Dogecoin’s Potential Market Cap
Comparisons in the crypto market are common, especially when it comes to the rivalry between different tokens. In this report, we will explore where the price of Dogecoin could realistically be if its market cap reached the current market cap of Bitcoin or Ethereum.
Dogecoin with the Market Cap of Bitcoin
Bitcoin, the largest cryptocurrency, currently has a market cap of $521 billion. This is more than double the market cap of Ethereum and accounts for about half of the total crypto market cap. However, what’s more interesting is where Dogecoin’s price would be if it reached Bitcoin’s market cap.
CoinGecko’s Coin Comparison feature allows you to compare two cryptocurrencies and see how much one would trade for if it had the market cap of the other. Using this feature, we can determine that a single DOGE token at a market cap of $521 billion would be worth $3.70, which is over 59 times its current price. Conversely, Bitcoin at Dogecoin’s market cap of $8.8 billion would be valued at $448 per BTC.
Where Will DOGE Trade with Ethereum’s Market Cap
Ethereum is currently the second-largest cryptocurrency with a market cap of $196 billion. At this market cap, each ETH token is priced at $1,635 with a circulating supply of 120,225,429 ETH. By comparing Dogecoin to Ethereum using CoinGecko’s Coin Comparison feature, we find that if Dogecoin reached Ethereum’s $196 billion market cap, it would be valued at $1.39 per token, which represents a 22 times increase from its current price.
On the other hand, if Ethereum fell to Dogecoin’s market cap of $8.8 billion, its price would drop to just $72.53, a significant decrease from its current value.
The Role of Circulating Supply
The price differences between these cryptocurrencies at the same market cap can be attributed to their circulating supply. Dogecoin has a circulating supply of over 141 billion DOGE, while Bitcoin has 19.48 million BTC and Ethereum has 120 million ETH. The varying supply affects the token’s price when compared at the same market cap.
Hot Take: The Potential of Dogecoin
Dogecoin has gained significant attention in the crypto world due to its meme-inspired origins and celebrity endorsements. While reaching the market caps of Bitcoin or Ethereum may seem like a stretch, this analysis shows that Dogecoin has the potential for substantial growth if it continues to gain popularity and adoption.
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