Here’s How High Dogecoin Can Reach If BTC Market Cap Hits $500T As Predicted By Michael Saylor

Dogecoin’s price could soar to double digits if it mirrors Bitcoin’s growth rate and BTC eventually reaches a market capitalization of $500 trillion.

Dogecoin (DOGE) has continued its downturn below the $0.20 price mark. Due to a Bitcoin-led market sell-off, the top meme coin crashed further over the weekend. On March 29, DOGE dipped to a daily low of $0.1757, marking a decline of 4.92% from its daily high of $0.1848.

It has rebounded slightly to $0.1766 in the hours leading up to press time. Despite DOGE’s latest underperformance, investors are still bullish about the token’s long-term potential, especially as top crypto stakeholders release bullish predictions for Bitcoin.

Saylor Predicts Bitcoin Surge to $500T Market Cap

Last week, Michael Saylor, the executive chairman of Strategy, issued a bullish prediction for Bitcoin at the DC Blockchain Summit in Washington.

He characterized the world’s largest cryptocurrency as the next evolution of money, noting that the asset will thrive irrespective of whether the U.S. backs it. Notably, he predicted that Bitcoin is poised to achieve a market capitalization of $500 trillion in the future.

With Bitcoin’s market cap currently standing at $1.66 trillion, hitting an ambitious valuation of $500 trillion requires a surge of 30,020%.

Dogecoin Correlation with Bitcoin

Bitcoin’s potential rise to a $500 trillion market cap could have a ripple effect on altcoin prices, particularly those highly correlated with the premier asset.

It is common knowledge that Dogecoin has a high correlation with Bitcoin, as observed in both assets’ recent price actions. While DOGE’s price has plunged 2.81% in the past day, Bitcoin’s value has also plummeted 2.48% in the same time frame.

Also, data from IntoTheBlock shows that Dogecoin has a 97% correlation with Bitcoin over the past 30 days and a 95% correlation in the past two months.

This indicates that Bitcoin’s price action will significantly influence DOGE’s performance, especially if it achieves the $500 trillion target.

DOGE Price If It Mirrors Bitcoin’s Surge to $500T Market Cap

In the meantime, DOGE is currently trading at $0.1766 per token, and its market cap is $26.24 billion.

Therefore, if DOGE experiences a similar growth rate of 30,020%—mirroring Bitcoin’s projected surge to a $500 trillion market cap–its valuation could potentially hit a whopping $7.9 trillion.

At this market cap, one DOGE would change hands at $53.15, assuming Dogecoin’s circulating supply remains stable at 148.62 billion tokens.

While this estimate seems unrealistic, some crypto experts and prediction platforms still think DOGE can achieve this price target in its lifetime.

For instance, the Telegaon prediction platform predicted that DOGE would achieve a target price of $53 between 2036 and 2039. However, Changelly gave a specific timeline of August 2040, noting that DOGE would trade between $51.58 and $63.01 by then.