A crypto analyst, known as Master Kenobi on X, believes Dogecoin will outperform Bitcoin in the current market cycle. He claims this will happen because of the “follower effect,” where Dogecoin benefits from Bitcoin’s success.
The Follower Effect: Dogecoin Riding Bitcoin’s Wave
While Bitcoin has dominated investments in the crypto space this year, Kenobi argues that Dogecoin’s historical performance and strong community support point to its potential for growth. He highlights that Dogecoin has consistently outperformed Bitcoin in every market cycle over the past decade.
Kenobi explains this by saying that Bitcoin has acted as a blueprint for other cryptocurrencies, including Dogecoin. This means that Dogecoin has been able to learn from Bitcoin’s successes and grow more quickly.
Dogecoin’s Past Performance: A Sign of Things to Come?
Kenobi points to Dogecoin’s impressive gains during the 2017 and 2021 bull runs, which were fueled by retail investors, memes, and support from figures like Elon Musk.
Dogecoin’s Future: A Price Surge on the Horizon?
Kenobi draws parallels between Dogecoin’s current trajectory and Bitcoin’s performance after the 2016 halving. He believes that Dogecoin’s market cap is currently at a similar point to where Bitcoin was 190 days after its halving. Based on this, he predicts that Dogecoin could reach a market cap of $320 billion sometime in 2025.
This would require a massive price surge of over 2,000% within the next year, taking Dogecoin from its current price of around $0.10 to over $2.2.
While this prediction might seem ambitious, Kenobi’s analysis suggests that Dogecoin’s unique position in the crypto market and its strong community could lead to significant growth in the coming years.
