Raoul Pal recently argued that Dogecoin is superior to Bitcoin, asserting that the meme coin could become “the hardest money ever created.”
Pal made the attention-grabbing statement in a recent broadcast, making a case for Dogecoin’s dominance. The Global Macro Investor founder and CEO insisted that the prominent meme coin’s chart is super-bullish and branded it the “greatest chart of all time.”
Pal Makes Bold Dogecoin Statement
Dogecoin has always been one of Pal’s favorite assets. Recall that he once revealed that his portfolio contains a large concentration of the meme coin.
Now, the former hedge fund manager has branded Dogecoin’s chart the greatest of all time. He further describes the token as the king of all cryptocurrencies and argues that it will trump Bitcoin in the future.
Meanwhile, Pal based his Dogecoin superiority theory on its historical Bitcoin outperformance. He noted that the DOGE has outperformed the largest cryptocurrency by market cap by an impressive 500% since inception and expects the meme coin to extend the gains.
Remarkably, data confirms that Dogecoin has outperformed Bitcoin since its market debut in December 2013. The meme coin launched at $0.00056 and has surged 461,407% to its current price since then.
On the other hand, Bitcoin’s price at the time Dogecoin launched was around $1,210. With its current valuation of $96,340, the premier asset has increased by 7,862%
Breakout to Make Dogecoin The Hardest Money On the Galaxy
Meanwhile, Pal further noted that Dogecoin would further stamp its superiority to Bitcoin with an imminent breakout. Currently trending within a descending channel, the DOGE/BTC pair trades at 0.00000269.
He insisted that if DOGE breaks out against Bitcoin, it will become the “hardest money on the galaxy.” He speculated that Dogecoin would become the new standard, dethroning Bitcoin as the cryptocurrency leader.
Nonetheless, these bold predictions seem ambitious considering the gap in quality between the two assets. Bitcoin has grown to become a global asset spurred by its limited cap and historical price performance.
However, although it has proved rewarding, Dogecoin’s meme coin origin and unlimited supply have raised concerns over the feasibility of Pal’s assertions.