Comparisons in the crypto market are not out of the norm, especially given the fierce rivalry that goes on between two or more tokens at a time. So this report will take a look at where the price of Dogecoin will realistically be if the meme coin’s market cap were to reach the current market cap of Bitcoin or Ethereum.
Bitcoin, the world’s largest cryptocurrency, has a market cap of $521 billion. This is over 2x the market cap of the second-largest cryptocurrency Ethereum, and makes up around half of the total crypto market cap. While this is interesting, a more interesting fact is where the price of Dogecoin would be if it were to reach the market cap of Bitcoin.
CoinGecko’s Coin Comparison feature allows users to input two different cryptocurrencies and show how much one would trade for if they had the market cap of the others. Using this feature, NewsBTC has been able to determine how much a single DOGE token would be at a market cap of $521 billion.
A single DOGE token at such a market cap comes out to $3.70 per token, an over 59x (5,900%) increase from its current price. Inversely, Bitcoin at the $8.8 billion market cap of Dogecoin would put each BTC at a price of $448.
Ethereum is currently the second-largest cryptocurrency in the space with a market cap of $196 billion. With this market cap, the price of Ethereum’s nice ETH token is sitting at $1,635 with a circulating supply of 120,225,429 ETH.
Now, using CoinGecko’s Coin Comparison feature and checking the price of where Dogecoin would be if it reaches the $196 billion market cap of Ethereum, it comes out to a $1.39 price point for the meme coin.
From its current price of $0.06192, it comes out to a 22x or 2,200% move. On the flip side, Ethereum falling to the market cap of DOGE at $8.8 billion would see the digital asset’s price trade at just $72.53, a long way from its present value.
The price differences between the cryptocurrencies mentioned at the same market cap come down to their circulating supply. Dogecoin has a circulating supply of over 141 billion DOGE compared to 19.48 million BTC for Bitcoin and 120 million ETH for Ethereum.
[#item_full_content]NewsBTCRead MoreThe decline followed sharp losses in Asian and U.S. tech shares, where concerns over peaking…
It is the same setup Michael Burry warned about this week, when he said falling…
The Bitcoin drawdown below $75,000 has market participants debating a familiar question: how long does…
On-chain data points to fading demand and tighter liquidity, while prediction markets show little expectation…
Bitwise is laying out a bold scenario: Bitcoin could climb to a new record in…
Bitcoin price extended its decline below $73,500. BTC is now consolidating losses but faces many…