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Dogecoin and Solana are two of the largest cryptocurrencies by market cap and are closely positioned within the top ranks of the market, with only BNB separating them. Both cryptocurrencies have seen their respective market caps increase massively in the past 30 days.
At the time of writing, Solana has a market cap 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, meaning it has some catching up to do in order to overtake Solana in market cap rankings.
How Much Will Dogecoin Be If It Reaches Solana’s Market Cap?
Solana has witnessed an impressive 43% increase in its market cap over the past 30 days in light of growing interest and positive market momentum. However, this gain is overshadowed by DOGE’s remarkable rally within the same period. Dogecoin’s price has more than doubled in the last four weeks, surging by 250% as excitement around the meme coin is at its highest point in a long time.
As it stands, DOGE’s market cap is about 0.57 of Solana’s market cap. However, recent market dynamics suggest that Dogecoin is on a trajectory to continue closing this gap. After punching in the numbers, Dogecoin’s price target to reach the current Solana market cap is around $0.7053. This implies that for DOGE to secure its place as the fourth-largest crypto by market cap, the meme coin would need an additional 76% price increase from its current levels in the case Solana starts to consolidate at this point. Interestingly, this would see the DOGE market cap overtaking that of BNB in the process.
The prospect of Dogecoin reaching the $0.70 level is now more feasible than ever, particularly since this target is just slightly 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 the Solana market cap consolidates or continues to increase from here, the current market pace suggests Dogecoin is still going to overtake Solana in market cap. This would not only be a notable milestone for DOGE, but it would create a new price all-time high, and also a new milestone for the meme coin community.
Speaking of all-time highs, DOGE is only about 79% from creating a new all-time high. According to popular crypto analyst Ali Martinez, Dogecoin is now on its way to reach at least $2.40.
Supporting this outlook is data from on-chain analytics platform Santiment. According to Santiment, meme coins are experiencing the highest levels of activity and interest from market participants across the crypto landscape. Furthermore, the Dogecoin price rally has been driven by retail investors now leaning into the meme coin as Bitcoin starts to get too pricey.
Featured image created with Dall.E, chart from Tradingview.com
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