- Former Goldman Sachs analyst Murad Mahmudov suggests that Dogecoin may be overtaken by another meme coin in 2024.
- Despite the potential for a power shift, Dogecoin remains the leading meme cryptocurrency with a significant market cap of $15 billion.
- One advantage of Dogecoin is its inflationary nature, with a consistent 3.5% annual increase in supply.
The original Shiba, Dogecoin may no longer dominate the market as it has competition as a new meme cryptocurrency. Another critical opinion that showed cryptocurrency is that Murad Mahmudov, the ex-analyst at Goldman Sachs, has shared his outlook towards the future of Dogecoin and claimed the meme cryptocurrency might be dethroned by another similar coin in 2024.
A couple of weeks ago, Mahmudov claimed that DOGE is far from invulnerable, and the post caused discussions in the entire crypto space. However, this forecast needs to give a clearer idea of the future of meme coins, with Dogecoin still being the largest meme coin based on market cap.
Thanks to Mahmudov’s prediction, people started discussing which meme coin might overtake Dogecoin. While DOGE retains domination in the market over its competitors, some observers and buyers are already thinking about the change in the leaders’ rating. Reviewing the statistics, it is noteworthy that Shiba Inu (SHIB), one of Dogecoin’s biggest rivals, overtook DOGE in mid-October 2021.
Yet, SHIB could only have this brief limelight spot before DOGE overtook it again. However, this opportunity to counter DOGE’s dominance has opened the door for other potential contestants, such as SHIB.
Potential Challengers to Dogecoin’s Throne
Currently, Dogecoin is the only meme cryptocurrency in the top 10 digital currencies by market capitalization, with a market cap of $15 billion, compared to Shiba Inu’s $8 billion. Other meme coins like Pepe (PEPE) and Dogwifhat (WIF) compete, but they still need to catch up to DOGE.
It seems unlikely that Mahmudov’s prediction is realistic, considering Dogecoin’s significant lead over its competitors. There needs to be more ground to cover for any meme currency to achieve similar success.
Dogecoin’s Inflationary Nature and Market Position
Traders support Dogecoin due to the unlimited supply factor and consistent inflation rate, which is essential for a cryptocurrency. This characteristic is crucial in ensuring that miners are incentivized and that the network fees are low, making Dogecoin usable as currency. Even as inflation remains a worry, this aspect puts DOGE in a stronger position than most meme coins with fixed supplies.
Thus, the total quantity of Dogecoin increases and adds to the supply at about 3. 5% per year. It keeps the currency circulating and may help it remain relevant and in the niche of other meme coins.
However, given that Mahmudov’s forecast has introduced the conversation about the future of Dogecoin, the long-standing position of this cryptocurrency as the leading memecoin indicates that the change in the leading position will not be an easy feat. Moreover, DOGE has a well-developed community, to which it owes its positions and numerous technical benefits that allow it to hold onto the initiative.
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