Founder of Ethereum Vitalik Buterin just ceded second place in crypto to Dogecointhe world’s first and largest meme-based cryptocurrency. Buterin said Dogecoin deserves to be ranked right after Bitcoin (BTC)highlighting the importance of the meme coin in the crypto space and its unique cultural impact.
Buterin ranks Dogecoin among the 2 best cryptocurrencies
Teslaran, a member of the crypto community on X (formerly Twitter), recently posted a video featuring Buterin in an exclusive interview. During the interview, the Founder of Ethereum has surprisingly endorsed Dogecoin, stating that it deserves to be ranked second after Bitcoin as the most important cryptocurrency.
This unexpected approval caught the attention of the crypto market, especially because Ethereum has consistently held its position as the second largest cryptocurrency after Bitcoin. As the first major cryptocurrency launched after Bitcoin, Ethereum is often considered the world’s leading altcoin with the second largest market capitalization.
Ethereum was founded by Buterin in 2013 and went live in 2015. On the other hand, Dogecoin was created as a slight joke in 2013 by software engineers Billy Markus and Jackson Palmer.
As a meme coin, DOGE’s utilityDogecoin utility is already lacking compared to that of Ethereum. However, the meme-based cryptocurrency has garnered considerable attention and support due to its unique cultural value and light-hearted, fun theme.
Evolving over the years, DOGE has seen significant growth, build a community millions of investors and supporters and developing numerous innovative projects. Starting from zero value, Dogecoin reached an all-time high of $0.74 in 2021. Additionally, its market capitalization grew to $25 billion.
Dogecoin’s rapid growth and emerging practical applications in the crypto industry could be the driving force. Buterin’s approval. Although he founded Ethereum, Buterin considers DOGE to outperform ETH in some aspects. The Ethereum founder also previously revealed that he was a Dogecoin holder.
Analyst Predicts DOGE’s Next Upside Target Above $0.2
Crypto analyst Jake Wujastyk has revealed a new bullish prediction for the Dogecoin price on X (formerly Twitter) on October 29. According to the analyst, DOGE is preparing for a big bullish rally to reach its next upside target between $0.2145 and $0.2295.
Presenting a detailed Dogecoin price chart, Wujastyk illustrated the meme coin’s price movements from 2021 to today. Based on DOGE’s past price action in its annual chart, the analyst believes that the meme coin could experience a rise forecast above $0.2 before the end of 2024 or around the beginning of 2025.
A rise to $0.2295 would represent a 34.7% increase from its current price. At the time of writing, Dogecoin price is trading at $0.17, marking a 3.86% increase over the past 24 hours and a 24% rise over the past week, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com