The comparison is not out of the norm in the crypto market, especially considering the fierce rivalry going on between two or more tokens at one time. So this report will look at where Dogecoin’s price would realistically be if the meme coin’s market cap reached the current market cap of Bitcoin or Ethereum.
Dogecoin with Bitcoin’s market cap
The market cap of Bitcoin, the world’s largest cryptocurrency, is $521 billion. It is more than 2 times the market cap of Ethereum, the second largest cryptocurrency, and accounts for almost half of the total crypto market cap. While this is interesting, what is even more interesting is where Dogecoin would be priced if it reached Bitcoin’s market cap.
CoinGecko’s Coin Compare 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 is able to determine how much a single DOGE token would be worth at a market capitalization of $521 billion.
DOGE to trade at $3.70 in line with Bitcoin’s market cap Source: CoinGecko
At such a market cap, a single DOGE token is priced at $3.70 per token, which is 59x (5,900%) more than its current price. In contrast, Bitcoin would be worth $448 per BTC at Dogecoin’s $8.8 billion market cap.
Where will DOGE trade with Ethereum’s market cap
Ethereum is currently the second largest cryptocurrency in the region with a market cap of $196 billion. With this market cap, the price of Ethereum’s good ETH token is $1,635 with a circulating supply of 120,225,429 ETH.
Now, using CoinGecko’s Coin Comparison feature and examining where Dogecoin would be if it reached Ethereum’s $196 billion market cap, it comes out to a $1.39 price point for the meme coin.
DOGE to trade in line with Bitcoin’s market cap at $1.39 Source: CoinGecko
From its current price of $0.06192, this comes to an increase of 22x or 2,200%. On the other hand, Ethereum’s DOGE market cap falling to $8.8 billion would leave the digital asset priced at just $72.53, a far cry from its current value.
The price difference between cryptocurrencies mentioned at the same market cap depends on their circulating supply. The circulating supply of Dogecoin is over 141 billion DOGE, compared to 19.48 million BTC for Bitcoin and 120 million ETH for Ethereum.
DOGE price at $0.06 with $8.8 billion market capitalization | Source: DOGEUSD on tradingview.com