In the dynamic world of cryptocurrency, the question of which coin will hit the $1 mark is a topic of hot debate. Today, we delve into an analysis of Stellar (XLM) and Dogecoin (DOGE) to determine which has the potential to reach this milestone first. We will use live data from CoinMarketCap as of November 6, 2023, to guide our analysis. Let’s take a look at this XLM vs. DOGE article in more detail.
Dogecoin (DOGE)
- Price: $0.07327
- Market Cap: $10,384,066,692
- Circulating Supply: 141,718,506,383.70526 DOGE
- Max Supply: Infinite
- Market Cap Rank: 9
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Stellar (XLM)
- Price: $0.13381
- Market Cap: $3,736,708,172.26
- Circulating Supply: 27,923,613,481.16362 XLM
- Max Supply: 50,001,806,812 XLM
- Market Cap Rank: 21
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XLM vs. DOGE: Price Trajectory and Historical Performance
Historically, both Stellar and Dogecoin have had their share of significant highs and lows. Dogecoin initially started as a meme, has seen a surge in popularity and price, especially during social media-fueled events. On the other hand, Stellar has been more focused on its mission to revolutionize cross-border payments, which may not have the same viral appeal but offers a solid use case. So, let’s try to analyze more in this XLM vs. DOGE comparison.
XLM vs. DOGE: Technical Analysis
Dogecoin (DOGE)
Dogecoin has shown resilience and loyal community backing. However, its infinite supply poses a challenge to its value appreciation. For DOGE to reach $1, it would require a market cap of approximately $141.7 billion, a significant leap from its current market cap. This would require substantial investor interest and a broader market rally.
Stellar (XLM)
Stellar’s price is closer to the $1 mark than Dogecoin’s. With a max supply cap, it has a deflationary aspect that could potentially drive up its price. To reach $1, Stellar’s market cap would need to be around $50 billion, which is a smaller gap to bridge compared to Dogecoin.
XLM vs. DOGE: Fundamental Analysis
Dogecoin (DOGE)
Dogecoin’s main appeal is its brand and the community behind it. While it has been adopted for tipping and small transactions, it lacks the institutional backing and use case that typically drives long-term value.
Stellar (XLM)
Stellar’s network is designed for enterprise use and has partnerships with established companies. Its protocol for cross-border transactions and micro-transactions positions it well for adoption in the financial sector.
XLM vs. DOGE: The Path to $1
Considering the technical and fundamental factors, Stellar appears to have a more structured path to reaching the $1 mark. Its lower required market cap increase, combined with a max supply limit and solid use case, gives it an edge over Dogecoin.
Potential Catalysts
For Stellar, further adoption by financial institutions and expansion of its payment network could serve as catalysts for price increases. For Dogecoin, celebrity endorsements or large-scale retail adoption could spur rapid price movements.
Conclusion
While both cryptocurrencies have unique advantages, Stellar’s (XLM) current market position, finite supply, and use case provide a more realistic foundation for it to reach $1 before Dogecoin. However, in the volatile and unpredictable crypto market, external factors such as regulatory changes, market sentiment, and technological developments could sway the odds in favor of either cryptocurrency. Investors should conduct their research and consider the risks before investing, as the crypto market is known for its volatility and unpredictability.
How to Buy Cryptocurrencies?
For those looking to buy cryptos, Bitget is an excellent platform to consider. Known for its low transaction fees and user-friendly interface, Bitget facilitates an easy and efficient process for buying and selling cryptocurrencies. Given the current positive trend in crypto prices and the optimistic outlook of the cryptocurrency market, now might be a strategic time to consider adding cryptocurrencies to your investment portfolio.
