Dogecoin may set a brand new excessive above the $2 mark if its market cap matches the web price of the world’s richest man, Elon Musk.
Dogecoin has gained widespread recognition since its inception in 2013. Whereas a number of components have pushed DOGE’s recognition over time, traders can’t ignore Elon Musk’s affect on the firstborn memecoin.
Musk’s Impact on Dogecoin
Tesla’s CEO stays one of many prime advocates who introduced important consideration to DOGE through the 2020/2021 market cycle.
The American businessman has continued to attract important consideration to DOGE by characterizing the token because the “folks’s crypto.” Three months after this remark, the worth of DOGE spiked to an all-time excessive of $0.7376 per token on Could 8, 20221.
Though DOGE has plunged considerably from its peak, many consider that the affect of public figures like Musk, alongside robust institutional adoption, may propel Dogecoin’s value to new heights.
Amid this optimism, some think about a situation the place DOGE’s market cap may match Musk’s web price.
Overview of DOGE Market Cap vs Elon Musk’s Web Value
Musk is at the moment the world’s richest man, boasting an estimated web price of $342.4 billion as of March 8, 2024. He’s the CEO of a number of multi-billion greenback firms, together with Tesla, SpaceX, and X (previously Twitter).
Elon Musk Web Value
Then again, DOGE stands because the eighth-biggest cryptocurrency globally, with a market cap of $28.94 billion. At this valuation, DOGE is buying and selling at $0.1951, marking a 24-hour lower of 5.37%.
DOGE Value If It Equals Musk Web Value
For DOGE to match Musk’s web price of $342.4 billion, its market cap should develop greater than tenfold from its present worth.
Particularly, DOGE’s market cap should soar astronomically by 1,083% from its present valuation of $28.94 billion to equal Musk’s $342.4 billion web price.
If this hypothetical situation occurs, Dogecoin might be price $2.3 per token, assuming its circulating provide of 148.34 billion DOGE stays comparatively steady.
To reveal the importance of this rally, a portfolio of 100,000 DOGE, at the moment valued at $19,510, might be price $230,000 if DOGE hits the $2.3 projected goal.
DOGE to $2.3 Prediction
Curiously, a number of crypto specialists, together with Dogecoin’s co-founder Billy Markus, have predicted DOGE’s potential surge to the $2 mark.
In January, Markus known as for an upsurge of 500% that would probably take DOGE’s value to $2.3. On the time, he envisioned the potential for the token being supported as a tipping forex on X.
Just a few weeks later, famend crypto analyst Javon Marks referenced DOGE’s historic value sample to foretell the meme coin’s future rally to across the $2.3 mark.
In the meantime, Changelly specialists set a timeline on when DOGE may hit the $2.3 goal. In accordance with the specialists, the $2.3 value projection may grow to be a actuality for DOGE by July 2032, greater than seven years from now.
Nevertheless, the favored prediction platform Telegaon means that DOGE may attain the $2.3 goal early subsequent yr. It stays to be seen whether or not DOGE will attain this goal or what the precise timeline is for this to occur.
Within the meantime, traders should train warning and search skilled recommendation earlier than investing in cryptocurrencies like DOGE.
