In the cryptocurrency market, making comparisons is a common practice, particularly in light of the intense competition that often unfolds between multiple tokens simultaneously. Therefore, this report will explore a realistic projection of Dogecoin’s price should the meme coin’s market capitalization ever reach the current market capitalization of Bitcoin or Ethereum.
Dogecoin Matching Bitcoin’s Market Capitalization
Bitcoin, the world’s leading cryptocurrency, boasts a substantial market capitalization of $521 billion. This figure surpasses the market capitalization of the second-largest cryptocurrency, Ethereum, by more than double and represents approximately half of the entire cryptocurrency market capitalization. While these statistics are noteworthy, what piques even more interest is the potential price of Dogecoin if it were to reach a market capitalization equivalent to that of Bitcoin.
CoinGecko’s Coin Comparison tool enables users to input two different cryptocurrencies and calculate the value of one if it were to possess the market capitalization of the other. Leveraging this feature, NewsBTC has determined the hypothetical price of a single DOGE token in a scenario where its market capitalization matches that of Bitcoin, reaching $521 billion.
At this market capitalization, a single DOGE token would be valued at $3.70, representing an impressive 5,900% surge from its current price. Conversely, if Bitcoin were to align with Dogecoin’s market capitalization of $8.8 billion, each BTC would be valued at $448.
Where Would DOGE’s Trading Price Stand with Ethereum’s Market Capitalization?
Ethereum presently holds the position of the second-largest cryptocurrency in the market, boasting a market capitalization of $196 billion. Within this market capitalization, the price of Ethereum’s native ETH token currently stands at $1,635, with a circulating supply of 120,225,429 ETH.
By utilizing CoinGecko’s Coin Comparison tool to assess where Dogecoin’s price would land if it were to reach Ethereum’s $196 billion market capitalization, the result reveals a price point of $1.39 for the meme coin.
Starting from its current price of $0.06192, this projection implies a remarkable 22x or 2,200% increase for Dogecoin. Conversely, if Ethereum were to decline to Dogecoin’s market capitalization of $8.8 billion, the price of Ethereum would dwindle to a mere $72.53, a substantial deviation from its current valuation.
These disparities in cryptocurrency prices at the same market capitalization are fundamentally influenced by their respective circulating supplies. Dogecoin boasts a circulating supply of over 141 billion DOGE, in contrast to Bitcoin’s 19.48 million BTC and Ethereum’s 120 million ETH.