Dogecoin (DOGE) has long been a favorite among meme coin investors. Since its creation, DOGE has grown to become one of the top cryptocurrencies, ranking 9th in market cap. However, the dream of Dogecoin reaching $1 remains elusive, and 2024 may not be the year to achieve this goal. Let’s look at why $1 DOGE may not be realistic, and which two DOGE alternatives could offer higher returns during the next market rally.
DOGE Loses Its Gloss
Dogecoin’s rise in 2021 has been unstoppable. Driven by the overall rise in the cryptocurrency market and celebrities such as Elon Musk, Dogecoin soared from $0.0047 at the beginning of the year to an all-time high of about $0.73 in May. This means an increase of more than 15,000% in 5 months.
The excitement surrounding Dogecoin is palpable, with many investors hoping the coin will soon reach the $1 mark. However, more than two years later, Dogecoin has struggled to recapture its former glory, trading well below its peak. Currently hovering just above $0.10, Dogecoin is down more than 85% from its peak. While a market-wide crypto rally is expected in the last quarter of 2024, there are several reasons preventing Dogecoin from reaching $1.
Lack of practicality and development
One key reason Dogecoin may not reach $1 by 2024 is its lack of utility and continued development. Unlike other cryptocurrencies that are constantly developing new features, partnerships, and use cases, the Dogecoin team has not made any improvements to the coin or its network since its creation in 2013. While it has a strong and loyal community, the coin lacks the technological advancements needed to keep up with the rapidly changing crypto landscape.
Large supply
Another factor working against Dogecoin is its huge supply. With over 140 billion Dogecoins in circulation and no cap on the total supply, the coin faces significant inflationary pressure. This ample supply makes it difficult for Dogecoin to maintain high prices as new coins continue to emerge in the market. To reach $1, Dogecoin’s market cap would need to exceed $140 billion, a figure that seems increasingly unlikely given current market conditions and competition from other cryptocurrencies.
2 Best DOGE Alternatives to Consider
Given the challenges facing Dogecoin, investors may want to explore alternative meme coins with better growth prospects. Two such coins are Pepe Coin (PEPE) and MoonTaurus (MNTR), both of which show strong growth potential through 2024.
Pepecoin (PEPE)
PEPE was launched in April 2023 and has quickly gained traction due to its strong community engagement. The limited supply and deflationary mechanism of the memecoin make it an attractive investment. The supply of the token is limited, and a portion of it is destroyed with each transaction, reducing the total supply over time. This scarcity could help drive prices higher as demand grows.
PEPE is one of the best performing coins of 2024. Even during a relatively bearish summer for cryptocurrencies, the meme coin is up 535.31% over the past six months. PEPE has shown remarkable resilience during each market shock, rebounding strongly and quickly. This is a sign of strong market presence and a green light for meme coins. At the time of writing, PEPE is priced at $0.000007746 with a market cap of $3.26 billion. PEPE is the third largest meme coin after Dogecoin and Shiba Inu, and the 26th largest cryptocurrency.
Moon in Taurus (MNTR)
Moon in Taurus is another promising alternative to Dogecoin. Launched via presale in late July 2024, MNTR has become a memecoin to watch closely during the 2024 bull run. The presale phase of the memecoin has been a success, with over 1,000 investors participating and raising $300,000 in the first phase alone. The presale price has doubled from $0.005 to $0.01, and the price is expected to rise further as the presale progresses. MNTR will launch at $0.07, guaranteeing a 700% return for investors who participate in the presale in the second phase.
One of the main advantages of MoonTaurus is its capped supply of 3 billion MNTR tokens. Despite the growing demand, no new tokens will be issued, paving the way for price increases. The team behind MoonTaurus has also launched an aggressive marketing campaign, including partnerships with artists and top influencers. As the token is about to be officially launched, these efforts are likely to increase its popularity and attract a wider audience.
MoonTaurus’ roadmap includes listing on top centralized exchanges that serve millions of users and have strong liquidity. By appealing to a larger audience, MoonTaurus can attract more users, increase trading volume, and ultimately drive adoption. Analysts predict that MoonTaurus will soar 100x at the peak of the bull run and could break $1 by the end of 2024.
While Dogecoin’s dream of reaching $1 by 2024 remains uncertain, analysts see PEPE and MoonTaurus as two strong options for investors. MoonTaurus (MNTR) is particularly compelling because it is still in its early stages. Participating in the MoonTaurus presale today is like buying PEPE when it launches — the upside potential is huge. Notably, some of the earliest investors who invested in PEPE are now accumulating MNTR. This belief from experienced investors paints a positive picture for newcomers.
website: https://moontaurus.com/Link tree: https://linktr.ee/moontaurus
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