Comparisons in the crypto market are not uncommon, especially when it comes to the rivalry between different tokens. In this report, we will examine where the price of Dogecoin could realistically be if its market cap were to reach the current market cap of Bitcoin or Ethereum.
Dogecoin With The Market Cap Of Bitcoin
Bitcoin, the largest cryptocurrency in the world, currently has a market cap of $521 billion. This is more than twice the market cap of the second-largest cryptocurrency, Ethereum, and accounts for approximately half of the total crypto market cap. While this is interesting, what’s even more intriguing is where the price of Dogecoin would stand if it were to reach Bitcoin’s market cap.
According to CoinGecko’s Coin Comparison feature, which allows users to compare different cryptocurrencies, a single DOGE token would be valued at $3.70 with a market cap of $521 billion. This represents a staggering 59x increase from its current price. In contrast, if Bitcoin were to have the market cap of Dogecoin, each BTC would be priced at $448.
Where Will DOGE Trade With Ethereum’s Market Cap
Ethereum, currently the second-largest cryptocurrency with a market cap of $196 billion, has its native token, ETH, priced at $1,635. Using CoinGecko’s Coin Comparison feature, we can determine that if Dogecoin were to reach Ethereum’s market cap, it would be valued at $1.39 per token. This would result in a 22x increase from its current price.
On the other hand, if Ethereum were to fall to Dogecoin’s market cap of $8.8 billion, its price would plummet to just $72.53, a significant drop from its current value.
The variations in price between these cryptocurrencies at the same market cap can be attributed to their circulating supply. Dogecoin has a circulating supply of over 141 billion DOGE, while Bitcoin has 19.48 million BTC and Ethereum has 120 million ETH in circulation.
It’s important to consider these factors when analyzing the potential price movements of different cryptocurrencies. The circulating supply plays a significant role in determining their market value.
In conclusion, if Dogecoin were to reach the market cap of Bitcoin, it could potentially be valued at $3.70 per token. Similarly, if it were to reach the market cap of Ethereum, its price could rise to $1.39. However, it’s crucial to remember that these projections are based on hypothetical scenarios and should be taken with a grain of salt.
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Featured image from CoinMarketCap, chart from TradingView.com.
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