If Bitcoin Reaches a Market Cap of $500T, Dogecoin's Price Could Soar to Double Digits

Dogecoin (DOGE) has continued its downturn below the $0.20 price mark. Due to a Bitcoin-led market sell-off, the top meme coin crashed

Dogecoin (CRYPTO: DOGE) is known for its strong correlation with Bitcoin (CRYPTO: BTC), which could propel the meme coin’s price to double digits if it mirrors the premier cryptocurrency’s growth rate and BTC eventually reaches a market capitalization of $500 trillion.

It is common knowledge that Dogecoin has a high correlation with Bitcoin, as observed in both assets’ recent price actions. While DOGE’s price has plunged 2.81% in the past day, Bitcoin’s value has also plummetized 2.48% in the same time frame.

Also, data from IntoTheBlock shows that Dogecoin has a 97% correlation with Bitcoin over the past 30 days and a 95% correlation in the past two months.

This indicates that Bitcoin’s price action will significantly influence DOGE’s performance, especially if it achieves the $500 trillion target.

As the world's largest cryptocurrency, Bitcoin currently trades at a market cap of $1.66 trillion. Hitting an ambitious valuation of $500 trillion requires a surge of 30,020%. To put this in perspective, if Bitcoin were to maintain an average daily price change over the next 10 years, it needs to increase in price by about $364.33 every day to reach the $500 trillion mark.

If Bitcoin's price rises at this rate, it could potentially reach $500 trillion in the next 10 years. However, it's important to note that this calculation is based on a few assumptions and does not take into account any unforeseen market events that could occur.

If Bitcoin's price were to rise to $500 trillion, it would have a significant impact on the cryptocurrency market and the global economy as a whole. At this valuation, one BTC would be worth approximately $300,000, considering the cryptocurrency's circulating supply of 1.66 million.

If Bitcoin’s price were to increase to $500 trillion, it would have a huge impact on the cryptocurrency market and the global economy as a whole. At this valuation, one BTC would be worth approximately $300,000, considering the cryptocurrency’s circulating supply of 1.66 million.

However, this price target seems a bit far-fetched, as crypto experts and prediction platforms have set lower price ranges for Dogecoin. For instance, the Telegaon prediction platform predicted that DOGE would achieve a target price of $53 between 2036 and 2039.

On the other hand, Changelly gave a specific timeline of August 2040, noting that DOGE would trade between $51.58 and $63.01 by then.

If Bitcoin’s price were to rise to $500 trillion, it could have a ripple effect on altcoin prices, especially those highly correlated with the premier asset.

If we assume that Dogecoin's price would also increase proportionally to Bitcoin's price, and Bitcoin's market cap were to rise to $500 trillion, then Dogecoin's market cap would also be $500 trillion.

Now, if we consider that Dogecoin's circulating supply is 148.62 billion, and its market cap were to reach $500 trillion, then the price of one Dogecoin would be about $53.15.

Of course, this price prediction is based on several assumptions and does not take into account any unexpected market events that could occur. Nonetheless, if Bitcoin's price were to rise to $500 trillion and Dogecoin's price were to increase proportionally, then it is possible that the price of Dogecoin could reach double digits.

Here’s a summary of what we discussed in the video. If we convert the price of Bitcoin to KRW, it’s currently 80 million. If the price of Bitcoin rises to 500 trillion, which is about 6,250 times higher, then the price of Bitcoin in KRW would be 500 trillion, and the price of altcoins would also rise accordingly.

Among the altcoins, Dogecoin is the most correlated with Bitcoin, with a 97% correlation over the past 30 days and a 95% correlation over the past two months, according to IntoTheBlock.

This correlation is due to the fact that when the price of Bitcoin changes, the price of altcoins tends to change in the same direction and at a similar magnitude.

As the world's largest cryptocurrency, Bitcoin is currently being traded at a market cap of $1.66 trillion. Hitting an ambitious valuation of $500 trillion requires a surge of 30,020%. To put this in perspective, if Bitcoin were to maintain an average