LUCKNOW (CoinChapter.com) — A former Goldman Sachs analyst has predicted that Dogecoin (DOGE), a meme cryptocurrency, could lose its high memecoin spot in 2024. Murad Mahmudov just lately acknowledged that the largest trick ever performed on unwary crypto buyers is to persuade them that DOGE can’t be flipped.
This daring declare challenges the long-held perception that Dogecoin’s place is unshakeable. The analyst believes a flip is feasible within the 2024/2025 market cycle. Nevertheless, he didn’t specify which asset would possibly obtain this feat.
For these unfamiliar with the crypto world, Dogecoin began as a joke in 2013, based mostly on a preferred web meme that includes a Shiba Inu canine. Regardless of its humorous origins, it has change into a critical participant within the cryptocurrency market. The token presently rating within the high 10 with a market worth of $15.3 billion.
Is It Once more Shiba Inu That Flipped Dogecoin In 2021?
Whereas Dogecoin has confronted challenges earlier than, none have efficiently dethroned it for lengthy. In October 2021, Shiba Inu (SHIB) briefly surpassed DOGE, reaching a market cap of $32.7 billion in comparison with Dogecoin’s $32.1 billion. Nevertheless, this flip was just for a short while. Revenue-taking by SHIB buyers led to this price plunge, permitting DOGE to reclaim its high spot.
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At the moment, Shiba Inu holds the second place amongst meme cash with a market cap of $8.48 billion, adopted by Pepe (PEPE) at $3.43 billion.
For Shiba Inu to overhaul DOGE once more, it could have to surge by a minimum of 84.77%, elevating its price from $0.00001438 to $0.00002657 per token.
Some consultants argue that Mahmudov’s prediction is unrealistic, contemplating the numerous hole between Dogecoin and its opponents. What units Dogecoin aside is its inflationary nature. Not like many cryptocurrencies with a set provide, new Dogecoins are constantly created. This characteristic helps preserve transaction charges low and rewards miners who preserve the community. It additionally permits Dogecoin to perform extra like a conventional foreign money, which some see as a bonus.