Dogecoin price will need to increase by a small margin for the meme coin to reach the peak market cap of Elon Musk’s X (formerly Twitter).
The ongoing crypto market volatility has dealt a blow to Dogecoin price, negatively impacting its market cap over the past few weeks. For instance, after soaring 15.76% on Sunday, March 2, on the back of President Donald Trump’s crypto reserve announcement, DOGE slumped by a more substantial 16.79% the next day.
Dogecoin Market Cap Decline
During the weekend rally, the meme coin was able to recover the $0.24 price mark. However, following the recent pullback, it has dipped below $0.20. The impact on its market cap was severe, with valuation collapsing from a $35.89 billion peak on Sunday to the current value of $28.4 billion, a loss of $7.49 billion.
Notably, for several months now, the meme coin has been subjected to the whims of the broader market amid a lack of unique price drivers. One such unique price driver has often been public mentions from Tesla CEO and X owner Elon Musk, who has taken a personal liking for the meme coin.
However, despite Dogecoin’s current price struggles, optimism among market analysts has not waned. For one, KALEO, a notable market commentator, recently charged investors not to fade DOGE at its current position, citing historical upsurges. Last month, CryptoELITES projected a run to $5, suggesting Dogecoin price correction was coming to an end.
Dogecoin Price if It Reaches Twitter’s Peak Market Cap
Amid these bullish projections, The Crypto Basic recently assessed how much Dogecoin price would need to grow for the meme coin to reach the peak market valuation of Elon Musk’s X at the time it was still known as Twitter.
For context, Twitter went public under the ticker TWTR in November 2013. However, after Musk’s takeover in October 2022, the billionaire took the company private amid a myriad of changes. With this move, the firm’s valuation is now out of public knowledge. Musk’s buyout valued the company at $44 billion, but this was not its peak market valuation.
Notably, market data confirms that Twitter reached a peak valuation of $73.22 in April 2021. With 765.65 million shares outstanding, this translated to a market cap of $56.03 billion. If Dogecoin attains this market cap, its price would skyrocket but not at an explosive margin.
To put things into perspective, Dogecoin has a circulating supply of 148.28 billion tokens and is inflationary. Considering this current data, at a market cap of $56.03 billion, Dogecoin price would rise to $0.3778, marking a 96% increase from the current price of $0.1923.
Interestingly, Dogecoin had already witnessed market caps much larger than Twitter’s $56 billion peak valuation. For instance, in December 2024, amid the Donald Trump-led market-wide rally, DOGE’s market cap soared to $71.27 billion, aligning with a Dogecoin price of $0.4843.
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.
