The Dogecoin (DOGE) price is attempting to break back to the north of $0.20, with the crypto market’s biggest meme coin rallying in tandem with Bitcoin on slowing GBTC outflows, with DOGE’s market cap approaching USDC’s.
Dogecoin’s market cap was last around $27.8 billion, while total USDC issuance is just over $32 billion.
Dogecoin’s price would need to reach just above $0.22 if Dogecoin is to overtake USDC. That’s could be achieved if DOGE is able to retest its recent highs near $0.23.
USDC is the US dollar-pegged stablecoin issued by US crypto company Circle. USDC is the second largest stablecoin in the world by issuance, lagging only Tether’s USDT.
Dogecoin overtaking USDC’s market cap is purely symbolic, but would be a big milestone for the meme coin. But it suggests that meme coins are likely to remain a key part of the crypto landscape.
With Bitcoin eyeing a breakout of its current multi-week range, risk appetite could soon rise in the meme coin sector.
That means it could only be a matter of time until the Dogecoin price hits new highs for the year.
Dogecoin Price Prediction – $1 Incoming?
If Dogecoin is to hit new highs for the year above $0.23 and overtake USDC, calls for it to soon hit $1 will grow once again.
It will be difficult for Dogecoin to achieve 5x growth from current levels this bull market, but not impossible.
Imagine a scenario where BTC breaks above $100,000 in the coming quarters. That would mean Bitcoin’s market cap moving above $2 trillion.
Well, for Dogecoin to reach $1, its market cap would “only” need to grow to around $144 billion. That would only be around 7% of Bitcoin’s market cap.
Let’s also assume that as Bitcoin breaks above $100,000 and its market cap above $2 trillion, its dominance declines.
Say its dominance declines to 40% (from the current 50%). It’s feasible that the cryptocurrency market cap excluding Bitcoin could reach around $3 trillion in this scenario.
A market cap of $144 billion would put Dogecoin at under 5% of the crypto market cap, excluding Bitcoin.
These are not unrealistic growth numbers for the world’s most popular and well-known meme coin. In the wild crypto markets, anything can happen.
Traders shouldn’t rule out $1 dogecoin in 2024 or 2025.
The Dogecoin price still has a very long way to go before it hits $1. Source: TradingView
Better Meme Coin Alternative to Consider – Sponge (SPONGE)
Dogecoin could 5x or more this bull market. But many meme coin investors will be targeting higher upside of 50x or more.
Such investors should search for exciting new meme coins with much lower market caps, and a lot of viral potential.
A meme coin called Sponge ($SPONGE) fits this bill perfectly, after launching its V2 on Polygon earlier this year.
The original Sponge token nearly hit a market cap high of $100 million last year.
However, the token migrated to Polygon to make use of its lower fees and faster transactions a month ago. And the migration to Polygon has ignited a surge in the $SPONGE price.
$SPONGE hit a market cap of as much as $160 million in March. It’s since fallen back to a market cap of around $80 million, offering investors the chance to buy the dip.
The Sponge meme coin has retraced sharply from March’s highs, offering investors an opportunity to buy the dip. / Source: DEXTools
Sponge isn’t just any old utility-lacking meme coin.
The exciting new meme coin offers a passive income opportunity and also functions as the native token of a play-to-earn (P2E) racing game.
Don’t forget, #SPONGERS! #SpongeV2 is bringing exciting utility through our upcoming #P2E game!
Get ready to earn $SPONGE tokens by playing the game and ranking on the leaderboard.
Stay tuned for more info! #MemeCoin #Crypto #Alts #100x pic.twitter.com/5aaLxGz8N1
— $SPONGE (@spongeoneth) March 22, 2024
Sponge buyers who stake their tokens can secure yields of up to 368%, as per the official Sponge website.
Meanwhile, the P2E game will see players competing against each other for ranks on a global leaderboard. Racing rewards are paid out in SPONGE V2.
But perhaps the most exciting thing about Sponge is that it’s still super early to get into the coin.
Meme coins like Bonk, Dogwifhat, and Pepe have shown how an upstart meme coin can reach a multi-billion-dollar market cap.
The exciting new meme coin’s website is also teasing that it will soon launch on bigger and better exchanges, which could bring a wave of new buyers to $SPONGE.
At a market cap of just $80 million, Sponge investors could be looking at 50x gains.
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