Dogecoin and Solana are two of the most important cryptocurrencies by market cap and are intently positioned inside the high ranks of the market, with solely BNB separating them. Both cryptocurrencies have seen their respective market caps enhance massively up to now 30 days.
At the time of writing, Solana has a market cap of $104 billion and is buying and selling at round $220. Dogecoin, alternatively, is buying and selling at $0.41 with a market cap of $59.5 billion, which means it has some catching as much as do to be able to overtake Solana in market cap rankings.
How Much Will Dogecoin Be If It Reaches Solana’s Market Cap?
Solana has witnessed a powerful 43% enhance in its market cap over the previous 30 days in mild of rising curiosity and optimistic market momentum. However, this achieve is overshadowed by DOGE’s exceptional rally inside the identical interval. Dogecoin’s price has more than doubled within the final 4 weeks, surging by 250% as pleasure across the meme coin is at its highest level in a very long time.
As it stands, DOGE’s market cap is about 0.57 of Solana’s market cap. However, latest market dynamics counsel that Dogecoin is on a trajectory to continue closing this hole. After punching within the numbers, Dogecoin’s worth goal to succeed in the present Solana market cap is round $0.7053. This implies that for DOGE to safe its place because the fourth-largest crypto by market cap, the meme coin would wish a further 76% worth enhance from its present ranges within the case Solana begins to consolidate at this level. Interestingly, this could see the DOGE market cap overtaking that of BNB within the course of.
The prospect of Dogecoin reaching the $0.70 stage is now extra possible than ever, significantly since this goal is simply barely under DOGE’s all-time excessive of $0.7316, which the bulls at the moment are concentrating on.
How Feasible Is The Race For DOGE?
Regardless of whether or not the Solana market cap consolidates or continues to extend from right here, the current market pace suggests Dogecoin continues to be going to overhaul Solana in market cap. This wouldn’t solely be a notable milestone for DOGE, however it will create a brand new worth all-time excessive, and likewise a brand new milestone for the meme coin group.
Speaking of all-time highs, DOGE is barely about 79% from creating a brand new all-time excessive. According to fashionable crypto analyst Ali Martinez, Dogecoin is now on its way to reach at the very least $2.40.
Supporting this outlook is knowledge from on-chain analytics platform Santiment. According to Santiment, meme cash are experiencing the very best ranges of exercise and curiosity from market contributors throughout the crypto panorama. Furthermore, the Dogecoin worth rally has been pushed by retail traders now leaning into the meme coin as Bitcoin begins to get too dear.
Featured picture created with Dall.E, chart from Tradingview.com
