Is Bitcoin the Next $1 Million Asset? Or Will Dogecoin and Shiba Inu Steal the Show?

The cryptocurrency market is roaring back! After the devastating crash of 2022, where the entire market plunged from $3 trillion to just $828 billion, crypto has staged an epic recovery, setting a new all-time high of $3.5 trillion. But with Dogecoin (DOGE), Shiba Inu (SHIB), and Bitcoin (BTC) all delivering jaw-dropping returns this year, one question remains: which of these is the best buy for 2024? Let’s break it down.

Dogecoin’s Wild Ride: From Memes to Government Departments?

Year-to-Date Gain: +362%

Dogecoin has skyrocketed this year, but let’s not forget, it’s still trading below its 2021 all-time high of $0.73. What’s driving the hype? Former President Donald Trump’s reelection and his announcement of a new U.S. government department, hilariously named the Department of Government Efficiency (D.O.G.E.).

Adding fuel to the fire, Tesla CEO Elon Musk — Dogecoin’s biggest cheerleader — is set to lead this department. Musk’s history with Dogecoin includes everything from viral memes to a Saturday Night Live skit, but the real question remains: will this meme-fueled rise translate into real-world utility?

Here’s the hard truth: as of now, just 2,520 merchants accept Dogecoin globally. Despite Musk’s attempts to integrate it (remember Tesla accepting Dogecoin for merch?), the coin’s utility is limited. Unless Musk unveils a groundbreaking plan, Dogecoin’s rally might be more bark than bite.

Shiba Inu’s Metaverse Gamble: Is It More Than a Meme?

Year-to-Date Gain: +146%

Shiba Inu made headlines in 2021 for its mind-boggling 45,278,000% rally. Yes, you read that right. But its meteoric rise was followed by a catastrophic 90% crash in 2022. So, why is SHIB bouncing back in 2024?

The Shiba Inu community has been working tirelessly to give the coin real-world utility. Its most ambitious project is the Shiba Inu metaverse, where investors can use SHIB tokens to buy and customize virtual land. Sounds promising, right? The problem? The metaverse hasn’t launched after three years of development.

With only 1,032 merchants accepting Shiba Inu as payment, its utility is even more limited than Dogecoin. While SHIB’s rally this year might excite speculators, the lack of tangible use cases makes it a risky bet.

Bitcoin: The King of Crypto Eyes $909,000

Year-to-Date Gain: +121%

Bitcoin remains the undisputed king of the crypto world, boasting a market cap of $1.9 trillion — over half of the entire crypto market. While its 121% gains this year might seem modest compared to DOGE and SHIB, Bitcoin is in a league of its own.

Why? Because Bitcoin isn’t just a cryptocurrency; it’s a store of value. Often dubbed “digital gold,” Bitcoin is increasingly being adopted by institutional investors. The U.S. Securities and Exchange Commission (SEC) has approved multiple Bitcoin ETFs, making it easier than ever for big players to enter the market.

Cathie Wood’s Ark Invest believes Bitcoin could hit $1.48 million by 2030, driven by institutional adoption and its status as digital gold. Even more conservative estimates put Bitcoin at $909,000 — a potential 826% upside from today’s price.

Verdict: Is Bitcoin the Safer Bet?

While Dogecoin and Shiba Inu might offer explosive short-term gains, their long-term prospects remain highly speculative. Dogecoin’s fate largely hinges on Elon Musk’s next move, while Shiba Inu’s metaverse ambitions are still unproven.

Bitcoin, on the other hand, is a proven asset with growing institutional support. Its track record of recovering from steep corrections to hit new highs makes it a safer bet for long-term investors.

If you’re looking for speculative excitement, Dogecoin and Shiba Inu might scratch that itch. But if you’re in it for the long haul, Bitcoin is the clear winner.

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Don’t sit on the sidelines while crypto hits new highs! Whether you’re eyeing Bitcoin’s long-term potential or intrigued by the meme coin hype, the time to act is now.

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Is Bitcoin the Next $1 Million Asset? Or Will Dogecoin and Shiba Inu Steal the Show? was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.