The price of Dogecoin could soar to double-digits if DOGE eventually captures half of the global crypto market cap.
Dogecoin (DOGE) is still making moves to recover from the recent market downturn. Data from CoinMarketCap indicates that the price of Dogecoin has soared 6.51% over the past 24 hours and 13.39% in the past seven days.
At the time of writing, DOGE is trading at $0.2423, with a daily volume of $2.56 billion. Currently, Dogecoin has a valuation of $35.26 billion, making it the eighth-biggest cryptocurrency by market cap.
Despite being a meme coin, Dogecoin still ranks ahead of several utility tokens, including Cardano (ADA), Tron (TRX), and Chainlink (LINK).
Following this latest rally, Dogecoin enthusiasts are speculating on its price if it were to capture 50% of the global crypto market cap. This scenario has sparked a mixed reaction of curiosity and excitement within the Dogecoin community.
As a result, we estimated Dogecoin’s price if it eventually clinches half of the global crypto market capitalization.
Dogecoin Price If It Captures 50% of Global Crypto Market Cap
At the time of writing, the global crypto market cap stands at $3.25 trillion. Dogecoin’s valuation of $35.26 billion accounts for 1.26% of the global crypto market cap.
Therefore, capturing half of the global crypto market cap will push DOGE’s valuation to approximately $1.63 trillion, surpassing Ethereum’s current value. This represents a surge of 3,850% from the current Dogecoin market cap, which currently stands at $35.26 billion.
If Dogecoin eventually achieves a market cap of $1.63 trillion, its price could spike to $11, assuming its circulating supply remains stable at 148.05 billion tokens.
The significance of this surge cannot be overemphasized. A portfolio of 100,000 DOGE valued at $27,850 will be worth $1.1 million if Dogecoin clinches 50% of the global crypto market cap and hits a price target of $11.
DOGE to $11 Predictions
Notably, several market observers believe Dogecoin is capable of reaching the $11 price mark in its lifetime.
In November, pseudonymous crypto chartist Trader Tardigrade referenced Dogecoin’s performance within the Gaussian channel to predict a surge to the $11 price territory. At the time, Tardigrade suggested that DOGE will only achieve this feat if it replicates its performance in the 2020/2021 market cycle.
Additionally, crypto experts at Changelly also believe Dogecoin could clinch the $11 target. According to the experts, Dogecoin will soar to around $11 in January 2040, nearly 15 years from now.
By this time, they expect Dogecoin to trade at an average price of $11.56, with DOGE’s minimum and maximum targets set at $10.80 and $13.74, respectively.
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