The race among the top ten cryptocurrencies continues to heat up, with Bitcoin (BTC) reigning as the world’s largest cryptocurrency in terms of price and market cap. However, an analyst has recently made waves by suggesting that Dogecoin (DOGE) could potentially surpass Bitcoin in the near future.
The analyst, known as Master Kenobi, predicts that Dogecoin will overtake Bitcoin by 2025. While he acknowledges the dominance of Bitcoin in the industry, he believes that Dogecoin has the potential to take control with the foundation laid by Bitcoin. This assertion is supported by Dogecoin’s past performance and its strong community-driven momentum.
Despite Bitcoin’s significant rise in dominance this year, with a 135% increase in the past 12 months, Dogecoin has also seen a notable surge of 72%. Master Kenobi points out that over the last decade, Dogecoin has consistently outperformed Bitcoin during every market cycle, attributing this to the follower effect between the two cryptocurrencies.
The analyst compares Dogecoin’s current market cap to Bitcoin’s during the halving event in 2016, noting that Dogecoin’s market cap is similar to what Bitcoin had at that time. Based on this comparison, Master Kenobi predicts that Dogecoin could reach a market capitalization of $320 billion or even higher by 2025, requiring a price increase of more than 2,000%.
At the time of writing, Dogecoin is priced at $0.1043, and for it to reach a $320 billion market valuation, its price would need to be close to $2.2. This projection has sparked discussions within the cryptocurrency community about the potential for Dogecoin to outshine Bitcoin in the coming years.
While Bitcoin has long been the dominant player in the cryptocurrency market, the rise of Dogecoin and its potential to surpass Bitcoin is a testament to the ever-evolving nature of the industry. As both cryptocurrencies continue to make waves in the market, only time will tell if Dogecoin will indeed take the crown from Bitcoin as the top cryptocurrency.