Bitcoin (BTC), the original crypto, has outperformed tech stocks and commodities over the past decade-and-a-half. Original cryptos have outperformed tech stocks and commodities. BTC has surpassed all other assets in terms of gains made since 2010. Even though some cryptos have seen high returns in the past, they have not been able to sustain their price growth. Dogecoin’s incredible growth could, however, rival that of Bitcoin (BTC), if certain factors materialize. Let’s discuss.
Dogecoin’s growth can be rivaled by Bitcoin.
Elon Musk, a tech billionaire and dogecoin enthusiast, is a vocal supporter of DOGE. Elon Musk has said on numerous occasions that DOGE was his favourite cryptocurrency. Musk claims that Dogecoin is his favorite cryptocurrency because it’s not serious. Musk allows DOGE payment for several of his businesses. The popular memecoin can be used to purchase SpaceX or Tesla merchandise. Musk’s plans to allow Dogeocin payment on X, formerly Twitter (formerly X), is anticipated by many. X boasts hundreds of million monthly users. If X lets users use Dogecoins to make payments, this could result in a surge of adoption. It could be that DOGE will finally reach the $1 threshold, and even go up to $5, but not higher.
Dogecoin’s massive growth can be achieved through ETF inflows. In the first half of this year, Dogecoin received its very own ETF. Dogecoin has not seen much of a price increase since the ETF was launched, but that could change in the months to come. ETF flows have been a major factor in the market this year. Bitcoin (BTC), Ethereum (ETH) both reached all-time records thanks to an increase in ETF flows. Dogecoin could also follow the same pattern.
Please Read This: Is Dogecoin Doomed? Here’s What To Know Before You Sell
Dogecoin’s (DOGE’s) third method of rivaling Bitcoin’s (BTC’s) growth will be through an increased buzz. Memecoins rely heavily on the online buzz to gain popularity. They don’t have many real-world applications. In the past few months, Memecoins took a step back. DOGE could experience a price increase if the online buzz about it returns.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
