Dogecoin (DOGE) Rides Bullish Momentum, Outperforms Bitcoin by 550% Since Launch

Dogecoin's impressive track record, outperforming Bitcoin by 550% since its launch a decade ago, was recently brought to our attention by Raoul Pal.

Dogecoin (CRYPTO: DOGE) has outperformed Bitcoin (CRYPTO: BTC) by an impressive 550% since both coins were launched a decade ago, and now one prominent crypto analyst is suggesting that DOGE may continue outpacing BTC.

Raoul Pal, former Goldman Sachs executive and founder of Real Vision, discussed Dogecoin and Sui (CRYPTO: SUI) in his latest "Banana Rotation" market outlook, which was covered in a recent CNF update. During the segment, Pal expressed his belief that DOGE is “harder money” than Bitcoin.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Pal went on to elaborate on his viewpoint in a recent tweet.

“One of the most wild things in all of crypto is that $DOGE has proven to be harder money than $BTC and has outperformed by 550% since launch (10 years!) and looks like it might even to continue to outperform over time!”

One of the most WILD things in all of crypto is that $DOGE has proven to be harder money than $BTC and has outperformed by 550% since launch (10 years!) and looks like it might even to continue to outperform over time!

🤣 What a time to be alive… pic.twitter.com/3EXQFEzPsb

— Raoul Pal (@RaoulGMI) November 24, 2024

Pal shared a DOGE/BTC chart that showed two bullish channel patterns, with the current pattern poised for a breakout that could signal further gains for Dogecoin against Bitcoin.

Dogecoin Surges In Bullish Momentum

DOGE price surged to hit a yearly high of $0.48 on November 23, before showing a slight retracement from the levels attained. The coin price showed minimal changes on the day, with a 0.14% decrease, and displayed further gains on the weekly chart, where DOGE is up by 5.17%.

The bullish momentum that Dogecoin gained in 2023 comes amid speculation of its possible integration into Elon Musk’s "X Payments" system, which has sparked investor enthusiasm.

DOGE Speculator Anticipates Breakout To $0.82

As Dogecoin continues to capture attention, analysts are suggesting that the bullish momentum is far from over. While the meme coin trades at $0.3693 at the time of this writing, showing a 12.76% decrease in the past day, several analysts have projected bright futures for the coin.

Among them, Ali Martinez anticipates a breakout to $0.82, while Tardigrade speculates that DOGE could hit $1 by Q1 2025, with long-term targets reaching as high as $3.60. According to analysts, market conditions could push DOGE's price to $0.65–$1.25 soon.