Dogecoin and Solana are two of the largest cryptocurrencies by market cap and rank closely within the top ranks of the market, separated only by BNB. Both cryptocurrencies have seen their market capitalization increase significantly over the past 30 days.
At the time of writing, Solana has a market capitalization of $104 billion and is trading at around $220. Dogecoin, on the other hand, is trading at $0.41 with a market cap of $59.5 billion, which means it has some catching up to do in order to surpass Solana in the market cap rankings.
What would the price of Dogecoin be if it reached Solana’s market cap?
Solana saw a staggering 43% increase in its market value Over the past 30 days in light of the growing interest and positive momentum in the market. However, this gain was overshadowed by DOGE’s notable rise over the same period. The price of Dogecoin has doubled In the past four weeks, it has risen by 250% as excitement around the meme coin reaches its highest levels in a long time.
Currently, DOGE’s market cap is about 0.57 of Solana’s market cap. However, recent market dynamics suggest that Dogecoin is On the path to continuity Close this gap. After plugging in the numbers, the target price for Dogecoin to reach Solana’s current market cap is around $0.7053. This means that for DOGE to secure its position as the fourth largest cryptocurrency by market cap, the meme would need an additional 76% price increase from its current levels should Solana start consolidating at that point. Interestingly, this will see DOGE’s market capitalization exceed that of BNB in the process.
The possibility of Dogecoin reaching the $0.70 level is now more feasible than ever, especially since this target is just below DOGE’s all-time high of $0.7316, which the bulls are now targeting.
How feasible is the race for DOGE?
Regardless of whether Solana’s market capitalization strengthens or continues to increase from here, Current market pace It indicates that Dogecoin still beats Solana in market capitalization. Not only will this be a notable milestone for DOGE, it will create a new all-time high price, and also a new milestone for the meme community.
Speaking of all-time highs, DOGE is only about 79% away from making a new all-time high. according to Famous cryptocurrency analyst Ali Martinez, Dogecoin is now On its way to arriving At least $2.40.
These predictions are supported by data from the on-chain analytics platform Santiment. According to Santiment, Mime coins are seeing the highest levels of activity and interest from market participants across the cryptocurrency landscape. Furthermore, Dogecoin’s price rise was driven by retail investors who are now leaning into the meme coin as Bitcoin has started to get expensive.
Featured image created with Dall.E, chart from Tradingview.com
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