Ethereum founder Vitalik Buterin has just given up the number 2 top crypto spot to Dogecoin, the world’s first and largest meme-based cryptocurrency. Buterin has stated that Dogecoin deserves to be ranked right after Bitcoin (BTC), underscoring the meme coin’s significance within the crypto space and unique cultural impact.
Buterin Ranks Dogecoin As Top 2 Cryptocurrency
Teslaran, a crypto community member on X (formerly Twitter), recently released a video featuring Buterin in an exclusive interview. In the course of the interview, the Ethereum founder surprisingly endorsed Dogecoin, declaring that it deserves to be ranked second after Bitcoin as probably the most outstanding cryptocurrency.
This unexpected endorsement captured the eye of the crypto market, particularly because Ethereum has consistently held its position because the second-largest cryptocurrency after Bitcoin. As the primary major cryptocurrency launched after Bitcoin, Ethereum is usually thought to be the world’s leading altcoin with the second largest market capitalization.
Ethereum was founded by Buterin in 2013 and went live in 2015. Alternatively, Dogecoin was created as a lightweight joke in 2013 by software Engineers Billy Markus and Jackson Palmer.
As a meme coin, DOGE’s utilityDogecoin’s utility is already lacking in comparison with Ethereum’s. Nevertheless, the meme-based cryptocurrency has garnered significant attention and support attributable to its unique cultural value and lighthearted, fun theme.
Evolving over time, DOGE has experienced significant growth, constructing a community of thousands and thousands of investors and supporters and developing quite a few revolutionary projects. Ranging from zero value, Dogecoin reached an all-time high of $0.74 in 2021. Furthermore, its market capitalization has grown to $25 billion.
Dogecoin’s rapid growth and emerging practical applications within the crypto industry may very well be the driving force behind Buterin’s endorsement. Although he founded Ethereum, Buterin considers DOGE surpassing ETH in certain features. The Ethereum founder has also previously revealed that he’s a Dogecoin holder.
Analyst Predicts DOGE’s Next Upside Goal Above $0.2
Crypto analyst Jake Wujastyk has revealed a recent bullish prediction for the Dogecoin price on X (formerly Twitter) on October 29. In keeping with the analyst, DOGE is gearing up for a major bull rally to hit its next upside goal between $0.2145 and $0.2295.
Presenting an in depth chart of the Dogecoin price, Wujastyk illustrated the meme coin’s price movements from 2021 to the current. Based on DOGE’s past price motion in its yearly chart, the analyst believes that the meme coin could see a projected surge above $0.2 before the tip of 2024 or towards the start of 2025.
A surge to $0.2295 would represent a 34.7% increase from its current price. As of writing, the worth of Dogecoin is trading at $0.17, marking a 3.86% increase within the last 24 hours and a 24% rise over the past week, in line with CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com