Dogecoin (DOGE) price is $0.20 as the largest meme coin in the cryptocurrency market rises in parallel with Bitcoin as GBTC outflows slow and DOGE market cap approaches USDC market cap I’m trying to go back beyond that.
Dogecoin’s market capitalization is most recently around $27.8 billion, while USDC’s total issuance is just over $32 billion.
If Dogecoin wants to overtake USDC, Dogecoin price needs to reach just over $0.22. This could be achieved if DOGE can retest recent highs around $0.23.
USDC is a US dollar-pegged stablecoin issued by the American virtual currency company Circle. USDC is the world’s second largest stablecoin by value, second only to Tether’s USDT.
Dogecoin overtaking USDC’s market cap is purely symbolic, but it would be a major milestone for the memecoin. However, it does suggest that meme coins are likely to remain an important part of the cryptocurrency world.
Risk appetite in the meme coin sector could soon increase as Bitcoin looks to breakout from its current multi-week range.
This means it could be only a matter of time before Dogecoin’s price hits a new yearly high.
Dogecoin Price Prediction – $1 Incoming?
Calls for Dogecoin to soon reach $1 will increase once more if it is to exceed USDC and reach new highs for the year above $0.23.
It will be difficult for Dogecoin to achieve 5x growth from current levels in this bull market, but it is not impossible.
Imagine a scenario where BTC breaks his $100,000 mark in the next few quarters. If that happens, Bitcoin’s market capitalization will rise to more than $2 trillion.
Now, for Dogecoin to reach $1, its market cap would *only* have to grow to about $144 billion. This is only about 7% of Bitcoin’s market capitalization.
Let’s also assume that once Bitcoin exceeds $100,000 and its market cap exceeds $2 trillion, its dominance will decline.
Suppose its dominance drops to 40% (from the current 50%). In this scenario, the market capitalization of cryptocurrencies excluding Bitcoin could reach approximately $3 trillion.
Dogecoin’s market capitalization is $144 billion, representing less than 5% of the total market capitalization of cryptocurrencies excluding Bitcoin.
These are not unrealistic growth rates for the world’s most popular and well-known meme coin. Anything can happen in the wild crypto market.
Traders should not rule out $1 Dogecoin in 2024 or 2025.
A Better Meme Coin Alternative to Consider – Sponge (SPONGE)
Dogecoin Could Over 5x This Bull Market. However, many meme coin investors are looking for higher upside potential of 50x or more.
Such investors should look for exciting new meme coins with much smaller market caps and greater viral potential.
A meme coin called Sponge ($SPONGE) fits this requirement perfectly and released V2 on Polygon earlier this year.
His original Sponge token nearly reached his $100 million peak market cap last year.
However, this token was migrated to Polygon a month ago to take advantage of lower fees and faster transactions. And with the move to Polygon, the price of $SPONGE has skyrocketed.
$SPONGE He reached a market capitalization of up to $ 160 million in March. Since then, the market cap has returned to around $80 million, giving investors an opportunity to buy on the spur of the moment.
Sponge is not just some old meme coin that serves no purpose.
Exciting new meme coins offer passive income opportunities and also serve as the native token for Play-to-Earn (P2E) racing games.
According to Sponge’s official website, Sponge buyers who stake their tokens can secure returns of up to 368%.
Meanwhile, in P2E games, players compete for their global leaderboard positions. Race rewards will be paid in SPONGE V2.
But perhaps the most exciting thing about her Sponge is that it’s still in its infancy to get into coins.
Meme coins such as Bonk, Dogwifhat, and Pepe demonstrate how emerging meme coins can reach multi-billion dollar market caps.
The exciting new Meme Coin website also hints that it will soon be launched on bigger and better exchanges, which could bring a new wave of buyers to $SPONGE. There is a gender.
With a market capitalization of just $80 million, Sponge’s investors could be looking at 50 times his return.