Dogecoin can experience an astonishing surge if it can be equal to the market capitalization of established cryptocurrencies such as XRP or BNB.
The recent slump in the broader crypto market has had a devastating impact on Dogecoin, cutting the price down to under $0.2. As of 07:42 (UTC) on February 8th, Dogecoin was trading at $0.1969, a 24-hour decline of 1.54%.
My eldest son’s coin has also dropped by 3.47% over the past week, falling sharply at 25.64% over the past 30 days. Despite this decline, Doge rose slightly this month, recording a MTD growth of 5.38%.
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In Doge’s recent mixed-price action, its community focuses on its positive progress and encourages ambitious speculation. For example, some users wonder how much value Dogecoin is worth if it succeeds in the market capitalization of established cryptography such as XRP or BNB.
Overview of Doge, XRP, and BNB assessments
It is worth noting that XRP and BNB are currently ranked among the top five cryptos by market capitalization. XRP is the fourth largest cryptocurrency in the world, while BNB is fifth.
Currently, XRP has a market capitalization of $1371.3 billion, with token trading at $2.36 for press time. Meanwhile, BNB, trading at $596.81 per coin, has a valuation of $85.4 billion.
However, DogeCoin’s market capitalization is significantly lower than XRP and BNB, respectively. At a price of $0.1969, Dogecoin sits at a market capitalization of $29.2 billion.
Doge Price when matching the market capitalization of BNB or XRP
This suggests that Dogecoin must jump 192.46% from its current market capitalization, equal to BNB’s $85.4 billion valuation. It also requires a significant growth of 369.62% to rival XRP’s $1371.3 billion market capitalization.
If Dogecoin achieves this feat and matches the market capitalization of BNB or XRP, it will have a major impact on the price of the token. This could potentially bring Doge’s price to $0.5758, as it would require a surge of 192.46% to equal BNB’s market capitalization.
Similarly, Doge’s price will rise to $0.9246 if it soars 369.62% equal to XRP’s $1371.3 billion market capitalization. Both estimates assume Dogecoin maintains a circulating supply of 148.34 billion.
Potential surges to a target of $0.57 or $0.92
In the context, the potential surge in Dogecoin to $0.5758 is 21.93% below the all-time high of $0.7376 for assets registered on May 8, 2021. Conversely, the $0.9246 target is slightly higher than Doge’s previous ATH, representing a 25.35% increase.
Interestingly, Changelly experts believe Dogecoin can quickly reach its initial target. Experts say Doge will reach the $0.57 mark this month, with analysts setting a maximum target of $0.829 in March.
However, they hope that DogeCoin will wait another five years before it can finally achieve its $0.9246 target by March 2030. By this time, Doge predicts it will reach its maximum target of $0.948.
Meanwhile, DogeCoin could hit its $0.9246 target faster, driven by strong institutional adoption via the upcoming DOGEETF. Nevertheless, investors are cautious and should not rely on this analysis as investment advice.
