Analyst Confirms Dogecoin (DOGE) Will Overtake Bitcoin (BTC)
According to an analyst who goes by the handle X, who calls himself Master Kenobi, Dogecoin will overtake Bitcoin by 2025. But he does not deny that Dogecoin is king. The expert believes that Bitcoin will set the stage for Dogecoin’s dominance.
The analyst’s assertion seems to be backed by Dogecoin’s past performance and community-driven momentum. But Bitcoin’s dominance has risen significantly this year. BTC is up 135% in the past 12 months. Meanwhile, Dogecoin is up just 72%.
Master Kenobi noted that Dogecoin has outperformed Bitcoin in every market cycle over the past decade. The analyst attributes this to the follower effect of Dogecoin and Bitcoin. The follower effect simply means that over the past few years, Dogecoin has benefited from riding Bitcoin’s trajectory and using it as a launching pad.
The analyst further compared Bitcoin’s market cap and the 2016 halving event to the recent halving event. Master Kenobi tweeted,
“DOGE currently has a similar market cap to Bitcoin at the time. About 190 days after the 2016 halving,#Bitcoinhad a market cap of about $15 billion. Today, not too far from the most recent halving,#DOGEhas the same market cap, almost the same position as#Bitcoinwas then. By this reasoning, DOGE could reach a market cap of $320 billion or even higher sometime in 2025.”
Moreover, the meme coin’s price would need to increase by more than 2,000% over the next year. At press time, DOGE’s current price is $0.1043. For the meme coin to reach a market valuation of $320 billion, its price would have to be close to $2.2.
