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Raoul Pal, the founder and CEO of Real Vision, has made a prediction about dog-themed cryptocurrency Dogecoin (DOGE).
In a recent tweet, Pal predicts the potential continued performance of Dogecoin in the broader crypto market. In an eye-catching statement about Dogecoin, Pal highlights the unexpected success of DOGE, which has outperformed Bitcoin, the first and largest cryptocurrency, in terms of percentage gains since its launch.
According to Pal, Dogecoin has proven to be "harder money" than Bitcoin (BTC) and has outperformed it by a staggering 550% since its launch over a decade ago.
Looking ahead, Pal believes that Dogecoin might continue to outperform Bitcoin over time.
Pal wrote: "One of the most wild things in all of crypto is that DOGE has proven to be harder money than BTC and has outperformed by 550% since launch (10 years) and looks like it might even to continue to outperform over time. What a time to be alive."
Tomiwabold OlajideThe Dogecoin vs. Bitcoin price chart is attached to Pal's tweet, and it highlights two channel patterns. The first channel resulted in a breakout; currently, the second channel is building up and seems poised for a breakout, which might cause Dogecoin to gain ground against Bitcoin in the days ahead.
Dogecoin predictions
Dogecoin's price rise continued over the weekend, reaching a new yearly high of $0.48 on Nov. 23 before retreating. The recent price surge also propelled DOGE to its highest level since May 2021. Dogecoin also reached a high of $0.0000049 in its Bitcoin pairing, a level not seen since December 2022.
According to CoinGecko data, Dogecoin's monthly gains are a whopping 210% compared to Bitcoin's gain of 45% in the same time frame.
With the market speculating an all-time high (ATH) retest at $0.73, multiple analysts hinted at higher targets. Over the weekend, Ali Martinez, a crypto analyst, predicted a breakout target of $0.82 for Dogecoin.
As reported by Wu Blockchain, Arthur Hayes predicted in a recent podcast that Bitcoin will reach $100,000 by the end of this year and may reach $250,000 by the end of 2025. Dogecoin, on the other hand, may reach $1.
Bitcoin fell after failing to surpass the $100,000 mark on Nov. 24, resulting in one of the largest weekend crypto liquidations in more than a year. Dogecoin fell to a low of $0.411 in today's trading session, near where it currently trades.
Alex Dovbnya
Arman Shirinyan
Dan Burgin