Market veteran Raoul Pal insists Dogecoin is harder money than Bitcoin, predicting the meme coin will continue outperforming the industry’s firstborn asset.
Pal made this assertion during a recent market analysis, in which he compared Dogecoin’s historical price performance with Bitcoin. Notably, Pal confirmed that Dogecoin has performed better than Bitcoin since its launch in December 2013.
Dogecoin Has Outperformed Bitcoin Since Launch
For context, Dogecoin debuted with a market price of $0.00056 in December 2013. However, the meme coin soared to a new peak of $0.0187 in January 2018 before retracing and consolidating for over two years.
Amid Elon Musk’s comments, Dogecoin skyrocketed to a new all-time high of $0.7390 in May 2021 during the bull run at the time. Following a correction in 2020 and early 2023, DOGE has now recovered some of its losses, having skyrocketed to the current price of $0.4270.
At the current price, Dogecoin has increased 76,150% since its debut in December 2013. Meanwhile, at the time, Bitcoin traded for $1,206. With the pioneering crypto asset now changing hands at $98,070, it is up 8,031% since December 2013.
This confirms DOGE has outperformed BTC within the same timeframe. Citing this shocking reality, Pal argued that Dogecoin, despite its inflationary model and meme coin nature, is harder money than Bitcoin. The market veteran predicts that DOGE could continue to perform better than BTC.
Pal Believes DOGE Could Continue Outperforming BTC
He shared a DOGEBTC chart showing that DOGE has increased from 0.00000066 BTC in December 2013 to the current figure of 0.00000437, marking a 562% gain against Bitcoin since launch. Most recently, DOGE has also outperformed BTC by 90% amid the ongoing rally this month.
While Pal expects this trend to continue, he failed to present any specific price targets. However, data from the chart shows Dogecoin has recently broken out of a descending channel structure on the BTC chart amid the recent November gains, suggesting further upside is on the horizon.
Also, in a previous report, Pal asserted that Dogecoin was one of the next crypto assets to rally in a phase he calls the “Great Banana Rotation.” Should this occur, the meme coin could witness a massive upsurge similar to the 2021 rally.
Meanwhile, Arthur Hayes, founder and former CEO of BitMEX, is also bullish on meme coins such as Dogecoin. In a recent episode of the Alpha First podcast, Hayes argued that a Dogecoin rally to $1 is feasible. This would mark a 134% increase from current prices. Hayes also expects BTC to reach $100K this year and $250K next year.
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