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Could Dogecoin be the new Bitcoin?

There are people taking the coin of the meme very seriously

It is a fantasy that is circulating especially among some celebrities, in particular perhaps because of the considerable attention that Elon Musk has devoted to this project over time.

However, although Musk is clearly kidding when you mention Dogecoin, that doesn’t seem to be entirely true for other celebrities.

Recently, for example, former Skid Row singer Sebastian Bach mentioned this on his official Instagram profile.

“Are you losing Dogecoin like you lost bitcoin? #Dogecoin will rock your world! ”

The video with which he launched this tease is in the perfect style of Sebastian Bach, so it’s hard to believe that it’s a joke, like Elon Musk’s tweets.

Dogecoin cannot compete with Bitcoin

Dogecoin (DOGE) debuted in the crypto markets in 2013 at a paltry price of less than a thousandth of a dollar.

Until the boom due to the speculative bubble in late 2017, the value never exceeded a penny, but in December of that year it skyrocketed, reaching the historic high of almost 2 cents on January 7, 2018.

In 2017, its value grew 8000% over the course of a single year.

But after January 2018, he never got back to those numbers. Instead, over the year it lost 90% in value with its highs, returning to below 2 thousandths of dollar at the end of the year.

However, in December 2020 it started to rise again, reaching almost 1.2 US cents on January 3 this year. However, it is still a long way from its historic highs.

The fact is that Dogecoin is a cryptocurrency project that started as a joke, but survived over time.

It should be noted, however, that with a capitalization of around $ 1 billion, it ranks 35th in CoinMarketCap among the most capitalized cryptocurrencies, behind IOTA, but above Filecoin.

Although these numbers show that the project is still very much alive, it does not appear to be able to compete with Bitcoin, to be an alternative to it, or to have the potential to follow in its footsteps.

Suffice it to say that BTC’s market capitalization is still more than five hundred times greater, and that in the last month Bitcoin has more than doubled the historical record recorded during the speculative bubble in late 2017.

This doesn’t diminish the fact of having followers, especially on social networks, since he was actually born there thanks to a meme.

Source: Cryptonomist

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