Dogecoin (CRYPTO: DOGE) was never really supposed to be a functional cryptocurrency. It’s a clone of a clone of Bitcoin with a few funny tweaks to the code, intentionally making Dogecoin less secure and less valuable in the long run.
Yet, its adorable dog mascot and support from popular meme lords made Dogecoin one of the most valuable cryptos on the planet. With a $37.6 billion market cap as of Oct. 9, it would be a mid-range member of the S&P 500 (SNPINDEX: ^GSPC) if it were a stock, comparable to household names like Yum! Brands or Delta Air Lines.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue ”
But these things change over time. Five years ago, Dogecoin was only the 43rd-largest name in crypto, with a $328 million market value. About one-third of the coins ranked above it in 2020 have fallen out of the top-100 list, according to CoinMarketCap.
And I think Dogecoin’s days in the spotlight are numbered. Thanks to firmer regulation, the advent of crypto-based exchange-traded funds (ETFs), and the incoming Web3 trend, the top coins of the relatively near future will have to prove their worth with real-world usage. Dogecoin doesn’t have much to offer in that department. By 2030, I expect Chainlink (CRYPTO: LINK), Avalanche (CRYPTO: AVAX), and Polkadot (CRYPTO: DOT) to have passed Dogecoin’s market value.
Sorry Doge, these coins are stealing your lunch. Image source: Getty Images.
Spoiler alert: I’ll keep coming back to Web3 ideals in these explanations. Cryptocurrencies should go mainstream in that world, where internet users own their data, digital assets, and online identities through blockchain technology rather than relying on big tech companies.
I mean, most people may be unaware of the Web3 changes going on behind the scenes, and the best Web3 apps will surely look and feel like any other application. But the structural changes are still necessary, and that’s why I like this particular trio of future crypto giants.
On that note, I have to mention Polkadot. It’s the brainchild of the Web3 Foundation, founded by Web3 champion and Ethereum (CRYPTO: ETH) co-founder Gavin Wood.
Polkadot’s main purpose is to help app developers take full advantage of many other cryptocurrencies and blockchain ledgers. It connects to the other cryptos, easily transferring data between them and simplifying the design of complex crypto apps.
It’s also incredibly fast, which comes in handy when interacting with some of the highest-performance crypto systems available. And thanks to a recent community vote, there is now a hard cap on the number of Polkadot coins that will ever exist — making it as inflation-resistant as Bitcoin.
Polkadot is much smaller than Dogecoin today, with a market cap of just $6.6 billion. That value relationship should flip by 2030.
Chainlink is another crucial Web3 component. The leading oracle coin collects real-world data and delivers it to blockchain systems, usually to trigger smart contracts.
Development ecosystems such as Ethereum and Polkadot often rely on Chainlink to collect critical data. Popular data feeds include stock market pricing, foreign exchange rates, weather reports, and sports results. Without these data feeds, the Web3 world would grind to a halt — and Chainlink is the top data provider by far.
Chainlink is currently the 11th-largest cryptocurrency, with a market capitalization of $15 billion. This figure should trend higher over the next few years as Dogecoin fades.
Finally, Avalanche is a high-performance alternative to Ethereum. This coin combines quick smart contract execution with an energy-efficient computing back-end, making Avalanche a popular platform for eco-friendly decentralized apps.
And the Avalanche-based app portfolio is growing by leaps and bounds right now. Fresh examples include a global social network for sports fans, a decentralized fine wine database, and digital tickets to the Latin American baseball championships of 2025. These projects all hit the public market in the last two weeks.
Avalanche’s market cap stands at $12.0 billion today, up from $7.7 billion six months ago. Avalanche is a vibrant cryptocurrency with a real shot at Web3 relevance. Sorry, Dogecoin — Avalanche will probably also eclipse you in the next five years.
Before you buy stock in Polkadot, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Polkadot wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004… if you invested $1,000 at the time of our recommendation, you’d have $657,979!* Or when Nvidia made this list on April 15, 2005… if you invested $1,000 at the time of our recommendation, you’d have $1,122,746!*
Now, it’s worth noting Stock Advisor’s total average return is 1,060% — a market-crushing outperformance compared to 187% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
Anders Bylund has positions in Bitcoin, Chainlink, Ethereum, and Polkadot. The Motley Fool has positions in and recommends Avalanche, Bitcoin, Chainlink, and Ethereum. The Motley Fool recommends Delta Air Lines. The Motley Fool has a disclosure policy.
Read more on NASDAQ Stock Market
