BNB, SOL, USDT and ETH are the next cryptocurrencies to beat.
What price would DOGE have if it caught up with bitcoin?
With the appreciation that the memecoin dogecoin (DOGE) has experienced in recent days, the question now is what are the next prices it could reach.
To do this, it is not only convenient to analyze the historical performance of its price, but also its capitalization in relation to other crypto assets. Otherwise, you may fall into the wrong projection.
With bitcoin (BTC) hitting new all-time highs since last week, bullish sentiment has spread across the cryptocurrency market. This has led to the price of DOGE rising to $0.44 today (USD), doubling its value in seven days, which implies an appreciation of 260% in 30 days and 350% in 2024.
Meanwhile, the capitalization of dogecoin went from USD 13,000 million to more than USD 59,000 million in 2024. This made this memecoin, which pays tribute to a viral dog on the networks, surpass in capitalization crypto assets from more serious projects with utility behind.
As seen below, it is already ahead in capitalization of the USDC stablecoin, which is the second largest, and the cryptocurrencies XRP and cardano (ADA). Precisely, it is ranked 9th among the largest crypto assets and number 1 in the memecoin niche.
With it, dogecoin capitalization is just behind BNBwhich has USD 90,000 million, and solana (SOL) with USD 100,000 million. Then, as seen in the image, tether (USDT), which with USD 124 million is the main stablecoin, and ether (ETH), which with USD 396,000 is the largest altcoin, continue.
All crypto assets are known as altcoins, excluding bitcoin, which is the oldest and largest crypto asset on the market. The capitalization of BTC is USD 1.7 trillion, which is three times larger than that of ETH.
Taking these details into account is key to knowing What price would DOGE reach if it exceeds the capitalization of the altcoins that beat it?. To do this, just multiply its current price (USD 0.39) by the capitalization of those crypto assets.
DOGE would reach USD 0.59 if it exceeds the capitalization of BNB
The aforementioned calculation results in that, if DOGE reaches the capitalization of BNB, its price will be USD 0.59, and if it reaches that of SOL, it will be worth USD 0.66. In other words, this would mean an appreciation of 50% and almost 70%, respectively.
While these are substantial increases, the high volatility of this asset means that they may be possibleif your interest grows. Furthermore, reaching such figures seems achievable for memecoin considering that it has traded at these levels in the past. The all-time high price of DOGE was $0.75 in the bull cycle three years ago, as the chart shows.
On the other hand, for DOGE to reach the capitalization of USDT or ETH, it would have to reach new all-time high prices, precisely at USD 0.81 and USD 2.6 respectively. This would already imply an increase of 100% in the case of the first, like the increase it had in the last week, and almost 570% for the second.
In this sense, the possibility of DOGE surpassing the current USDT capitalization does not seem impossible. Although, this will depend on massive demand in its market, something that may be challenged by the presence of new memecoins that have become popular.
It should also be noted that the capitalization of ETH has been declining, due to the greater dominance of bitcoin (exhibited below) and the growing interest in tokens from projects that compete with its ecosystem. Therefore, although at the beginning of the year, dogecoin needed to reach USD 3.5 to surpass ether in capitalization, today it requires a lower figure.
In contrast, the capitalization of bitcoin is increasingly far from being surpassed by the main memecoin. It would have to quote USD 11.23 to achieve such a milestone, which represents a rise of 2,700% from its current price.
Although during the bullish cycle of 2021, DOGE has registered an appreciation greater than said percentage, which raises hopes that it will happen again, the possibility of this is difficult. The reason is that, in this cycle, It is not the memecoin that has generated the most interestbut there are others that have reached new historical maximum prices like PEPE.
In fact, DOGE is currently trading 50% below its all-time high. Therefore, it is prudent not to fall for any prediction that is spread on social networks about exorbitant prices that could reach.
According to the analyst known on the networks as Mags, in this cycle DOGE will not repeat a performance like that of the last cycle. However, he considers that it will pass the psychological level of USD 1. “It is a conservative objective,” commented.
In tune, those who maintain conservative bullish expectations for memecoin warn that it will reach the goal of USD 1. According to the trader known as Ash Cryptothis will happen in 2025 due to the optimism expected by then.
Trump’s victory favors the rise of DOGE
The recent rise in dogecoin has been motivated, as reported by CriptoNoticias, by the electoral victory of Donald Trump in the United States, who plans to promote the cryptocurrency industry during his term. As part of this, one of his initiatives will be to fire Gary Gensler, chairman of the Securities and Exchange Commission (SEC), who for years has prevented the launch of cryptoactive exchange-traded funds.
Billionaire businessman Elon Musk, who is a dogecoin enthusiast, is also expected to be part of Trump’s team in his government. This has fueled the recent demand for memecoin, added to the interest rate cut in the economic powerhouse that occurred in the week, a policy that increases the liquidity available to the markets.
Said scenario anticipates the possibility of continued optimism in the market of cryptocurrenciessomething that could unleash an altseason. This phenomenon refers to a season in which altcoins give higher returns than bitcoin due to the expansion of bullish sentiment which, consequently, increases general demand.
Due to the lower capitalization of altcoins versus BTC, they have greater volatility in the face of lower supply and demand volumes. This is why, at the end of bitcoin bull cycles, altseasons often occur.
In such a scenario, DOGE could benefit. However, there are factors that can work against it, such as its lack of usefulness and the fact that its circulating supply can grow, making it difficult to rise, in addition to competition from memecoins.
Therefore, it is crucial to consider the high level of risk before trading this market. Otherwise, significant losses could be perceived due to the high volatility involved.
Disclaimer: The views and opinions expressed in this article belong to its author and do not necessarily reflect those of CriptoNoticias. The author’s opinion is for informational purposes and under no circumstances constitutes an investment recommendation or financial advice.
