A well-known investor in the crypto world recently sparked quite a conversation by declaring that Dogecoin holds the crown among cryptocurrencies. This bold statement has led to a lively debate within the crypto community.
Raoul Pal, the founder and CEO of Global Macro Investor, has gone as far as suggesting that the famous meme coin could potentially become the "hardest money ever created." He bases this on Dogecoin’s historical performance, which, according to him, has outshone Bitcoin.
‘Greatest Chart Of All Time’
Highlighting what he sees as Dogecoin’s superiority, Pal claims that its performance might make it the strongest currency ever conceived. This assertion by such a prominent figure has certainly stirred the crypto waters, positioning Dogecoin above the trailblazer, Bitcoin.
In an expressive tweet, Pal pointed out that one of the astonishing facets of the crypto realm is how Dogecoin has demonstrated greater resilience than Bitcoin over the years, outperforming it by a whopping 550% since it was introduced a decade ago. The idea that it might continue this trend is quite a remarkable thought!
Recently, on his X account, Pal showcased what he describes as a super-bullish Dogecoin chart, hailing it as potentially the best chart ever. Known for his favorable stance on Dogecoin, Pal has previously shared that it ranks high among his asset preferences, even revealing a significant holding of it in his investment portfolio.
Dogecoin Superiority Theory
Pal, who has a background managing hedge funds, strongly believes in Dogecoin’s potential to surpass all other cryptocurrencies, including Bitcoin. He argues that this isn’t purely speculative; Dogecoin’s historical outperformance, in his view, backs this claim. Since its inception, Dogecoin has consistently shown better returns than Bitcoin, outperforming it in terms of market capitalization by an impressive 500%.
Given Dogecoin’s current market capitalization standing at $40 billion, as illustrated in a TradingView chart, Pal is optimistic about the coin’s continued upward trajectory.
CEO Foresees Dogecoin Extending Its Gains
Statistics evidently support Pal’s perspective, as data reveals that Dogecoin indeed outpaced Bitcoin since its 2013 launch. Originally priced at $0.00056, Dogecoin’s value has soared by an incredible 461,407%. To put this in perspective, Bitcoin, which was traded at $1,210 during the same period, now trades at $96,340 — a 7,862% increase.
On The Verge Of A Breakout
Pal is optimistic about Dogecoin potentially hitting a significant breakout, which could solidify its stand over Bitcoin. As it stands, Dogecoin trades at $0.269 with a market cap of $39 billion.
Should Dogecoin achieve this breakout, Pal believes it would secure the title of the "hardest money in the world," possibly displacing Bitcoin from its top position in the crypto hierarchy. Nonetheless, some analysts caution against Pal’s high hopes, pointing out the qualitative disparities between Dogecoin and Bitcoin.
Image credits to Gemini Imagen and charts courtesy of TradingView.
