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Ethereum founder Vitalik Buterin has just given up the number 2 top crypto spot to Dogecointhe world’s first and largest meme-based cryptocurrency. Buterin has stated that Dogecoin deserves to be ranked right after Bitcoin (BTC)underscoring the meme coin’s significance in the crypto space and unique cultural impact.
Buterin Ranks Dogecoin As Top 2 Cryptocurrency
Teslaran, a crypto community member on X (formerly Twitter), recently released a video featuring Buterin in an exclusive interview. During the interview, the Ethereum founder surprisingly endorsed Dogecoin, declaring that it deserves to be ranked second after Bitcoin as the most prominent cryptocurrency.
This unexpected endorsement captured the attention of the crypto market, particularly because Ethereum has consistently held its position as the second-largest cryptocurrency after Bitcoin. As the first major cryptocurrency launched after Bitcoin, Ethereum is often regarded as the world’s leading altcoin with the second largest market capitalization.
Ethereum was founded by Buterin in 2013 and went live in 2015. On the other hand, Dogecoin was created as a light joke in 2013 by software Engineers Billy Markus and Jackson Palmer.
As a meme coin, DOGE’s utilityDogecoin’s utility is already lacking compared to Ethereum’s. However, the meme-based cryptocurrency has garnered significant attention and support due to its unique cultural value and lighthearted, fun theme.
Evolving over the years, DOGE has experienced significant growth, building a community of millions of investors and supporters and developing numerous innovative projects. Starting from zero value, Dogecoin reached an all-time high of $0.74 in 2021. Moreover, its market capitalization has grown to $25 billion.
Dogecoin’s rapid growth and emerging practical applications in the crypto industry could be the driving force behind Buterin’s endorsement. Although he founded Ethereum, Buterin considers DOGE surpassing ETH in certain aspects. The Ethereum founder has also previously revealed that he is a Dogecoin holder.
Analyst Predicts DOGE’s Next Upside Target Above $0.2
Crypto analyst Jake Wujastyk has revealed a new bullish prediction for the Dogecoin price on X (formerly Twitter) on October 29. According to the analyst, DOGE is gearing up for a major bull rally to hit its next upside target between $0.2145 and $0.2295.
Presenting a detailed chart of the Dogecoin price, Wujastyk illustrated the meme coin’s price movements from 2021 to the present. Based on DOGE’s past price action in its yearly chart, the analyst believes that the meme coin could see a projected surge above $0.2 before the end of 2024 or towards the beginning of 2025.
A surge to $0.2295 would represent a 34.7% increase from its current price. As of writing, the price of Dogecoin is trading at $0.17, marking a 3.86% increase in the last 24 hours and a 24% rise over the past week, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com