The original meme coin stands as one of the most recognizable digital assets in the industry. Yet, as Dogecoin (DOGE) continues its journey toward $1, experts believe that RenQ Finance (RENQ) could hit the milestone earlier.
Specifically, Analytics Insight has reported on the strong growth potential in the digital asset that could see it surpass DOGE. Conversely, the social implications of the meme coin, and its connection to entities like Elon Musk, question the theory.
DOGE and the Dollar
Created in 2013, there are few digital assets as well known as Dogecoin. The popularity of the meme coin exploded in 2021, with Elon Musk and other high-profile figures championing its potential. Now, investors are awaiting its potential surge to the highly coveted dollar.
Currently, Dogecoin is trading at $0.074, which is down more than 84% from its all-time high of $0.44 in June of 2021 according to Ledger. Moreover, the current market cap of the beloved meme coin is sitting at $9.8 billion, allowing it to maintain a spot in the top 10 of all cryptocurrencies.
Yet, a dominating question on the minds of investors is the possibility of Dogecoin (DOGE) reaching $1. Although it is certainly a possibility, there remains. a host of concerns, including its lack of utility. Where Shiba Inu is developing an ecosystem and the release of Shibarium, DOGE has a lot of use cases in the market, which means its value is often pure speculation.
Additionally, there is a present issue in the meme coins supply. For example, Bitcoin maintains a fixed supply of 21 million, which impacts its value. Conversely, DOGE has no supply limit, which only decreases its overall value.
Analytics Insight has reported that, although DOGE has investors’ attention, experts suggest RenQ Finanice (RENQ) could be more promising as a long-term investment. Specifically, RENQ is a blockchain platform that provides a host of use cases for decentralized finance users.
Among these benefits include things like yield farming, staking, and liquidity provision. Furthermore, the report notes “the platform is powered by the RENQ token, which is used as the primary means of exchange within the ecosystem.”
The token has gained a lot of traction recently, with a market cap exceeding $100 million currently. Thus, Analytics Insight predicts that “as more traders discover the benefits of. the platform, the demand for RENQ will increase, leading to a surge in its price.”
Any debate between DOGE and RENQ comes down to very different approaches. Whereas Dogecoin has become prominent due to its social sentiment and relevance, RENQ promises a technological impact and is important through its utility.
Could RENQ Reach $1 Earlier than the OG Meme?
Although DOGE is immensely popular, there is widespread concern over the sustainability of its price. Alternatively, RENQ has shown growth potential that coincides with steady price increases over the last few months, where meme coins tend to live in immense volatility.
Analytics Insight also notes that the DeFi sector’s growing momentum could allow RENQ to take advantage of its prominence. “The platform’s all-in-one solution and low transaction fees make it an attractive option for DefI users, and its user-friendly interface is easy to navigate, even for beginners.”
Conclusively, the report also states that a Certik Audit conducted on the RENQ token noted “no critical vulnerability,” in its blockchain. Thus, infusing more confidence in the security promised in the RenQ Finance project.