Dogecoin (DOGE) to hit $2 and surpass SOL, BNB: analyst

Crypto analyst Master Kenobi has suggested that the price of Dogecoin (DOGE) could rise to $2, with its market cap potentially replacing that of Solana (SOL), Binance Coin (BNB) and even Tether ( USDT) to do so. the third most valuable cryptocurrency on the market.

The assessment comes on the heels of the recent performance of the meme coin OG, where it turned around several established tokens, including XRP and USDC, to become the sixth largest digital asset by market capitalization.

DOGE’s path to market capitalization milestones

Currently priced at $0.39 per CoinGecko, the global value of DOGE is over $57 billion, with BNB and SOL ahead at $91.1 billion and $102.1 billion, respectively .

In a November 13 post on X, the pseudonymous Kenobi explained how the meme currency is currently experiencing a big boost, which he believes could be further strengthened by a more timely factor: the influence of the highest levels of the administration of incoming Trump.

This includes the President-elect’s recent announcement of the creation of a Department of Government Efficiency with the rather appropriate acronym DOGE, co-headed by one of the meme currency’s most prominent supporters, Elon Musk.

Dogecoin is currently about 46% below its all-time high price (ATH) of $0.73, achieved in 2021. However, its current progress, which has seen its price shot up almost 130% in the last two weeks and 238% more. 30 days, I could see it inch closer and closer to that level.

If it matches its ATH, the dog-themed meme coin would be worth roughly $108 billion, putting it ahead of the current valuations of SOL and BNB. From there, Kenobi believes the next milestone will be for DOGE to hit the $1 mark.

“It’s not a matter of if, but when DOGE hits $1,” the expert said in his post. The coin would be worth $148 billion at this price, ahead of Tether’s current $126 billion market cap and third just behind Bitcoin (BTC) and Ethereum (ETH).

Challenges and market dynamics

However, while the prospect may seem exciting, Kenobi noted that it is not without obstacles. BNB and SOL have also shown resilience, with their respective market caps continuing to rise.

Despite the potentially head-scratching battle for supremacy between the three currencies, the analyst believes that the influx of new capital into the crypto market, the frenzy associated with DOGE’s connections to the White House, and the potential psychological impact of reaching 1 $ could increase the price of the meme coin. like $2.

“The battle will not be easy, as both SOL and BNB will continue to advance. However, with the rapid flow of capital and frenzy in the market, DOGE could easily rise to $2 or even higher.

He further expressed confidence in how market makers will carefully navigate key interest levels, using the momentum to guide DOGE’s eventual climb into the top three.

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