Dogecoin Will Outperform Bitcoin (BTC) Due To The Follower Effect, Says Analyst Master Kenobi
- PHPzOriginal
- 2024-09-20 15:04:43875browse
According to a crypto analyst known pseudonymously as Master Kenobi on social media platform X (formerly Twitter), the prime cryptocurrency that's going to outperform Bitcoin
A crypto analyst known pseudonymously as Master Kenobi on social media platform X (formerly Twitter) has suggested that Dogecoin (CRYPTO: DOGE) will outperform Bitcoin (CRYPTO: BTC) in the ongoing market cycle.
According to the analyst, the prime cryptocurrency that's going to outperform Bitcoin in this market cycle is none other than Dogecoin, the original OG meme coin. The analyst suggested that Dogecoin will outperform Bitcoin in the ongoing market cycle due to the follower effect, with Bitcoin laying the groundwork for the meme coin.
This comes even as Bitcoin has had the lion’s share of investments and new inflow into the crypto industry since the beginning of the year due to increased institutional investments. This has seen Bitcoin outperforming most altcoins, with Ethereum, the king of altcoins, especially struggling to keep up.
Dogecoin Will Outperform Bitcoin Due To The Follower Effect
In a lengthy post on X, Master Kenobi highlighted several points to support his Dogecoin claims.
While Bitcoin has enjoyed a surge in dominance since the beginning of 2024, Dogecoin’s historical performance and community-driven momentum seem to support the analyst’s claim.
Created as a joke in 2013, Dogecoin has defied expectations and carved out a niche for itself as a top-10 cryptocurrency in terms of market cap. Particularly, the analyst noted that DOGE has consistently outperformed Bitcoin in every market cycle for the past 10 years. He credits this interesting dynamic to the follower effect between Bitcoin and Dogecoin. The follower effect basically suggests that DOGE has had the advantage of riding Bitcoin’s trajectory and using it as a launchpad for the past few years.
Particularly, the analyst noted that Bitcoin has largely existed without a blueprint. This has prompted Bitcoin to become the blueprint followed by other cryptocurrencies, which allowed DOGE to grow more quickly. In the 2017 and 2021 bull runs, Dogecoin’s gains dwarfed those of Bitcoin, largely driven by retail investors, memes, and support from high-profile figures like Elon Musk.
When To Expect A DOGE Price Surge
Dogecoin currently has a market cap of $15.2 billion, a 67% increase since October 2023, the month that marks the beginning of the current market cycle.
Drawing similarities with Bitcoin and the 2024 halving, Master Kenobi noted that Dogecoin’s current trajectory after the 2024 halving bears a lot of similarities to Bitcoin’s performance following the 2016 halving. Specifically, he pointed out that Dogecoin’s market cap is currently the same as where Bitcoin was roughly 190 days after its 2016 halving event.
Going by this reasoning, the analyst suggests Dogecoin should be able to reach at least a market cap of $320 billion sometime in 2025. In order to reach this point in market cap with the time projection, DOGE would need to go on a price surge of over 2,000% within the next one year. At the time of writing, DOGE is trading at $0.1043. A market cap of $320 billion necessitates the meme coin to be trading around $2.2.
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