Dogecoin (DOGE) Could Exceed the $1 Mark If Bitcoin (BTC) and Ethereum (ETH) Spike to $325,000 and $22,500

Dogecoin's strong correlation with Bitcoin and Ethereum over the past month means its price could soar tremendously if BTC clinches the $325,000 target and ETH hits the $22,500 level

Dogecoin might cross the essential $1 mark if Bitcoin and Ethereum rally to $325,000 and $22,500, respectively, as predicted by VanEck.

Cryptocurrency prices have surged significantly since last month, with top assets like Bitcoin (BTC) and Ethereum (ETH) climbing above $100,000 and $4,000, respectively. While ETH has seen a pullback below the $4,000 mark, Bitcoin is currently trading above $100,000.

However, the leading crypto assets are set to achieve some bold targets set by top analysts. Notably, Matthew Sigel, Head of Digital Asset Research at VanEck, gave a bullish price target of $325,000 for Bitcoin by June. Interestingly, he also predicted that Ethereum will eventually trade at $22,500.

Dogecoin Correlation with Bitcoin and Ethereum 

If VanEck’s prediction for Bitcoin and Ethereum pans out, other crypto assets like Dogecoin (DOGE) will also surge to new all-time highs, considering their correlation.

The price movements of Bitcoin and Ethereum typically influence the trajectory of other assets like Dogecoin. A surge in Bitcoin and Ethereum prices leads to a positive performance for DOGE and vice versa.

According to IntoTheBlock, Dogecoin has had a 97% correlation with Bitcoin over the last 30 days. Similarly, Dogecoin also boasts a strong correlation of 86% with Ethereum’s price action in the same timeframe.

DOGE Price If VanEck Prediction for Bitcoin and Ethereum Materializes

Dogecoin’s strong correlation with Bitcoin and Ethereum in the last month suggests that its price might surge significantly if BTC achieves the $325,000 target and ETH hits the $22,500 level set by VanEck.

To achieve the $325,000 target, Bitcoin will need to rally by 219.86% from its current price of $101,604. Similarly, Ethereum must record a 476.48% rally to hit VanEck’s projected target of $22,500.

Meanwhile, we analyzed how much Dogecoin will be worth if it matches the average projected surge rate of VanEck’s forecast, which stands at 348.17%.

Applying this growth rate to Dogecoin’s current price of $0.3641 will see DOGE trade at $1.82, marking a new all-time high for the leading memecoin. This would potentially take Dogecoin’s market cap to $267.89 billion, surpassing Tether to become the third biggest crypto.

Possible Timeline for Dogecoin to Hit $1.82 

Interestingly, several market observers believe the $1.82 target is achievable for Dogecoin. According to analysts at the crypto trading platform Changelly, Dogecoin will have reached its target by November 2031, seven years from now.

However, leading prediction platform Telegaon speculates that Dogecoin will hit the $1.82 target sooner, specifically in 2026, less than two years from now.

Whether Dogecoin can rally to $1.82 within the next 2 – 7 years is yet to be seen. However, several factors, notably Elon Musk’s continuous support and Dogecoin’s increasing adoption for payment purposes, could pave the way for this surge. 

DisClamier: This content is informational and shouldn't be considered financial advice. The views expressed in this article may include the author's personal opinions and don't necessarily reflect The Crypto Basic opinion. Readers are encouraged to carry out their own due diligence before making any investment. The Crypto Basic is not liable for any financial losses.