Dogecoin could set a new all-time high (ATH) record if it matches the market cap of established cryptocurrencies like XRP and Ethereum.
The ongoing bearish trend in the crypto market has negatively impacted DOGE’s price action. Recall that DOGE ranked among the early gainers in the post-election relief rally, which saw its price rise to a high of $0.4835 on December 8.
However, DOGE has lost these gains, as it currently sits around the level it traded at before the election. At the current price of $0.1693, DOGE is down 64.98% from its December 8 peak of $0.4835.
DOGE is also down 2.86% in the past seven days, 19.3% in 30 days, and 57% in three months. Despite the massive dip, DOGE investors have remained confident about the asset’s prospects.
Consequently, some wonder what would happen if DOGE resumes its post-election rally and potentially matches the market cap of established cryptocurrencies like Ethereum (ETH) and XRP (XRP).
Overview of Market Cap of ETH and XRP
Like DOGE, XRP and ETH have experienced massive declines, losing most of their post-election gains. Nonetheless, both coins still rank among the top three non-stablecoin crypto by market cap.
While ETH sits in the second position with a market cap of $218.63 billion, XRP’s valuation of $124.39 billion puts it in the third spot. However, DOGE is far in the ranking, currently ranked as the sixth non-stablecoin crypto in the market. It has a market cap of $25.17 billion.
Therefore, Dogecoin must soar 394.19% from its current valuation of $25.17 billion to match XRP’s market cap of $124.39 billion. Similarly, DOGE requires a greater surge of 768.61% to equal Ethereum’s $218.63 billion market cap.
DOGE Price If It Matches XRP or ETH Market Cap
As mentioned earlier, matching ETH or XRP’s market cap requires DOGE to rise 768.61% or 394.19% from its current valuation.
Notably, if DOGE rises 394.19% and matches XRP’s market cap, its price would increase to $0.8366. This estimate assumes Dogecoin’s circulating supply remains fairly stable at 148.72 billion tokens. In the same vein, DOGE’s price would spike to $1.47 per token if it surges by 768.61% to equal ETH’s market cap.
Both prices–$0.8366 and $1.47–are 13.42% and 99.29% above Dogecoin’s all-time high of $0.7376, respectively. Recall that DOGE hit its previous ATH on May 8, 2021. It has remained far from this level ever since.
DOGE’s current price of $0.1693 represents a decline of 77.04% from its previous ATH. However, hitting the $0.8366 or $1.47 targets would potentially mark new ATHs for DOGE.
Potential Timeline for DOGE’s Rise to $0.8366 or $1.47
Several analysts have predicted Dogecoin’s potential surge to the $0.8 and $1.4 price range. However, not everyone attached a timeline for when these predictions would materialize.
Last month, popular TradingView analyst ‘Cobra Vanguard’ identified a cup-and-handle pattern on Dogecoin’s chart to predict a potential rally to the $0.8 price mark. In addition, popular chatbot service ChatGPT predicted that DOGE could soar to around $1.4 if it becomes the default payment method across Elon Musk’s ecosystem.
Meanwhile, Changelly set possible timelines for Dogecoin’s potential surge to $0.8366 and $1.47, respectively. While the exchange expects DOGE to hit $0.8366 by June 2030, it projects that the $1.47 target would materialize the following year, specifically in August 2031.
It remains to be seen whether these predictions will play out. Factors such as increased adoption, ETF approval, and celebrity influence could pave the way for a hefty rally to lofty targets like $0.8366 or $1.47.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
