In a major rally where Dogecoin surges by 167% and 792%, it could surpass Solana and Ethereum in market cap.
Dogecoin took the crypto market by storm in the last quarter of 2024 when it engineered a 3X price gain in just two weeks. During this time, the performance of Solana and Ethereum paled in comparison.
Although Dogecoin has lost some of these gains, it still boasts a more impressive one-year performance than Solana (SOL) and Ethereum (ETH). In particular, with a floor price of $0.2532, Dogecoin is up by 211%, while SOL is up by 90%. Meanwhile, Ethereum’s position is much worse, seeing only 6.5% yearly growth.
With Dogecoin showing strong potential to stage more impressive price performance than SOL and ETH, this article explores the potential market value of DOGE in the hypothetical scenario where it overtakes Solana and Ethereum in market cap.
Dogecoin Price if It Overtakes Solana
As of today, Dogecoin ranks as the eighth-largest crypto asset by market cap, with a valuation of $37 billion. Meanwhile, Solana is three steps ahead, ranking as the fifth-largest crypto with a cap of $98 billion.
For Dogecoin to approach the level of Solana, its market cap must expand nearly threefold. Specifically, if Dogecoin attains a $100 billion market cap, considering its supply of 148 billion tokens, this would equate to a unit price of $0.6757 for DOGE.
With Dogecoin trading at $0.2532, attaining $0.6757 demands growth of 167%. Essentially, should Dogecoin see a rally of 167% while Solana fails to see a similar growth rate, it risks losing its market ranking to DOGE.
Dogecoin Price if It Overtakes Ethereum
Meanwhile, for Dogecoin to approach the level of Ethereum, the altcoin king, the meme coin has a more formidable journey ahead. Presently, Ethereum boasts a market cap of $320 billion with a unit price of $2,655.
Considering Dogecoin’s $37 billion cap, it would need nearly 10X growth to attain Ethereum’s current level. In particular, to surpass Ethereum with a market cap of $330 billion, Dogecoin’s market cap must grow by 792%.
This magnitude of growth would elevate Dogecoin’s unit price to $2.23. Notably, numerous analysts have estimated this price range and beyond as realistic expectations for Dogecoin this year.
In other words, in the hypothetical scenario where Dogecoin stages a massive 800% price surge and Ethereum maintains a largely stable position, the meme coin could overtake Ethereum as the second-largest crypto.
Meanwhile, Dogecoin could face resistance in its race to this lofty position from other well-performing crypto assets like XRP.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
