u.today
Former Goldman Sachs analyst Murad Mahmudov has predicted that Dogecoin, the leading meme cryptocurrency, will end up being flipped by another meme coin in 2024.
"The biggest trick they played on you is to convince you that DOGE cannot be flipped," Mahmudov wrote in a social media post.
The prediction has sparked discussions about meme coins that could potentially occupy Dogecoin's much-coveted throne.
For now, DOGE remains the only meme cryptocurrency in the top 10.
Has any meme coin toppled Dogecoin?
As reported by U.Today, Shiba Inu (SHIB) managed to briefly surpass Dogecoin on the CoinGecko ranking website back in October 2021.
However, SHIB's massive rally proved to be short-lived, and Dogecoin maintains an impressive lead over its biggest rival ($15.3 billion and $8.3 billion, respectively).
Other potential Dogecoin challengers include Pepe (PEPE) and dogwifhat (WIF). However, these cryptocurrencies are extremely far from catching up with the canine meme coin king.
Not realistic?
Some commentators have pointed out that the idea of any other meme cryptocurrency potentially surpassing Dogecoin is not realistic. The gap between the OG meme coin and some of its potential challenges is just too big.
Of course, it should also be mentioned that Dogecoin is an inflationary cryptocurrency, which means that its total supply is virtually unlimited. The expansion of the Dogecoin supply, which currently stands around 3.5% per annum, is necessary for rewarding miners and keeping the network fees low. Moreover, this makes it possible for the leading cryptocurrency to actually function as a currency.
Even though Dogecoin's monetary base is going to shrink with time, it still has an edge over non-inflationary meme coins.