Crypto analyst Grasp Kenobi has recommended that the value of Dogecoin (DOGE) might rise to as a lot as $2, with its market cap probably supplanting these of Solana (SOL), Binance Coin (BNB), and even Tether (USDT) to make it the third Most worthy cryptocurrency out there.

The evaluation comes within the wake of the OG meme coin’s current efficiency, the place it flipped a number of established tokens, together with XRP and USDC, to grow to be the sixth-largest digital asset by market capitalization.

DOGE’s Path to Market Cap Milestones

At present priced at $0.39, per CoinGecko, DOGE’s general worth stands at greater than $57 billion, with BNB and SOL forward of it at $91.1 billion and $102.1 billion, respectively.

In a November 13 post on X, the pseudonymous Kenobi defined how the meme coin is at the moment experiencing large momentum, which he believes might be additional strengthened by a most opportune issue: affect from the best ranges of the incoming Trump administration.

This consists of the President-elect’s current announcement of the creation of a authorities effectivity division with the relatively apt acronym D.O.G.E., co-headed by one of many meme coin’s most distinguished supporters, Elon Musk.

Dogecoin is at the moment about 46% beneath its all-time excessive (ATH) worth of $0.73, achieved in 2021. Nevertheless, its present progress, which has seen its worth skyrocket by practically 130% previously two weeks and a whopping 238% over 30 days, might see it inch ever nearer to that stage.

If it matches its ATH, the dog-themed meme coin could be price roughly $108 billion, inserting it forward of SOL and BNB’s present valuations. From there, Kenobi believes the subsequent milestone will likely be DOGE hitting the $1 mark.

“It’s not a matter of if however when DOGE reaches $1,” stated the skilled in his put up. The coin could be price an eye-watering $148 billion at that worth, placing it forward of Tether’s present $126 billion market cap and into third place simply behind Bitcoin (BTC) and Ethereum (ETH).

Challenges and Market Dynamics

Nevertheless, whereas the prospect could seem thrilling, Kenobi famous that it isn’t with out obstacles. BNB and SOL have additionally proven resilience, with their respective market caps persevering with to rise.

Regardless of the possibly bruising supremacy battle between the three cash, the analyst believes that the entry of recent capital into the crypto market, the related frenzy of DOGE’s White Home connections, and the potential psychological influence of reaching $1 might push the meme coin’s worth as excessive as $2.

“The battle gained’t be straightforward, as each SOL and BNB will proceed advancing. Nevertheless, with the fast circulate of capital and the frenzy out there, DOGE might simply climb to $2 and even larger.”

Additional, he expressed confidence in how market makers will rigorously navigate key curiosity ranges, leveraging momentum to information DOGE’s eventual ascent into the highest three.