Dogecoin, which began as a joke, has lengthy been the undisputed king of meme cash and has garnered an enormous following since its creation. In a current evaluation shared on the social media platform X, crypto analyst Master Kenobi offered a compelling case for Dogecoin as a superior cryptocurrency in comparison with Bitcoin.
Exceptional Historical Performance Compared To Bitcoin
Bitcoin, the world’s largest crypto asset, has outperformed every other asset in conventional finance within the final decade since its creation. However, as Master Kenobi pointed out, Dogecoin has indeed outperformed Bitcoin since its launch date.
Master Kenobi famous that since its inception on December 8, 2013, Dogecoin has skilled a exceptional progress of roughly 883,920% as much as its all-time excessive. In distinction, Bitcoin’s progress throughout the identical interval stands at about 17,234%. This vital outperformance underscores Dogecoin’s potential as a high-yield funding.
Unlike Bitcoin’s capped provide, DOGE employs a hard and fast inflation mannequin, introducing round 5 billion new cash yearly. Some would possibly see this inflationary development as unfavourable for Dogecoin, however proponents of the meme coin have all the time emphasised that it’s a wanted characteristic. According to Kenobi, with DOGE’s whole circulating provide at present above 140 billion DOGE, the annual issuance is now largely negligible, and its impact will proceed to lower with time. Furthermore, the Dogecoin adoption fee has even far outpaced its inflation fee.
Lastly, the analyst highlighted the present low worth of Dogecoin as one in every of its greatest benefits it has over Bitcoin. The comparatively low worth per DOGE unit makes it engaging to retail buyers, who can purchase hundreds of DOGE for the price of a fraction of a Bitcoin. Bitcoin, however, is now being perceived extra as an instrument for institutional buyers as a consequence of its at present excessive worth.
This affordability, mixed with Dogecoin’s sturdy group and meme tradition, makes it extra interesting as an accessible cryptocurrency.
Current State Of Dogecoin
At the time of writing, Dogecoin is buying and selling at roughly $0.38, with a 24-hour buying and selling quantity of $10.56 billion and a market capitalization of $55.8 billion. DOGE, which not too long ago traded at $0.42 for the primary time in two years, now finds its worth correcting since October 13, having reached a low of $0.356 prior to now 24 hours.
Nonetheless, Dogecoin has maintained positive aspects over each seven-day and 30-day intervals, indicating a bullish development. As such, the meme coin is unquestionably on monitor to finish the month at a bullish shut. There can be the potential for reaching a new all-time high above $0.73 earlier than the tip of 2024. This optimism is partly fueled by the current US presidential election, the place President-elect Donald Trump has expressed a positive stance towards cryptocurrencies.
Featured picture created with Dall.E, chart from Tradingview.com
