thecryptobasic.com
Dogecoin’s price could skyrocket if it claims the XRP market cap of $137 billion or Ethereum’s valuation of $472 billion.
Dogecoin, which has continued to collapse since the start of the new week, has its eyes set on more growth, according to analyses from multiple market commentators. These price targets are capable of catalyzing a surge in its market cap.
DOGE Market Cap Hits Resistance
The meme coin’s market cap previously took center stage early in November, when it surged to a peak of $64 billion amid the price uptrend that saw DOGE break $0.40 on Nov. 12. With this market cap, Dogecoin overtook XRP and USDC to secure the sixth spot among the largest crypto assets.
However, as DOGE faced resistance and XRP skyrocketed, the meme coin has now dropped to the seventh position, boasting a market cap of $60 billion at the time of reporting. For context, XRP’s market cap has surged to $137 billion.
This valuation makes XRP the fourth-largest crypto asset, only behind Bitcoin (BTC), Ethereum (ETH) and Tether (USDT). Interestingly, XRP proponents are currently aiming to flip Ethereum, which currently has a market cap of $472 billion.
However, despite being largely below this region, some believe Dogecoin has the potential to challenge for a top three spot. Nonetheless, this would demand a massive spike in its price action.
Dogecoin Price if It Gets XRP or ETH Market Cap
For Dogecoin to reach XRP’s market cap of $137 billion, its price must rise to $0.93, assuming the circulating supply of 147 billion tokens remains fairly stable. Also, to hit Ethereum’s valuation of $472 billion, the Dogecoin price would need to reach a high of $3.2, surpassing the $1 mark by more than three times.
Interestingly, several analysts believe these prices are feasible for the original meme coin. Last month, Trader Tardigrade argued that Dogecoin’s second bull flag could push it to the $0.93 region. Also, market analyst Scofield asserted that it was only a matter of time before DOGE claimed $3.
Meanwhile, despite being bullish on Dogecoin’s price prospects, crypto exchange Changelly analysts do not expect DOGE to reach $0.9 anytime soon. They believe Dogecoin could only clinch $0.93 in October 2024, predicting further growth to $3.2 by March 2033.
For context, the price of Dogecoin has largely consolidated since Nov. 12, when the previous uptrend hit a massive roadblock. Following this resistance, DOGE gradually began to claim a new two-year peak of $0.4843 on Dec. 8 despite the mounting bearish pressure.
However, the gradual upward trend came to a halt this week as DOGE collapsed 11.22% on Monday on the back of a Bitcoin crash. Dogecoin now changes hands for $0.41, down 1.02% today.