Dogecoin could surge to unprecedented highs if it follows Solana price movements as the latter’s market cap grows fivefold from its current valuation.
Comparing Dogecoin to other caliber assets, the light-hearted doggy-themed meme coin has not quite hit the ground running this year. After an impressive outing in Q4 2024, the asset has lost bullish steam.
Notwithstanding, Dogecoin remains a top contender for impressive gains in the bull market. The leading meme coin has been in the midst of both realistic and overly ambitious price predictions, including an over 8,600% surge to $23.
Amid the bullish long-term outlook, The Crypto Basic has analyzed Dogecoin’s possible price if it closely follows trails Solana’s price movements during a market rally.
Solana’s Price If Its Market Cap Surges Fivefold
For context, Solana’s current market cap per CoinMarketCap stands at $100.35 billion, while its circulating supply is currently 487.073 million. Hence, a 500% appreciation will culminate in a market cap of $602.1 billion, almost double Ethereum’s current valuation.
Notably, at this hypothetical market cap of $602.1 billion and its current circulating supply of 487.073 million, Solana will trade at $1,236 per coin should it claim this valuation.
Dogecoin’s Price if Its Mirror’s Solana’s 5x Surge
Interestingly, data from CoinMarketCap indicates that Dogecoin has often followed Solana’s price path during market drops and upswings. For context, over the past seven days, both assets have moved alongside each other amid the ongoing market uncertainties.
If this pattern persists and SOL records a 5x surge, DOGE could see a comparative rally. At the current market cap of $39 billion, a fivefold upsurge will see Dogecoin’s valuation surge to $234 billion, placing it second in the cap log if other assets remain stagnant. Furthermore, with a circulating supply of 147.903 billion, the pioneering meme coin will hit $1.5821 per coin.
Meanwhile, this prediction seems feasible, as several analyses have suggested Dogecoin will hit the price valuation this cycle. For instance, market expert Trader Tardigrade speculated in a recent commentary that Dogecoin would trade above $1, calling the level a reasonable target.