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Pseudonymous crypto trader Master Kenobi believes that Dogecoin (CRYPTO: DOGE) will continue to outperform Bitcoin (CRYPTO: BTC) in the current market cycle.
What Happened: In a detailed social media post, Kenobi noted that despite Dogecoin’s initial creation as a joke, it has managed to gain significant attention and popularity in the crypto community.
He stated that Dogecoin has become a "constant presence" in the crypto industry, with some investors viewing it as an unconventional opportunity to protect their wealth. He also highlighted that Dogecoin is one of the few cryptocurrencies that is not led by a central entity or development team.
Kenobi further drew parallels between Dogecoin's current market capitalization and Bitcoin's in 2017, suggesting that Dogecoin could reach a capitalization of $320 billion or more in 2025.
Price Action: In the past 24 hours, DOGE is trading 0.6% lower at $0.10. IntoTheBlock data shows large transaction volume increased by 1.9%, while daily active addresses grew by 26%. Exchanges netflows declined by 400%.
Also Read: Dogecoin Flat For A Month Despite Elon Musk’s Shoutouts: What Is Going On?
Why It Matters: Kenobi’s analysis is based on the premise that Dogecoin has been able to leverage Bitcoin’s trajectory, benefiting from the groundwork laid by the pioneer cryptocurrency. He argues that this “follower” effect has allowed Dogecoin to grow more quickly and outperform Bitcoin in every market cycle over the past decade.
According to Kenobi, Dogecoin’s community has never been disappointed as the coin has become more solid and resilient with each cycle, further strengthening its reputation and potential for growth.
In conclusion, Kenobi believes that Dogecoin will continue to leverage these advantages in the future, remaining one of the cryptocurrencies capable of surprising with superior performance.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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Image: Shutterstock
