Dogecoin price would need to expand by 30-fold for it to reach the trillion-dollar market cap of electric car giant Tesla.
Dogecoin continues to maintain its reign as one of the most prominent crypto assets, and eyes have been on it to see how it could perform in this market cycle. Market participants have speculated on various outcomes, including the possibility of Dogecoin attaining the valuation of Tesla.
This discussion holds weight amid ongoing endorsements from Elon Musk, including the fact that certain merchandise from the Tesla Shop is purchasable with DOGE.
Accordingly, this article explores the potential market valuation of Dogecoin in the hypothetical scenario where it attains Tesla’s market cap.
Dogecoin Price at Tesla Market Cap
Currently, Tesla has a market cap of $1.159 trillion with a stock price of $360.56, according to Companiesmarketcap.com. This valuation places the electric car company in the 11th position in the global ranking of the most valuable holdings.
Meanwhile, Dogecoin’s market cap sits at $37.51 billion, ranking as the eighth most valuable crypto asset. For Dogecoin to reach Tesla’s market cap, its valuation would need to expand by 30 times.
Specifically, Dogecoin’s market cap would need to increase by 2,990% from its current position to reach Tesla’s $1.159 trillion. Notably, Dogecoin’s unit price is currently $0.25332. Accordingly, a 30X growth would mean a trading price of $7.823 per DOGE.
For context, those holding 15,000 DOGE tokens worth $3,798 today would see their investments expand to $117,352. While this prospect is enticing, the question remains whether Dogecoin could realistically reach a $1 trillion market cap and how long that could take.
Timeline for DOGE to Reach Tesla’s Market Cap
According to trader Alan in the crypto community, Dogecoin may reach $8 by the next market cycle in 2028. Market commentators at the Telegaon prediction platform agree with this timeline.
Specifically, they suggested a minimum price of $5.72 for Dogecoin by 2028, an average of $7.89, and a maximum of $9.12 by then.
With a supply of 148.12 billion tokens, a price of $9.12 would imply a market cap of $1.35 trillion, which exceeds Tesla’s current valuation.
However, by the 2028 timeline, it is plausible that Tesla’s market cap may have expanded further.
Meanwhile, the crypto exchange Changelly analysis suggests that Dogecoin could still be trading below $1 by 2028.
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.
