Dogecoin’s Probable Market Cap
Comparisons in the cryptocurrency market are common, especially in the case of the rivalry between different tokens. In this report, we will explore where the price of Dogecoin (DOGE) could realistically be if its market cap reached the present market cap of Bitcoin (BTC) or Ethereum.
Dogecoin (DOGE) with the Market Cap of Bitcoin
Bitcoin, the largest digital currency, as of now has a market cap of $521 billion. This is more than double the market cap of Ethereum (ETH) and accounts for about half of the total cryptocurrency market cap. Nonetheless, 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 digital currencies 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 Dogecoin (DOGE) token at a market cap of $521 Billion would be worth $3.70, which is over 59 times its current price. Conversely, Bitcoin (BTC) at Dogecoin’s market cap of $8.8 Billion would be valued at $448 per BTC.
Where Will Dogecoin (DOGE) Trade with Ethereum’s Market Cap
Ethereum (ETH) is as of now the second- largest digital currency with a market cap of $196 billion. At this market cap, each Ethereum (ETH) token is priced at $1,635 with a circulating supply of 120,225,429 Ethereum (ETH). By comparing Dogecoin (DOGE) to Ethereum (ETH) using CoinGecko’s Coin Comparison feature, we find that if Dogecoin (DOGE) 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 (ETH) fell to Dogecoin’s market cap of $8.8 billion, its value would fall to just $72.53, a whole lot of decrease from its current value.
The Role of Circulating Supply
The price differences between these digital currencies at the same market cap can be attributed to their circulating supply. Dogecoin (DOGE) has a circulating supply of over 141 Billion DOGE, while Bitcoin (BTC) has 19.48 Million Bitcoin and Ethereum (ETH) has 120 Million Ethereum (ETH). The varying supply affects the token’s price when compared at the same market cap.
Hot Take: The Probable of Dogecoin
Dogecoin (DOGE) has gained whole lot of attention in the cryptocurrency world due to its meme-inspired origins and celebrity endorsements. Although while reaching the market capitalizations of Bitcoin (BTC) or Ethereum (ETH) may appear like a stretch, this analysis shows that Dogecoin (DOGE) has the capacity for substantial growth if it continues to win popularity and adoption.
Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding.