Dogecoin Could Surge to Unprecedented Highs if It Follows Solana Price Movements

Comparing Dogecoin to other caliber assets, the light-hearted doggy-themed meme coin has not quite hit the ground running this year.

Dogecoin has the potential to experience significant price increases if it follows the price movements of Solana, which is evident from the latter's impressive market cap growth.

Currently, Solana's market cap stands at $100.35 billion, and its circulating supply is 487.073 million, according to CoinMarketCap. A 500% increase in its market cap would bring it to $602.1 billion, which is almost double the current valuation of Ethereum.

At this hypothetical market cap of $602.1 billion and its current circulating supply of 487.073 million, Solana would be trading at $1,236 per coin if it were to reach this valuation.

Interestingly, data from CoinMarketCap suggests that Dogecoin has often followed Solana's price movements during both market declines and rallies. For example, over the past seven days, both assets have experienced parallel price movements amid the ongoing market uncertainty.

If this pattern continues and Solana experiences a 5x surge, Dogecoin could also witness a comparable rally. At its current market cap of $39 billion, a fivefold increase would propel Dogecoin's valuation to $234 billion, ranking it second in the market cap log if other assets remain largely unchanged.

Furthermore, with a circulating supply of 147.903 billion, the pioneering meme coin would be trading at $1.5821 per coin.

This price prediction aligns with several analyses that have suggested Dogecoin will reach this price range during the current market cycle. For instance, market expert Trader Tardigrade recently stated in a commentary that he expects Dogecoin to trade above $1, highlighting the price level as a reasonable target.

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