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Dogecoin could move close to setting a new all-time high (ATH) if its market cap surges to $100 billion amid the ongoing bull run.
Dogecoin (DOGE) has remained one of the top gainers in the second phase of the bull run. Amid the recent rally, the dog-themed token has achieved jaw-dropping milestones, including hitting a 52-week high of $0.3032 and ranking as the sixth most valuable cryptocurrency on CoinMarketCap.
At the current price of $0.4048, Dogecoin is up 45.6% over the past 24 hours and 141.04% in the past seven days. Interestingly, Dogecoin’s market cap has also increased by 45.6% in the past day to $59.42 billion.
Dogecoin Solidifies Its Dominance in Memecoin Market
To put this into perspective, Dogecoin accounts for 52.92% of the total memecoin market cap of 112.28 billion, cementing its position as the number one meme-based cryptocurrency.
Shiba Inu closely follows Dogecoin in the ranking with a market cap of $17.1 billion, representing 15.28% of the total memecoin valuation. Pepe and Dogwifhat are trailing SHIB, with their valuations worth $6.08 billion and $3.22 billion, respectively.
Dogecoin Could Hit $100B Market Cap Soon
Following Dogecoin’s impressive run in the past few days, there are speculations that the asset could hit a market cap of $100 billion in the 2024/2025 bull run. Specifically, market observer Jake Gagain predicted that Dogecoin would be the first memecoin to hit a $100 billion valuation.
Hitting this valuation requires an increase of 68.29% from the current market cap of $59.42 billion. This could further solidify Dogecoin’s dominance in the memecoin market and potentially elevate the cryptocurrency to the fifth spot in the global crypto ranking, overtaking BNB (BNB), which currently has a valuation of $93.78 billion.
Here’s Dogecoin’s Price if it Hits a Market Cap of $100B
As the Dogecoin community anticipates DOGE’s surge to a $100 billion market cap, we analyzed how much a single DOGE could be worth if this projection materializes.
First, we considered Dogecoin’s circulating supply, which currently stands at 146,757,136,384 (146.75 billion) DOGE. If Dogecoin hits the $100 billion market cap, DOGE will trade at $0.6813 per token, assuming its circulating supply remains stable.
It is worth mentioning that the projected price of $0.6813 is still 7.63% below Dogecoin’s all-time high of $0.7376, registered on May 8, 2021. Meanwhile, the $0.68 target is close to other predictions issued by other crypto proponents.
As reported in August, popular chartist Javon Marks projected that Dogecoin could surge to $0.6533 in the coming months, referencing key technical indicators like the asset’s Relative Strength Index (RSI).
In the meantime, Dogecoin is still showing signs of upward momentum, with The Crypto Basic setting a potential target of $0.5408 based on Fibonacci projections.