, 2024
Although #DOGE was initially created without a serious purpose, even to mock #Bitcoin and the crypto world, it paradoxically managed to capture attention through a form of organic marketing. Over time, #DOGE… pic.twitter.com/bZa4wceEPg
Market Cap Comparison And Future Projections
The analyst further compares Bitcoin’s market cap and the halving event from 2016 to the recent one. Master Kenobi tweeted,
“DOGE’s current market cap is similar to Bitcoin’s at that time. Around 190 days after the 2016 halving, #Bitcoin had a market cap of roughly $15 billion. Today, at a similar distance from the latest halving, #DOGE has the same market cap, placing it in almost the same position #Bitcoin was back then. Going by this reasoning, #DOGE could reach a capitalization of $320B or even higher sometime in 2025.”
Furthermore, the meme coin would need to see a price increase of more than 2,000% over the following year. At press time, the current price of DOGE is $0.1043. For the meme coin to have a $320 billion market valuation, its price must be close to $2.2.
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