Recent insights from a crypto analyst indicate that Dogecoin (DOGE) may have the potential to outperform Bitcoin (BTC) in the current market cycle. Since its inception in 2013, Dogecoin, primarily recognized as a meme coin, has consistently shown robust performance compared to Bitcoin , despite experiencing significant price retracements exceeding 90% in past cycles.
The analyst pointed out that Bitcoin ’s gains primarily occurred during its first market cycle, as it was the inaugural cryptocurrency. In the subsequent three cycles, Bitcoin ’s price increases have notably diminished. Conversely, Dogecoin has achieved impressive gains in every market phase, boasting a staggering 54,000% increase in 2018 and an even more remarkable 54,800% surge in 2021. Given these historical performances, the analyst expressed confidence that Dogecoin could exceed its previous percentage gains in this cycle, while Bitcoin might experience more modest returns.
Despite these optimistic forecasts, it’s important to recognize that Dogecoin is currently trailing Bitcoin in this market cycle. According to recent data, Dogecoin has achieved a year-to-date gain of just over 21%, whereas Bitcoin has recorded a gain exceeding 47%. Additionally, Bitcoin has reached a new all-time high in this bull run, while Dogecoin remains significantly below its peak of $0.70.
However, analysts suggest that if Dogecoin manages to reach the predicted target of $1 in this cycle, it would represent a price increase of more than 500% from its current valuation. Such a leap could enable Dogecoin to definitively surpass Bitcoin in terms of market performance. Predictions from various analysts highlight the possibility of Dogecoin achieving this milestone, thereby captivating the attention of investors in the crypto community.
