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LUCKNOW (CoinChapter.com) — A former Goldman Sachs analyst has predicted that Dogecoin (DOGE), a meme cryptocurrency, may lose its top memecoin spot in 2024. Murad Mahmudov recently stated that the biggest trick ever played on unwary crypto investors is to convince them that DOGE cannot be flipped.
This bold claim challenges the long-held belief that Dogecoin’s position is unshakeable. The analyst believes a flip is possible in the 2024/2025 market cycle. However, he didn’t specify which asset might achieve this feat.
Source: X
For those unfamiliar with the crypto world, Dogecoin started as a joke in 2013, based on a popular internet meme featuring a Shiba Inu dog. Despite its humorous origins, it has become a serious player in the cryptocurrency market. The token currently ranking in the top 10 with a market value of $15.3 billion.
Is It Again Shiba Inu That Flipped Dogecoin In 2021?
While Dogecoin has faced challenges before, none have successfully dethroned it for long. In October 2021, Shiba Inu (SHIB) briefly surpassed DOGE, reaching a market cap of $32.7 billion compared to Dogecoin’s $32.1 billion. However, this flip was only for a short time. Profit-taking by SHIB investors led to this price plunge, allowing DOGE to reclaim its top spot.
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Currently, Shiba Inu holds the second position among meme coins with a market cap of $8.48 billion, followed by Pepe (PEPE) at $3.43 billion.
DOGE market cap is double than SHIB. Source: TradingView
For Shiba Inu to overtake DOGE again, it would need to surge by at least 84.77%, raising its price from $0.00001438 to $0.00002657 per token.
Some experts argue that Mahmudov’s prediction is unrealistic, considering the significant gap between Dogecoin and its competitors. What sets Dogecoin apart is its inflationary nature. Unlike many cryptocurrencies with a fixed supply, new Dogecoins are continuously created. This feature helps keep transaction fees low and rewards miners who maintain the network. It also allows Dogecoin to function more like a traditional currency, which some see as an advantage.
The post Brutal Dogecoin (DOGE) Flip is Possible By Next Year, Argues Goldman Sachs’s Ex-Analyst appeared first on CoinChapter.
