Dogecoin (DOGE) Could Hit $3.09 If Bitcoin (BTC) Market Cap Matches Gold's $17.73 Trillion Valuation

According to IntoTheBlock’s data, the correlation between Bitcoin and Dogecoin has reached 97% in the last 30 days

Bitcoin (BTC) is still far from reaching the market cap of gold, which currently stands at $11.2 trillion. However, several analysts believe that the leading cryptocurrency could eventually reach this milestone, and if it does, several leading altcoins, including Dogecoin (DOGE), are likely to react significantly.

In this article, we will analyze how high DOGE could go if BTC ascends to the market cap of gold in the future.

Bitcoin and Dogecoin Correlation

According to IntoTheBlock’s data, the correlation between Bitcoin and Dogecoin has reached 97% in the last 30 days. This is significantly higher than the correlation between Bitcoin and Ethereum (ETH), which stands at 75%, according to our research.

This strong correlation suggests that Dogecoin tends to move in the same direction as Bitcoin, albeit with larger price fluctuations. For instance, the recent surge of Bitcoin to $100k was also matched by an incredible surge of DOGE to $0.45.

Bitcoin Price at $17.7 Trillion Market Cap

Our analysis shows that BTC would need to surge by 564.06% from the current $2.45 trillion valuation to reach $17.7 trillion. Mathematically, this would place the asset at $643,000. A similar move by Dogecoin could send the asset to a new all-time-high price of $2.2, outpacing the existing all-time-high price of $0.73 by 202.74%.

This will also send the market cap of DOGE from $45 billion to $350 billion.

Analysts Project DOGE to Hit $10 by Next Year

Interestingly, an analysis by an analyst identified as Dima James Potts positions DOGE at $3 if BTC eventually reaches the market cap of gold in the far future. However, Potts believes that the dog-themed meme coin could hit $10 by next year.

His estimation is based on the market’s cyclical paradigm, where assets tend to breach their previous all-time high in the fourth year of each bull cycle.

Further analyzing his thesis, we observed that DOGE has already outperformed its third-year performance in the last two cycles. Specifically, DOGE surged by 72.37% in 2016 and recorded an uptick of 114.86% in 2020. Meanwhile, the asset has surged by a whopping 282.67% this year. In an accompanying chart, DOGE was highlighted as having the capacity to hit $80. According to Potts, DOGE could hit its $10 mark between February 11 and May 7, 2025.

Lebicahlz, Kevin Capital, and Ali Martinez Join the Discussion

Alluding to a similar position, renowned analyst Lebicahlz has also maintained that DOGE could hit $10 and proceed to touch the $20 level in 2025. This implies that the asset would surge by 4,900% from the current level. Based on an accompanying chart, this prediction could materialize between January 2025 and July.

Commenting on the current bearish trend, analyst Kevin Capital highlighted that the dovish outlook of the Federal Reserve in 2025 and the decision of the Bank of Japan not to increase rates would mitigate the ongoing trend. According to Kevin Capital, the current market situation calls for more attention to macroeconomic indicators rather than overanalyzing charts. Meanwhile, Ali Martinez also expects DOGE to hit $23 by the end of the cycle.

At press time, DOGE was trading at $0.31 after declining by 23% in the last seven days.

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