Dogecoin could reach new all-time highs if DOGE matches the market cap of Ethereum or Tether.
Dogecoin investors have remained optimistic about DOGE’s potential despite the asset’s recent underperformance. This confidence is reflected in recent statistics shared by CoinSwitch, the leading cryptocurrency exchange based in India.
As reported yesterday, CoinSwitch listed Dogecoin as the most-held token on its platform, with 8% of the exchange’s 20 million users holding the token.
Most of these users expect a potential surge in Dogecoin, as seen during the 2020/2021 bull run, when DOGE surged over 3,000%.
Dogecoin price if equal to Ethereum or Tether valuations
Amid this speculation, some investors are wondering how high Dogecoin’s price could reach if it were equal to the market capitalization of established cryptocurrencies like Ethereum (ETH) and Tether (USDT).
As a reminder, Dogecoin’s market capitalization of $46.4 billion makes it the seventh largest cryptocurrency in the world. Its price is currently $0.3148 per token, reflecting a slight increase of 0.55%.
However, the asset saw a double-digit loss of 12.4% over the past seven days. It has a circulating supply of 147,385,346,384 (147.38 billion) tokens in the hours leading up to press time.
Dogecoin Price to Ethereum Market Cap
At the time of writing, Ethereum ranks as the second largest cryptocurrency, with a market capitalization of $401.28 billion. To reach Ethereum’s market cap, Dogecoin needs to climb 764.82% from its current valuation of $46.4 billion.
If Dogecoin achieves this feat, its price will increase to $2.7224 per token, assuming DOGE maintains its circulating supply of 147.38 billion tokens. Therefore, if its market cap reaches that of Ethereum, Dogecoin will be worth $2.7224 per token.
This will mark a new all-time high (ATH) for the premier memecoin, surpassing the previous value of $0.7376 by 269.08%.
Dogecoin Price to Tether Market Cap
Tether (USDT) remains the world’s largest stablecoin and the world’s third-largest cryptocurrency. At the time of writing, its market capitalization stands at $138.76 billion. To reach this cap, Dogecoin will have to climb 199.05% from its current valuation.
If this materializes, Dogecoin will trade at $0.9414, marking a new all-time high for the token. This speculation assumes that Dogecoin’s circulating supply of 147.38 million tokens remains fairly stable.
Can Dogecoin reach $0.9414 or $2.7224?
The possibility of Dogecoin reaching targets such as $0.9414 or $2.7224 depends on several factors, including favorable market conditions, increased adoption, and continued support from notable figures like Elon Musk.
Dogecoin has continually shown that it has the ability to record jaw-dropping rallies, as seen last month when it soared over 200% in less than a month.
At the same time, leading market observers believe that Dogecoin could achieve these goals in the coming years. According to Changelly experts, Dogecoin could trade at a maximum target of $0.9480 by October 2029. Moreover, they to wait for DOGE price will reach $2.77 three years later.
While this analysis sounds enticing, it is imperative to approach crypto investing with caution due to the unpredictable nature of the market as a whole.
DisClamier: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
