How High Can Dogecoin Go if Bitcoin Reaches Gold’s $17.73 Trillion Value?

Dogecoin's Potential Surge in the Wake of Bitcoin's Rise

Dogecoin's (DOGE) strong correlation with Bitcoin (BTC) is anticipated to drive its value to $3 as Bitcoin approaches gold's $17 trillion valuation. Analysts also project DOGE to reach between $10 and $23 by 2024, surpassing its previous all-time high.

Bitcoin and Dogecoin Correlation

Data from IntoTheBlock reveals a 97% correlation between Bitcoin and Dogecoin over the past 30 days. This alignment suggests that DOGE could experience significant gains as Bitcoin ascends.

Bitcoin Price at $17.7 Trillion Market Cap

For Bitcoin to reach $17.7 trillion, it would need to surge by 809.23% from its current valuation of $1.95 trillion. This translates to a potential value of $897,200.

Mathematically, this would position the asset at $897,200.

A similar move by Dogecoin could drive its price to a new all-time-high of $3.09, exceeding its previous peak of $0.73 by 323.28%. This would boost DOGE's market cap from $50 billion to $456.35 billion.

Analysts Project DOGE to Hit $10 by Next Year

Contrary to the BTC-Gold analysis, analyst Dima James Potts predicts DOGE could reach $10 by 2025. His theory relies on the market's cyclical pattern, which typically sees assets surpass their previous all-time high in the fourth year of each bull cycle.

Lebicahlz, Kevin Capital, and Ali Martinez Join the Discussion

Other renowned analysts echo this sentiment, suggesting that DOGE has the potential to hit $10 and even reach $20 by 2025. Kevin Capital emphasizes the importance of macroeconomic indicators in determining the market's direction, while Ali Martinez anticipates DOGE reaching $23 by the end of the current cycle.

Current Market Conditions

At press time, DOGE is trading at $0.31, having declined by 23% in the past seven days. Despite the current bearish trend, analysts believe that DOGE's fundamentals and correlation with Bitcoin could drive its value significantly higher in the future.