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.

Dogecoin (CRYPTO: DOGE) has long been the undisputed king of meme coins, garnering a huge following since its creation as a joke. But in a recent analysis shared on the social media platform X, crypto analyst Master Kenobi made a compelling case for Dogecoin being a superior cryptocurrency compared to Bitcoin (CRYPTO: BTC).

Here's a summary of Kenobi's analysis and why it might be beneficial to consider Dogecoin over Bitcoin:

Exceptional Historical Performance Compared To Bitcoin

Everyone knows that Bitcoin, as 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.

Unlimited Supply vs Capped Supply

Unlike Bitcoin’s capped supply of 21 million coins, DOGE employs a fixed inflation model, introducing around 5 billion new coins annually. Some might view this unlimited supply as a negative for Dogecoin, but proponents of the meme coin have always highlighted that it is a needed feature.

According to Kenobi, with DOGE's total circulating supply currently at 140,069,817,449 and continuing to increase, 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.

Retail Appeal And Community Strength

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 about $0.38, with a 24-hour trading volume of $10.56 billion. It has a market capitalization of $55.8 billion, and DOGE recently traded at $0.42 for the first time in two years. However, it has since seen its price correcting since October 13, reaching a low of $0.356 in the past 24 hours.

Despite this correction, 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.

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