TL;DR
- Raoul Pal claims that Dogecoin (DOGE) has proven to be a “harder” form of money than Bitcoin (BTC), with a 550% increase since its launch.
- Pal projects that DOGE will continue outperforming BTC, backed by its growth since 2013 and its correlation with BTC.
- Analysts suggest that DOGE could reach up to $3 in the future, though reaching $3.50 would be more difficult due to the need for a significant capital influx.
Raoul Pal, a recognized financial expert, has caused a stir in the cryptocurrency community by claiming that Dogecoin (DOGE) has proven to be a “harder” form of money than Bitcoin (BTC).
Pal argues that DOGE’s growth since its launch over a decade ago has been so significant that it has outperformed Bitcoin, with a 550% increase since its creation. Pal highlighted that Dogecoin’s rise will continue to surpass Bitcoin’s in the coming years.
One of the most WILD things in all of crypto is that $DOGE has proven to be harder money than $BTC and has outperformed by 550% since launch (10 years!) and looks like it might even to continue to outperform over time!🤣 What a time to be alive… pic.twitter.com/3EXQFEzPsb
— Raoul Pal (@RaoulGMI) November 24, 2024
The Performance of Dogecoin (DOGE)
This claim is supported by historical data showing how DOGE’s value has escalated since its launch, rising from 0.00000066 BTC in 2013 to 0.00000437 BTC currently. While it has outperformed BTC in terms of performance, its market behavior still largely follows the movements of the pioneering cryptocurrency, which causes the two to often move in parallel.
Pal’s optimism about the meme coin is not new. He had previously mentioned that DOGE, alongside Sui (SUI), has the potential to become an important asset in what he calls the “Great Banana Rotation.” This concept refers to a possible market reconfiguration, where capital flows move between different assets.
How Far Can It Go?
Regarding price projections, some analysts suggest that Dogecoin (DOGE) could reach a value of up to $3 in the coming years, based on historical price patterns. The prediction is that after a possible correction, which could bring its value to $0.30 or $0.35, it could experience a rally towards a new all-time high, even surpassing its record of $0.70. However, reaching a price of $3.50 would require a significant influx of capital, making this target more difficult to achieve in the short term.
Currently, it is trading at $0.422, with a 3% gain in the last 24 hours and a more than 15% increase over the week. Its recent rise is supported by market strength, but some technical indicators suggest that the coin may be in an overbought phase, which could lead to a correction or consolidation in the near future.
