After Bitcoin Overtakes Silver, How Far Will Dogecoin Rise?

• Bitcoin is now ranked globally as the eighth most valuable asset by market cap.
• Dogecoin has surpassed the market cap of Ripple and is the fourth most traded crypto in the world.
• $1 DOGE would need an estimated $180 billion market cap.

Bitcoin (BTC) is on a historical ascension as it overtakes silver as the world’s 8th largest asset.

Observers are looking to see if altcoins, or even memecoins like Dogecoin (DOGE), could find themselves reaching similarly lofty highs.

Bitcoin Tops Silver

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.

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.