Dogecoin Price Could Surge to $3 if DOGE Closely Follows Bitcoin's Performance

Dogecoin has shown strong signs of recovery since the recent market correction that wiped out over $1 billion worth of investment.

Dogecoin has shown strong signs of recovery since the recent market correction that wiped out over $1 billion worth of investment. The dog-themed token had its fair share of the price decline, plunging from around $0.4, where it has traded for several weeks, to $0.26 yesterday.

Interestingly, DOGE quickly recovered, soaring above the $0.3 mark. At the time of writing, the token is trading at $0.3407, reflecting an increase of 9.74% over the past 24 hours.

It is worth mentioning that Bitcoin’s price actions have largely influenced Dogecoin’s recent performance. For context, the price of Dogecoin usually plunges anytime Bitcoin declines and rises when the premier cryptocurrency rallies.

According to data from IntoTheBlock, Dogecoin has had a 97% correlation with Bitcoin over the past 30 days, suggesting that the firstborn memecoin closely follows the price movement of the world’s largest cryptocurrency.

Although Bitcoin recently had a negative impact on Dogecoin’s performance, this dynamic could shift if BTC reaches some of the lofty targets set by top market observers.

For instance, Bitcoin has been projected to equal the valuation of gold in the future. Data from CompaniesMarketCap show that gold has an estimated valuation of $17.73 trillion, positioning it among the world’s largest assets. However, Bitcoin is valued at $1.95 trillion at the time of writing.

With Bitcoin projected to equal gold’s market cap, it must soar by 809.23% from its current valuation to achieve this feat. If this forecast comes true, Bitcoin’s price could soar to a whopping $897,200 from the current level of $98,677.

Notably, Bitcoin’s potential equalization of gold’s market cap will also have a major impact on the performance of other crypto assets, including Dogecoin. Since Dogecoin has a strong correlation with Bitcoin, it could benefit more from this potential surge.

We estimated how much DOGE would be worth if Bitcoin’s potential valuation reached $17.73 trillion, equal to gold’s market cap.

With Bitcoin expected to soar by 809.23% to equal gold’s market cap, Dogecoin will set a new all-time high (ATH) if it experiences a similar growth rate.

Should Dogecoin rally by 809.23% from its current price of $0.3407, it will trade at $3.09 per token, surpassing the previous ATH record of $0.73 by 323.28%. At the $3.09 price target, Dogecoin’s market cap will soar to $456.35 billion from its current valuation of $50.18 billion.

The $3.09 target aligns with previous predictions set by top analyst Javon Marks. The expert, who referenced Dogecoin’s historical performance, projected that the asset would rally to a conservative target of $3 this bull cycle.

Additionally, renowned crypto chartist Ali Martinez forecasted that Dogecoin might soar to the $3 mark under favorable market conditions. However, the expert did not specify a timeline for this surge.

Meanwhile, analysts at Changelly forecasted that Dogecoin will soar to $3.03 by January 2033, almost nine years from now.

While this analysis looks enticing, it should not be taken as investment advice.