The cryptocurrency market has been in a wildly positive overdrive following Donald Trump’s U.S. Presidential Election victory. Since Nov. 5, BTC has added over $20,000 to its value, climbing to over $90,000 – allowing its market cap to surpass one of the most valuable metals on Earth.
Source | CompaniesMarketCap
Bitcoin now commands a whopping market cap of $1.764 trillion. Silver currently has an estimated market cap of $1.19 trillion, ranking it 9th under BTC for top assets by market cap.
BTC has outperformed behemoths such as Meta and Tesla, and is now hot on the tails of Saudi Aramco’s $1.8 trillion market cap, and Alphabet Inc.’s (Google) $2.15 trillion market cap.
If BTC fails to maintain its current price, silver could flip BTC, and a tussle between the two is likely should market turbulence take hold of crypto.
Overall, it’s a great sign for Bitcoin and cryptocurrency overall. What are the chances Dogecoin could ascend to such highs?
Dogecoin (DOGE) Tops XRP
Dogecoin has experienced some of the most significant gains in the past week, rising some 88% to a price of $0.37. Its market cap also doubled, climbing to a high of around $62 billion.
At present, DOGE has a $54 billion market cap, overtaking Ripple’s (XRP) $46 billion. This makes DOGE the sixth most valuable cryptocurrency by market cap.
However, this figure doesn’t land DOGE within the top 100 assets globally, as it would still be roughly $100 billion from joining that decorated listing.
But it’s not impossible. Though it may never achieve a market cap akin to Bitcoin, if DOGE hit a $1 price, its market cap would need to reach an estimated $180 billion, half that of Ethereum (ETH).
DOGE at $1?
At present, 146.8 billion DOGE are in circulation, and there is technically no limit to how many DOGE can be mined. As per the Dogecoin wiki, DOGE mining has an “absolute limit of issuance per block, per day, per year”—like many other cryptos. However, DOGE does not have an issuance end date.
So, to see its value reach $1, there would need to be an absurd uptick in DOGE purchasing and perhaps an average of $45 billion in 24-hour trading volumes (triple today’s).
It’s worth noting that DOGE is an old crypto. It launched in 2014 and only rose to prominence in 2021 following Elon Musk’s infamous social media posts.
That said, with the creation of the U.S. Department of Government Efficiency, or D.O.G.E, and Musk at the helm, it might feel like anything is possible for the world’s favorite memecoin.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
