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Dogecoin could exceed the $1 psychological mark if Bitcoin and Ethereum spike to $325,000 and $22,500, as projected by VanEck.
Crypto prices have soared tremendously since last month, with top assets like Bitcoin (BTC) and Ethereum (ETH) surging above $100,000 and $4,000, respectively. Although ETH has witnessed a pullback below the $4,000 mark, Bitcoin currently trades above $100,000.
Nonetheless, the premier crypto assets are preparing to clinch some audacious targets issued by top experts. Specifically, Matthew Sigel, Head of Digital Asset Research at VanEck, set a bullish price target of $325,000 for Bitcoin in June. Interestingly, he also projected that Ethereum will someday trade at $22,500.
Dogecoin Correlation with Bitcoin and Ethereum
If VanEck’s prediction for Bitcoin and Ethereum comes true, other crypto assets like Dogecoin (DOGE) will also surge to unprecedented levels, given their correlation.
The price movements of Bitcoin and Ethereum usually determine the trajectory of other assets like Dogecoin. An increase in Bitcoin and Ethereum prices translates to a positive performance for DOGE and vice versa.
Data from IntoTheBlock shows that Dogecoin has a 97% correlation with Bitcoin over the past 30 days. Similarly, Dogecoin also boasts a strong correlation of 86% with Ethereum’s price action in the same timeframe.
Price of DOGE If VanEck Prediction for Bitcoin and Ethereum Materialize
Dogecoin’s strong correlation with Bitcoin and Ethereum over the past month means its price could soar tremendously if BTC clinches the $325,000 target and ETH hits the $22,500 level set by VanEck.
Achieving a target of $325,000 requires Bitcoin to soar by 219.86% from its current price of $101,604. Similarly, Ethereum must record a 476.48% rally to hit VanEck’s projected target of $22,500.
Meanwhile, we analyzed how much Dogecoin will be worth if it matches the average projected surge rate of VanEck’s forecast, which stands at 348.17%.
Applying this growth rate to Dogecoin’s current price of $0.3641 will see DOGE trade at $1.82, marking a new all-time high for the leading memecoin. This would potentially take Dogecoin’s market cap to $267.89 billion, surpassing Tether to become the third biggest crypto.
Potential Timeline for Dogecoin to Hit $1.82
Interestingly, several market observers believe the $1.82 target is realistic for Dogecoin. According to experts at the crypto trading platform Changelly, Dogecoin will have reached its target by November 2031, seven years from now.
However, top prediction platform Telegaon speculates that Dogecoin will hit the $1.82 target sooner, specifically in 2026, less than two years from now.
Whether Dogecoin can soar to $1.82 within the next 2 – 7 years remains unclear. However, several factors, especially Elon Musk’s continuous endorsement and Dogecoin’s growing adoption for payment purposes, could pave the way for this surge.