Analyst Says Dogecoin(DOGE) Is a 'Crapshoot,' Could These 3 Meme Coins Have Higher Returns?

Since its launch in 2013, DOGE has not done much to add value to the ecosystem. However, the token has seen some of the largest returns of any asset over the past decade. This feat makes little sense to those outside of the cryptocurrency community, but DOGE supporters believe that buying and HODLing their position is what has led to the gains. However, the euphoria of DOGE's success could come to an end, according to some analysts.

Don't Miss:

Pav Hundal is an analyst for Swyftx, an Australian cryptocurrency exchange. He noted that the future of DOGE "will depend on the decision-making of the millions of minnow investors who bought DOGE in 2021 and right now are sitting on paper losses." Additionally, Hundal noted that "it's a crapshoot. If most of these people decide to take quick profits during the cycle, you could start to see selling pressure ratchet up."

Essentially, Hundal believes that the next small uptick in the price of DOGE will lead to a huge wave of selling that could potentially spell the end for the token. 

If this logic holds and DOGE could potentially lose its spot as the top memecoin, there are a few other tokens that could potentially be a better investment.

Dogwifhat (WIF) is the next pick for a memecoin that could potentially outperform expectations. The token has only been around since December 2023 but has already cemented itself in the top 40 tokens by market cap. It has attracted significant attention, which could lead to gains if DOGE begins to fall.

Trending: 1 in 4 Americans own a share of Bitcoin according to NASDAQ, how much would $10 get you today?

Another choice is Shiba Inu (SHIB). This project is known as the "Dogecoin killer," as it is making moves to directly compete with and overtake DOGE. To do this, it has created a large ecosystem, complete with a decentralized exchange (DEX), NFT projects, a layer-2 blockchain, and a magazine. This focus on building out an ecosystem, along with its current community of investors could prove fruitful in light of a potential DOGE collapse.

Lastly, if you are interested in politics or the upcoming election, MAGA Coin (TRUMP) could be a decent investment. The token has seen enormous gains since its launch in August 2023. It combines memecoins with politics to attract investors. With the election in November, the token could receive more and more attention, which could lead to gains. However, this token is likely the riskiest of the three due to its smaller market cap and the fact that Trump is a very controversial person. 

So, according to some, the end of DOGE's reign as the top memecoin could come very soon. If this is the case, many may start looking for the next memecoin to make them into a millionaire overnight. 

Read Next:

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyCrypto AccessdogecoinElon Musk
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...