Dogecoin label would possibly want to beget bigger by a shrimp margin for the meme coin to reach the top market cap of Elon Musk’s X (formerly Twitter).
The ongoing crypto market volatility has dealt a blow to Dogecoin label, negatively impacting its market cap over the previous couple of weeks. For example, after hovering 15.76% on Sunday, March 2, on the relieve of President Donald Trump’s crypto reserve announcement, DOGE slumped by a extra enormous 16.Seventy 9% the following day.
Dogecoin Market Cap Decline
All the device in which by technique of the weekend rally, the meme coin became ready to procure correctly the $0.24 label tag. On the opposite hand, following the brand new pullback, it has dipped beneath $0.20. The affect on its market cap became severe, with valuation collapsing from a $35.89 billion top on Sunday to the brand new worth of $28.4 billion, a loss of $7.49 billion.
Seriously, for several months now, the meme coin has been subjected to the whims of the broader market amid an absence of queer label drivers. One such queer label driver has basically been public mentions from Tesla CEO and X proprietor Elon Musk, who has taken a private liking for the meme coin.
On the opposite hand, no matter Dogecoin’s fresh label struggles, optimism amongst market analysts has no longer waned. For one, KALEO, a famous market commentator, fair recently charged investors no longer to recede DOGE at its fresh voice, citing historical upsurges. Final month, CryptoELITES projected a bustle to $5, suggesting Dogecoin label correction became coming to an pause.
Dogecoin Label if It Reaches Twitter’s High Market Cap
Amid these bullish projections, The Crypto Frequent fair recently assessed how noteworthy Dogecoin label would want to develop for the meme coin to reach the top market valuation of Elon Musk’s X on the time it became silent identified as Twitter.
For context, Twitter went public beneath the ticker TWTR in November 2013. On the opposite hand, after Musk’s takeover in October 2022, the billionaire took the firm private amid a myriad of adjustments. With this switch, the company’s valuation is now out of public files. Musk’s buyout valued the firm at $44 billion, but this became no longer its top market valuation.
Seriously, market files confirms that Twitter reached a top valuation of $73.22 in April 2021. With 765.65 million shares correctly-known, this translated to a market cap of $56.03 billion. If Dogecoin attains this market cap, its label would skyrocket but no longer at an explosive margin.
To construct issues into standpoint, Dogecoin has a circulating offer of 148.28 billion tokens and is inflationary. Fascinated about this fresh files, at a market cap of $56.03 billion, Dogecoin label would rise to $0.3778, marking a 96% beget bigger from the brand new label of $0.1923.
Apparently, Dogecoin had already witnessed market caps noteworthy greater than Twitter’s $56 billion top valuation. For example, in December 2024, amid the Donald Trump-led market-huge rally, DOGE’s market cap soared to $71.27 billion, aligning with a Dogecoin label of $0.4843.
