Ethereum founder Vitalik Buterin has just ceded its place as the top 2 cryptocurrency dogecointhe world's first and largest meme-based cryptocurrency. Buterin said Dogecoin deserves to be ranked right after Bitcoin (BTC)highlighting the importance and unique cultural impact of meme coins in the crypto space.
Buterin ranks Dogecoin among the top two cryptocurrencies
Teslaran, a member of the X (formerly Twitter) cryptocurrency community, recently wrote: video We feature Buterin in an exclusive interview. During the interview, Ethereum founder Surprisingly, he endorsed Dogecoin and declared it worthy of being ranked as the second most prominent cryptocurrency after Bitcoin.
This unexpected support caught the attention of the crypto market. Ethereum It has consistently maintained its position as the second largest virtual currency after Bitcoin. Ethereum, the first major cryptocurrency launched after Bitcoin, is considered the world's leading altcoin with the second largest market capitalization.
Ethereum was founded by Buterin in 2013 and went live in 2015. Dogecoin, on the other hand, was created as a lighthearted joke in 2013 by software engineers Billy Marcus and Jackson Palmer.
DOGE’s utility as a meme coinDogecoin Utility It is already lacking compared to Ethereum. However, meme-based cryptocurrencies are gaining significant attention and support due to their unique cultural value and light-hearted and fun themes.
Through years of evolution, DOGE has grown significantly and Building a community Millions of investors and supporters participate and develop numerous innovative projects. Starting from zero value, Dogecoin reached an all-time high of $0.74 in 2021. Market capitalization has grown to $25 billion.
Dogecoin’s rapid growth and new practical applications in the crypto industry could be the driving force Buterin's support. Although Buterin founded Ethereum, he believes DOGE surpasses ETH in certain aspects. The founder of Ethereum has previously stated that he dogecoin holder.
Analysts expect DOGE's next upside target to be above $0.2
Crypto analyst Jake Wujastyk said: revealed new bullish prediction Dogecoin price on X (formerly Twitter) on October 29th. According to analysts, DOGE massive bull market The next upside target will be reached between $0.2145 and $0.2295.
Wujatyk presented a detailed chart of Dogecoin prices, illustrating the memecoin's price movements from 2021 to date. Based on the past price movements on DOGE’s yearly chart, analysts believe that the meme coin could have the following price movements: A sharp rise of more than $0.2 is expected. Until the end of 2024 or around the beginning of 2025.
A rise to $0.2295 would represent a 34.7% increase from the current price. At the time of writing, Dogecoin price is trading at $0.17, up 3.86% in the past 24 hours and 24% over the past week, according to CoinMarketCap.
Featured image created by Dall.E, Charts from Tradingview.com
