Dogecoin, which began as a joke, has long been the undisputed king of meme coins and has garnered an enormous following since its creation. In a recent evaluation shared on the social media platform X, crypto analyst Master Kenobi presented 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 traditional finance within the last decade since its creation. Nevertheless, as Master Kenobi identified, Dogecoin has indeed outperformed Bitcoin since its launch date.
Master Kenobi noted that since its inception on December 8, 2013, Dogecoin has experienced a remarkable growth of roughly 883,920% as much as its all-time high. In contrast, Bitcoin’s growth through the same period stands at about 17,234%. This significant outperformance underscores Dogecoin’s potential as a high-yield investment.
Unlike Bitcoin’s capped supply, DOGE employs a hard and fast inflation model, introducing around 5 billion latest coins annually. Some might see this inflationary trend as negative for Dogecoin, but proponents of the meme coin have all the time emphasized that it’s a needed feature. In keeping with Kenobi, with DOGE’s total circulating supply currently above 140 billion DOGE, the annual issuance is now mostly negligible, and its effect will proceed to diminish with time. Moreover, the Dogecoin adoption rate has even far outpaced its inflation rate.
Lastly, the analyst highlighted the present low price of Dogecoin as certainly one of its biggest benefits it has over Bitcoin. The relatively low price per DOGE unit makes it attractive to retail investors, who can acquire hundreds of DOGE for the associated fee of a fraction of a Bitcoin. Bitcoin, alternatively, is now being perceived more as an instrument for institutional investors as a result of its currently high price.
This affordability, combined with Dogecoin’s strong community and meme culture, makes it more appealing as an accessible cryptocurrency.
Current State Of Dogecoin
On the time of writing, Dogecoin is trading at roughly $0.38, with a 24-hour trading volume of $10.56 billion and a market capitalization of $55.8 billion. DOGE, which recently traded at $0.42 for the primary time in two years, now finds its price correcting since October 13, having reached a low of $0.356 prior to now 24 hours.
Nonetheless, Dogecoin has maintained gains over each seven-day and 30-day periods, indicating a bullish trend. As such, the meme coin is certainly on the right track to finish the month at a bullish close. There may be also the potential of reaching a latest all-time high above $0.73 before the tip of 2024. This optimism is partly fueled by the recent US presidential election, where President-elect Donald Trump has expressed a good stance toward cryptocurrencies.
Featured image created with Dall.E, chart from Tradingview.com