Altcoin
Crypto Analyst Says Dogecoin Is The Best Cryptocurrency, Here’s Why
Dogecoin, which started as a joke, has long been the undisputed king of meme coins and has garnered a huge following since its creation. In a recent analysis shared on the social media platform X, crypto analyst Master Kenobi presented a compelling case for Dogecoin as a superior cryptocurrency compared to Bitcoin.
Exceptional Historical Performance Compared To Bitcoin
Bitcoin, the world’s largest crypto asset, has outperformed every other asset in traditional finance in the last decade since its creation. However, as Master Kenobi pointed out, Dogecoin has indeed outperformed Bitcoin since its launch date.
Master Kenobi noted that since its inception on December 8, 2013, Dogecoin has experienced a remarkable growth of approximately 883,920% up to its all-time high. In contrast, Bitcoin’s growth during the same period stands at about 17,234%. This significant outperformance underscores Dogecoin’s potential as a high-yield investment.
Unlike Bitcoin’s capped supply, DOGE employs a fixed inflation model, introducing around 5 billion new coins annually. Some might see this inflationary trend as negative for Dogecoin, but proponents of the meme coin have always emphasized that it is a needed feature. According to Kenobi, with DOGE’s total circulating supply currently above 140 billion DOGE, the annual issuance is now mostly negligible, and its effect will continue to decrease with time. Furthermore, the Dogecoin adoption rate has even far outpaced its inflation rate.
Lastly, the analyst highlighted the current low price of Dogecoin as one of its biggest advantages it has over Bitcoin. The relatively low price per DOGE unit makes it attractive to retail investors, who can acquire thousands of DOGE for the cost of a fraction of a Bitcoin. Bitcoin, on the other hand, is now being perceived more as an instrument for institutional investors due to its currently high price.
This affordability, combined with Dogecoin’s strong community and meme culture, makes it more appealing as an accessible cryptocurrency.
Current State Of Dogecoin
At the time of writing, Dogecoin is trading at approximately $0.38, with a 24-hour trading volume of $10.56 billion and a market capitalization of $55.8 billion. DOGE, which recently traded at $0.42 for the first time in two years, now finds its price correcting since October 13, having reached a low of $0.356 in the past 24 hours.
Nonetheless, Dogecoin has maintained gains over both seven-day and 30-day periods, indicating a bullish trend. As such, the meme coin is definitely on track to end the month at a bullish close. There is also the possibility of reaching a new all-time high above $0.73 before the end of 2024. This optimism is partly fueled by the recent US presidential election, where President-elect Donald Trump has expressed a favorable stance toward cryptocurrencies.
Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst Javon Marks has provided a bullish outlook for the XRP price, predicting that the altcoin could record a 44x increase. The analyst also explained why he believes that XRP could witness such a parabolic surge.
Why The XRP Price Could Surge 44x
In an X post, Javon Marks asserted that the XRP price could 44x from its current level. He explained that in 2017, XRP broke out of a pennant pattern and surged wildly towards its first target at $0.0609 before using it as a light resistance and breaking well above on a run towards the meeting of its second.
The analyst revealed that XRP recently broke out of a larger pennant pattern, surging widely towards its first target at $3.317 before using it as a light resistance. He added that next up can be a break well above this first target at $3.317 and a run towards the meeting of the second target, which is currently at $99.
Marks noted that $99 is currently over 4,331% away, meaning that the XRP price could 44x from here. In the short term, crypto analyst Egrag Crypto has revealed what lies ahead for Ripple’s coin, predicting that it could revisit the lows around $1.9 to $1.7 and then test the upper range at $2.80 to $3.00.
A retest of this $3 range could ultimately lead to a breakout from this light resistance, as mentioned by Javon Marks. XRP would then rally to a new all-time high (ATH), which could eventually pave the way to the $99 target.
The Altcoin Is Approaching A Critical Breakout Zone
Crypto analyst CasiTrades stated that the XRP price is approaching a critical breakout zone. She noted that after testing the .786 Fib support at $2.05 over the last few days, the altcoin is now bouncing strongly again, with the price heading right back into the first big test at $2.17.
The analyst remarked that this level has acted as key resistance before, and while the structure is looking bullish, the altcoin is not in the clear just yet. She went on to outline two scenarios, which she laid out on her accompanying chart.
The first scenario is the bullish case. Here, the analyst stated that if the $2.05 low was the final bottom, then XRP is now building a new impulsive trend. She added that a clean breakout above $2.25 would be a major sign of strength. Meanwhile, a break above $2.36 and hold would officially invalidate any idea of one final move lower, as it would confirm that Wave 1 is in.
The second scenario CasiTrades outlined is the bearish case. She claimed that if the XRP price struggles to flip $2.17 and $2.25 to support, then the altcoin could still be inside a final subwave 5 down toward the $2 region. The analyst remarked that $2.26 would be a short-term confirmation, while a break above $2.36 would confirm a trend reversal and that XRP is heading for new highs.
The Bitcoin price is currently rallying and hit $87,000 today, which is bullish for altcoins like XRP. However, all eyes are still on the effects of Donald Trump’s reciprocal tariffs as they could significantly impact the crypto market.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
American multinational investment management company Franklin Templeton has made global headlines this Wednesday by revealing that it is eyeing a crypto ETP launch in Europe. The company with over $1.5 trillion in AUM (Assets Under Management) now follows the footsteps of its rivals BlackRock and 21Shares, who previously revealed similar plans for the region. Following its remarkable success in the U.S. with a Bitcoin ETF, this mover has echoed a notable market buzz, paving the way for further investor interaction with the digital asset class.
Franklin Templeton Considers Crypto ETP Launch In Europe
According to an X post by Bitcoin Magazine on April 2, Franklin Templeton is considering launching Bitcoin and crypto ETP in Europe. With this decision, the asset manager is poised to join the fray alongside BlackRock and 21Shares to achieve such a feat in the region.
A company spokesperson revealed that while plans to launch a digital asset-backed ETP are not “immediate, “observing and keeping pace with the evolving regulatory framework in Europe and elsewhere to create those cryptocurrency products that best cater to our clients’ demands” remain vital. Also, they added, “We are constantly exploring the possibility of launching innovative products in all asset classes,” ETF Stream reported.
Franklin Templeton Follows BlackRock & 21Shares’ Footsteps?
Meanwhile, CoinGape recently reported that BlackRock also launched its iShares Bitcoin Trust in the same region. This ETP is featured on Xetra and Euronext Paris under the ticker IBIT, while investors can also find it on Euronext Amsterdam.
Additionally, asset manager 21Shares expanded its crypto ETP offerings in Europe the previous week. Reportedly, the asset manager launched Bitcoin, Solana, and XRP Exchange-Traded Products (ETPs) on Nasdaq Stockholm, enhancing regional investor participation for the digital asset class. Overall, the European crypto ETP scenario continues to take a paradigm-favorable shift as Franklin Templeton now joins the race, adding to institutional support in the region.
Bitcoin ETF Success In The U.S. Garners Attention
Simultaneously, it’s worth taking into account the prominent market success of Franklin Templeton Digital Holdings Trust (EZBC) in the U.S. Sosovalue data indicates that the asset manager currently holds net assets worth $428.52 million within its spot Bitcoin ETF holdings. The considerably large holdings in just a year of BTC ETF’s inception underline the trading products and the asset manager’s phenomenal success. This market capitalizing stand also fuels optimism for crypto ETPs launch in Europe, given the feat happens ahead.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The SHIB community is once again surfing optimistic tides within the crypto realm with a staggering 12,000% uptick in the Shiba Inu burn rate and a key Shibarium milestone achieved lately.
On Wednesday, April 2, burn statistics signaled that over 115 million coins were removed from the circulating supply, whereas transactions on the Layer 2 blockchain scaled new heights by topping 1 billion. In response, crypto market participants are now eyeing a highly bullish future for one of the most renowned dog-themed meme tokens amid bolstered market dynamics.
Shiba Inu Burn Rate Soars Over 12,000%, Supply Takes A Blow
Data from the official tracker Shibburn indicated that the SHIB burn rate surged 12,278.89% in the past 24 hours. Per the data, this massive surge rode the back of 115.89 million tokens removed from the supply in just a day.
Notably, the burn mechanism permanently reduces the circulating supply by transferring tokens to a null address. As a response, traders and investors weigh bullishness on the asset’s future prospects by considering the law of supply and demand.
With today’s massive burn saga, the total number of coins killed to date reached 410.72 trillion SHIB. Meanwhile, 584.35 trillion tokens still remain in circulation. Further, it’s worth mentioning that the wallet address “0xc439514852e132c” single-handedly burnt 92.64 million tokens, aiding the surge.
The impact of the constant Shiba Inu burns has kept investors hopeful about a price rally ahead. On the other hand, the coin’s layer 2 blockchain, Shibarium, is making monumental strides.
Shibarium Transaction Volume Hits 1B
SHIB’s marketing lead Lucie further revealed on X that the transaction volume on the Layer 2 blockchain has crossed the 1 billion mark. This chronicle has added to the optimistic buzz orbiting the crypto as it underscores its network’s rising popularity.
Soon after its launch in August 2023, the L2 network gained significant traction with its vast offerings. Ranging from seamless transactions and gaming opportunities to utilities with tokens such as TREAT, LEASH, and BONE, the L2 network offers users top-notch services in the Web3 space. The rising transactions add to bullish market sentiments, accompanying the Shiba Inu burn rate upswing.
Is SHIB Price Gearing Up For A Rally?
Despite the bullish advancements, SHIB price traded down nearly 4% today, resting at $0.00001224. The meme coin hit a low and a peak of $0.00001214 and $0.00001312 in the past 24 hours. Besides, the weekly chart also indicated a 20% crash in value. This bearish action has kept investors cautious over future aspects despite the Shiba Inu burn surge and Shibarium advancement.
Simultaneously, a renowned crypto market trader going by the name Nebraskangooner revealed that SHIB continues to reject resistance just like other altcoins. Crypto market participants continue to thoroughly monitor the token, given that some market stats indicate a bullish stance whilst the price wanes.
Also, CoinGape reported that the coin’s lead developer, Shytoshi Kusama, shared a cryptic location update recently. The abovementioned chronicles are some of the most buzz-worthy Shiba Inu news lately.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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