Dogecoin (DOGE) has long been a favorite among meme coin investors. Since its creation, DOGE has evolved into one of the top cryptocurrencies, ranking 9th in market capitalization. However, the dream of Dogecoin reaching $1 remains elusive, and 2024 may not be the year it happens. Let us look at why $1 for DOGE may not be realistic and which two DOGE alternatives could provide higher returns during the next market rally.
DOGE Loses Its Shine
Dogecoin’s rise to prominence in 2021 was nothing short of meteoric. Fueled by a broader crypto market rally and endorsements from celebrities like Elon Musk, DOGE skyrocketed from $0.0047 at the beginning of the year to an all-time high of around $0.73 in May. This represents a more than 15000% rally within 5 months.
The excitement surrounding DOGE was palpable, with many investors holding out hope that the coin would soon reach the $1 mark. However, over two years later, Dogecoin has struggled to regain its former glory, trading significantly below its peak. DOGE is hovering just above $0.10, down more than 85% from its peak. While a market-wide crypto rally is expected in the last quarter of 2024, several reasons stand in the way of Dogecoin reaching $1.
Lack of Utility and Development
One of the key reasons why Dogecoin may not reach $1 in 2024 is its lack of utility and ongoing development. Unlike other cryptocurrencies that are continuously evolving with new features, partnerships, and use cases, Dogecoin’s 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.
Massive Supply
Another factor working against Dogecoin is its massive supply. With over 140 billion DOGE in circulation and no cap on the total supply, the coin faces significant inflationary pressure. This abundant supply makes it difficult for DOGE to sustain high price levels, as the market is constantly flooded with new coins. To reach $1, Dogecoin would need a market capitalization of over $140 billion, a figure that seems increasingly unlikely given the current market conditions and competition from other cryptocurrencies.
2 Best DOGE Alternatives to Consider
Given the challenges Dogecoin faces, 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 have shown strong growth potential in 2024.
Pepe Coin (PEPE)
PEPE was launched in April 2023 and quickly gained traction due to its strong community engagement. The meme coin’s limited supply and deflationary mechanisms make it an attractive investment. The coin's supply is capped, and a portion of each transaction is burned, reducing the total supply over time. This scarcity could help drive up the price as demand grows.
PEPE has been one of the best performers in 2024. Even with a relatively bearish crypto summer, the meme coin is up 535.31% over the last six months. PEPE has demonstrated remarkable resilience throughout every market shakeout, rebounding strongly and quickly. This is a sign of strong mindshare, which is a green flag for meme coins. The price of PEPE at the time of writing is $0.000007746, with a market cap of $3.26 billion. PEPE is the third-largest meme coin behind Dogecoin and Shiba Inu and the 26th largest cryptocurrency overall.
MoonTaurus (MNTR)
MoonTaurus is another promising alternative to Dogecoin. Launched via presale in late July 2024, MNTR has already established itself as a meme coin to watch closely during the 2024 bull run. The meme coin's presale phase 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 further price increases are expected as the presale progresses. MNTR will launch at $0.07, guaranteeing investors who participate in the presale during the second phase a 700% return.
One of MoonTaurus's key advantages is its capped supply of 3 billion MNTR tokens. Despite rising demand, no new tokens will be issued, paving the way for a price rally. The team behind MoonTaurus has also launched an aggressive marketing campaign, including partnerships with artists and top influencers. These efforts are likely to boost the coin's visibility and attract a broader audience as it nears its official launch.
MoonTaurus' roadmap includes listings on top-tier centralized exchanges, which serve millions of users and have deep liquidity. By tapping into a larger audience, MoonTaurus can attract more users, increase trading volumes, and ultimately drive adoption. Analysts predict that MoonTaurus will skyrocket to 100x at the peak of the bull run, with a potential break above $1 by the end of 2024.
While Dogecoin's dream of reaching $1 in 2024 remains uncertain, analysts believe PEPE and MoonTaurus to be two strong alternatives for investors. MoonTaurus (MNTR) especially stands out, as it is still in its early stages. Participating in the MoonTaurus presale today is akin to having bought PEPE at its launch—the upside potential is massive. Notably, some of the earliest investors in PEPE are now accumulating MNTR. This belief by seasoned investors paints a positive picture for the newcomer.
Website: https://moontaurus.com/Linktree: https://linktr.ee/moontaurus
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