Dogecoin price could be appreciated by over 54,000% if the meme coin was able to reach the market cap of Gold, the largest financial asset by valuation.
Dogecoin’s Historical Market Cap Struggles
As the leading meme coin, Dogecoin has come a long way from its humble beginnings in late 2013. By January 2014, Dogecoin’s market cap stood at a paltry $5.58 million, according to data from CoinMarketCap. This figure spiked to $90.5 million in February 2014 but stabilized at around $36 million for most of that year.
Interestingly, from this range, Dogecoin’s valuation slumped again from 2015 to 2016, hitting the $21 million level during this period. However, a turnaround occurred in the 2017/2018 bull run as crypto adoption became more mainstream. Dogecoin leveraged this trend to hit a market cap of $388 million in May 2017 before collapsing again.
Meanwhile, the meme coin’s major breakthrough occurred in the next bull run in 2021, as it caught the attention of Tesla Chief and billionaire Elon Musk. By January 2021, Dogecoin’s market cap had crossed $1 billion for the first time in its history. It continued to soar in Q1 2021, reaching a top of $8.94 billion before retracing.
A subsequent surge from April 2021 saw Dogecoin’s market cap increase to $47.3 billion before pulling back and surging at a more substantial rate to $73.8 billion in May 2021. This was Dogecoin’s all-time high market cap.
Dogecoin Price if It is Able to Reach Gold Market Cap
Interestingly, as the ongoing bull market demonstrates Dogecoin’s immense potential, discussions around massive price spikes have led to projections that could lead to greater market valuations for the meme coin.
For context, Dogecoin witnessed an impressive run in November 2024 following the U.S. elections. As a result, its market cap hit $61 billion, higher than 331 firms within the S&P 500. This prompted speculations of higher grounds as the meme coin sustained the run.
At $61 billion, the total market cap of Dogecoin is now higher than 331 companies in the S&P 500.$DOGE $SPX
— Charlie Bilello (@charliebilello) November 13, 2024
While largely regarded as a pipe dream, the idea of Dogecoin reaching Gold’s market cap emerged. Such a rally would be astronomical but remains largely unfeasible.
However, with Gold’s current market cap of $18.8 trillion, if Dogecoin attained this level, its price would surge to $127.56, considering the circulating supply of 147.8 billion tokens. Currently trading for $0.2352, Dogecoin would need to rally 54,109% to hit $127.56. Nonetheless, ambitious projections of similar proportions have recently taken root.
For instance, last December, market analyst Ali Martinez suggested that a Dogecoin price rally to $23 was possible. In addition, Trader Tardigrade, another market commentator, predicted a possible price surge to $30. For context, a $23 price would lead to a Dogecoin market cap of $3.4 trillion, and $30 translates to a valuation of $4.4 trillion.
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