Dogecoin Could Experience a Remarkable Surge If Its Market Capitalization Potentially Equals That of Established Cryptocurrencies Like XRP and BNB

The recent downturn in the broader crypto market had a devastating impact on Dogecoin, plunging its price below $0.2.

Dogecoin (CRYPTO: DOGE) is known for its strong community and meme-driven nature. As the price of the world’s first meme cryptocurrency continues to decline, some users are making interesting speculations about what might happen if Dogecoin manages to equal the market cap of established cryptocurrencies like XRP (CRYPTO: XRP) or BNB (CRYPTO: BNB).

What Happened: The recent downturn in the broader crypto market had a devastating impact on Dogecoin, plunging its price below $0.2. As of 07:42 (UTC) on February 8, Dogecoin was trading at $0.1969, marking a 24-hour decline of 1.54%.

The firstborn meme coin is also down 3.47% in the past week and has plunged 25.64% over the past 30 days. Despite this decline, DOGE has experienced a slight increase this month, registering an MTD growth of 5.38%.

Amid DOGE’s recent mixed-price action, its community has remained focused on its positive strides, fueling ambitious speculations. For instance, some users are wondering how much DOGE would be worth if Dogecoin successfully equals the market cap of established cryptos like XRP or BNB.

It is noteworthy that XRP and BNB currently rank among the top five cryptos by market cap. While XRP is the fourth-biggest cryptocurrency globally, BNB is in fifth place.

Currently, XRP has a market cap of $137.13 billion, with a token trading at $2.36 in the hours leading up to press time. On the other hand, BNB, which trades at $596.81 per coin, has a valuation of $85.4 billion.

However, Dogecoin's market cap is significantly lower than both XRP's and BNB's, respectively. At a price of $0.1969, Dogecoin sits on a $29.2 billion market cap.

This suggests that Dogecoin must surge 192.46% from its current market cap to equal BNB's $85.4 billion valuation. It would also require a significant growth of 369.62% to match XRP's $137.13 billion market cap.

If Dogecoin achieves this feat and manages to equal either BNB or XRP's market cap, it would massively impact the token's price. Since equaling the BNB market cap demands a surge of 192.46%, this would potentially take DOGE's price to $0.5758.

Similarly, if the meme cryptocurrency surges 369.62% to equal XRP's $137.13 billion market cap, it would take the token's price to $0.9246. Both estimates assume that Dogecoin maintains its circulating supply of 148.34 billion.

For context, Dogecoin's potential surge to $0.5758 is 21.93% below the asset's previous all-time high of $0.7376, which was reached on May 8, 2021. Conversely, the $0.9246 target is slightly higher than the previous ATH, marking a 25.35% increment from the peak price.

According to Changelly experts, Dogecoin could reach the first target quickly. As per the experts' predictions, the meme cryptocurrency is expected to hit the $0.57 mark this month, with the analysts setting a maximum target of $0.829 for March.

However, they anticipate that Dogecoin might have to wait for another five years before it can eventually hit the $0.9246 price level, which is likely to occur by March 2030. By this time, they project that DOGE will reach a maximum target of $0.948.

Moreover, Dogecoin could hit the $0.9246 price target sooner than expected due to strong institutional adoption via the upcoming DOGE ETFs.

Finally, investors are advised to be cautious and conduct thorough research before making any investment decisions based on this analysis. The information provided in this article should not be misconstrued as investment advice.

See Also: Best Cryptocurrency Scanners