Key Insights
- Raoul Pal predicts that Dogecoin could surpass Bitcoin and become the hardest form of money.
- Dogecoin has grown 500% more than Bitcoin since its inception, according to Pal’s analysis.
Analyst Raoul Pal predicts that Dogecoin (DOGE) has the potential to outperform Bitcoin by becoming the world’s hardest digital currency.
Based on historical data between Dogecoin and Bitcoin, he concluded that Dogecoin shows positive metrics compared to Bitcoin, supporting his claim.
Pal upholds his conviction that Dogecoin will establish dominance in the crypto market in the future despite facing doubts.
At press time, Dogecoin price was trading at $0.2625, noting a rise of over 1.89% in the past 24 hours. Its market cap soared to $38.87 Billion, ranked 8th in the overall crypto market.
Dogecoin Price Set to Soar? Raoul Pal Weighs in
Global Macro Investor’s CEO Raoul Pal makes an unexpected declaration about Dogecoin. In his opinion, Dogecoin exhibits the most promising market performance among all cryptocurrencies while outpacing Bitcoin in terms of value.
Pal believes Dogecoin will emerge above Bitcoin to become the most robust digital currency.
According to his assessment, Dogecoin has registered unprecedented growth which exceeds Bitcoin’s achievements. Dogecoin exceeds Bitcoin by 500% throughout the entire cycle.
Because of its extraordinary growth, Dogecoin might become a more effective cryptocurrency than Bitcoin.
His assessment relies on Dogecoin’s exceptional growth potential which exceeded Bitcoin’s investment returns.
Since launch, Dogecoin achieved a growth of 461.4% while Bitcoin has experienced an increase of over 7.86%. From market data Pal forces Dogecoin transforming the entire cryptocurrency domain.
Dogecoin’s Supply Debate Heats Up: Should Investors be Concerned?
The cryptocurrency Dogecoin launched in December 2013 with an initial value set at $0.00056. Since its launch, it has experienced explosive growth leading to its current market standing.
When Dogecoin started trading, Bitcoin already stood at $1210 but its value outpaced Dogecoin’s initial value.
Market data indicates that Dogecoin maintains better stability than Bitcoin. Pal believes Dogecoin’s strong community engagement will lead to market dominance over Bitcoin in the future.
Critics argue that Dogecoin’s unlimited supply weakens its value storage capabilities. Investors show skepticism about Dogecoin’s unlimited supply concerns.
The ongoing speculation about Dogecoin’s potential to exceed Bitcoin has built upon these fundamental aspects.
Dogecoin Price Prediction: Key Levels to Watch Out for
On the daily timeframe, DOGE price has been consolidating around the 200-day EMA mark and displayed uncertain movement.
Last week, it bounced off from the 38.2% Fibonacci support zone, but is still facing a barrier around the 50% Fib hurdle.
Once it clears the resistance mark of $0.2800, a significant upsurge toward $0.3000 can be anticipated ahead.
The liquidation data shows that long liquidations worth $2.41 Million exist compared to $1.78 Million of short liquidations. This disparity indicates that traders are anticipating further push ahead.
However, if the immediate support zone of $0.2450 is breached, a downswing toward $0.2300 followed by $0.2000 could be seen in the coming sessions.