Finance veteran Raoul Pal has suggested that Dogecoin’s (DOGE) growth since its launch over a decade ago has elevated it to a ‘harder’ form of money than Bitcoin (BTC).
Pal supported this assessment by highlighting Dogecoin’s staggering 550% outperformance against Bitcoin since its inception, noting that the meme coin will likely continue outperforming the maiden cryptocurrency in an X post on November 25.
“One of the most WILD things in all of crypto is that DOGE has proven to be harder money than BTC,” he said.
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His analysis included data showing that DOGE has increased from 0.00000066 BTC in December 2013 to its current value of approximately 0.00000437 BTC.
Although Dogecoin has outperformed Bitcoin, it’s worth noting that the meme coin’s rallies are almost always in tandem with the movements of the flagship cryptocurrency.
The investor’s positive outlook on Dogecoin is not surprising, given his earlier remarks about the token. Pal had noted that DOGE, alongside Sui (SUI), has the potential to be a breakout asset in what he termed the “Great Banana Rotation.”
The rotation refers to a shift in market trends, where capital moves between assets as investor preferences change, with Dogecoin and Sui emerging as potential winners.
What next for Dogecoin
When analyzing Dogecoin’s next price movement, insights shared by crypto content creator and analyst Trader Tardigrade on November 25 suggest the meme coin could reach a single-digit dollar value. The analysis was based on DOGE’s price action during the 2018-2021 and 2021-2025 cycles, which exhibit similarities.
DOGE experienced a pullback in the previous cycle before its explosive rise to $0.70 in 2021. Currently, it could retrace to $0.30-$0.35 before a significant rally that may push it to a record high of $3. This projection aligns with another analysis by trading expert TradingShot, which suggested DOGE could target $3.50 as its minimum.
Given its inflationary model, reaching $3.50 for Dogecoin would require a significant capital influx. This means surpassing its previous all-time high would take much more capital, making a $3.50 valuation in the near future seem unlikely. At that price, DOGE’s market cap would soar to around $514 billion.
DOGE price analysis
As of press time, DOGE was trading at $0.422, gaining over 3% in the last 24 hours. The coin has surged by more than 15% on the weekly chart.
Dogecoin could sustain the current bullish run if it breaches the immediate resistance at $0.47, followed by $0.50. Key support levels to watch are $0.40 and $0.35.
At the current valuation, DOGE is trading above its 50-day and 200-day simple moving average, signaling a strong uptrend both in the short and long term. However, the relative strength index (RSI) of 78.66 indicates overbought conditions, suggesting a potential pullback or consolidation for the coin.
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