Bitcoin (BTC) is the best-performing financial asset of the last decade and a half. The original crypto has far outshone tech stocks and commodities. No other asset has come close to rivaling BTC’s incredible gains since 2010. While some cryptocurrencies have delivered high returns, their prices have failed to maintain their growth. Dogecoin (DOGE), however, could rival Bitcoin’s (BTC) incredible growth, given that some factors come to fruition. Let’s discuss.
3 Ways Dogecoin Can Rival Bitcoin’s Growth
Elon Musk is one of the most vocal Dogecoin (DOGE) supporters out there. The tech billionaire has stated on multiple occasions that DOGE is his favorite cryptocurrency. Musk says that he loves Dogecoin’s unserious demeanour. Musk has even enabled DOGE payments for many of his business ventures. People can purchase SpaceX and Tesla merchandise using the popular memecoin. Many fans now anticipate Musk enabling Dogeocin (DOGE) payments on X (formerly known as Twitter). X has hundreds of millions of monthly users. If X allows users to use Dogecoin (DOGE) on its payment feature, it could lead to a massive surge in adoption. The move could lead to DOGE finally breaching the $1 mark, or even going as far as hitting $5, if not more.
Another way Dogecoin (DOGE) could see massive growth is through ETF inflows. The memecoin got its first ETF earlier this year. Although the ETF launch has done little for Dogecoin’s price, things could change over the coming months. ETF inflows have played a vital role in this year’s market. Bitcoin (BTC) and Ethereum (ETH) have both climbed to new all-time highs thanks to increased ETF inflows. A similar pattern could emerge for Dogecoin (DOGE) as well.
Also Read: Is Dogecoin Doomed? Here’s What To Know Before You Sell
The third way for Dogecoin (DOGE) to rival Bitcoin’s (BTC) growth is through increased hype. Memecoins do not have a lot of real-world use cases and rely on online buzz for popularity. Memecoins have taken a backseat over the last few months. DOGE’s price could see a rebound if its online hype reignites.