Dogecoin could set a new high above the $2 mark if its market cap matches the net worth of the world’s richest man, Elon Musk. 

Dogecoin has gained widespread popularity since its inception in 2013. While several factors have driven DOGE’s popularity over the years, investors cannot ignore Elon Musk’s influence on the firstborn memecoin.

Musk’s Effect on Dogecoin 

Tesla’s CEO remains one of the top advocates who brought significant attention to DOGE during the 2020/2021 market cycle. 

The American businessman has continued to draw significant attention to DOGE by characterizing the token as the “people’s crypto.” Three months after this comment, the price of DOGE spiked to an all-time high of $0.7376 per token on May 8, 20221. 

Although DOGE has plunged significantly from its peak, many believe that the influence of public figures like Musk, alongside strong institutional adoption, could propel Dogecoin’s price to new heights. 

Amid this optimism, some imagine a scenario where DOGE’s market cap might match Musk’s net worth. 

Overview of DOGE Market Cap vs Elon Musk’s Net Worth 

Musk is currently the world’s richest man, boasting an estimated net worth of $342.4 billion as of March 8, 2024. He is the CEO of several multi-billion dollar companies, including Tesla, SpaceX, and X (formerly Twitter). 

On the other hand, DOGE stands as the eighth-biggest cryptocurrency globally, with a market cap of $28.94 billion. At this valuation, DOGE is trading at $0.1951, marking a 24-hour decrease of 5.37%. 

DOGE Price If It Equals Musk Net Worth 

For DOGE to match Musk’s net worth of $342.4 billion, its market cap must grow more than tenfold from its current value. 

Specifically, DOGE’s market cap must soar astronomically by 1,083% from its current valuation of $28.94 billion to equal Musk’s $342.4 billion net worth. 

If this hypothetical scenario happens, Dogecoin will be worth $2.3 per token, assuming its circulating supply of 148.34 billion DOGE remains relatively stable. 

To demonstrate the significance of this rally, a portfolio of 100,000 DOGE, currently valued at $19,510, will be worth $230,000 if DOGE hits the $2.3 projected target. 

DOGE to $2.3 Prediction 

Interestingly, several crypto experts, including Dogecoin’s co-founder Billy Markus, have predicted DOGE’s potential surge to the $2 mark. 

In January, Markus called for an upsurge of 500% that could potentially take DOGE’s price to $2.3. At the time, he envisioned the possibility of the token being supported as a tipping currency on X. 

A few weeks later, renowned crypto analyst Javon Marks referenced DOGE’s historical price pattern to predict the meme coin’s future rally to around the $2.3 mark. 

Meanwhile, Changelly experts set a timeline on when DOGE might hit the $2.3 target. According to the experts, the $2.3 price projection could become a reality for DOGE by July 2032, more than seven years from now. 

However, the popular prediction platform Telegaon suggests that DOGE might reach the $2.3 target early next year. It remains to be seen whether DOGE will reach this target or what the exact timeline is for this to happen. 

In the meantime, investors must exercise caution and seek professional advice before investing in cryptocurrencies like DOGE. 

Earlier this Tuesday, the U.S. Securities and Exchange Commission delayed its decision on an application by cryptocurrency asset manager Grayscale to convert its XRP trust into ETF. 

The SEC has stated that it finds it “appropriate” to extend the period within which it will decide what action it will take on the proposed rule change.  

The price of XRP has dipped by 1.2% on the news after spiking to an intraday high of $2.2 on the news. 

The SEC has also postponed making a decision on Grayscale’s Dogecoin ETF and Canary Capital’s Litecoin ETF earlier today. 

Grayscale, the leading crypto asset manager, originally filed to convert its XRP trust into ETF in late January. The proposal was then acknowledged by the SEC in mid-February. Notably, this was the very first XRP ETF filing that received acknowledgment from the regulator.   

The SEC is now expected to file identical 45-day extensions for the rest of the XRP proposals from the likes of 21Shares and Canary Capital.  

As reported by U.Today, investment behemoth Franklin Templeton also joined the XRP ETF race earlier today. BlackRock and Fidelity, the biggest players in the cryptocurrency ETF sector, are yet to file similar ETF proposals. BlackRock previously rejected the idea of launching such products for any alternative cryptocurrencies beyond Ethereum (ETH).  

The odds of XRP ETF approval have not been affected by the recent filing, currently standing at 75%, according to Polymarket bettors.       

The crypto market is experiencing a significant decline, triggered by global trade tensions. Moreover, President Trump’s Executive Order to set up a Strategic Bitcoin Reserve has surprisingly left crypto traders feeling let down. As a result, the price of Solana has fallen sharply, along with a decrease in important on-chain metrics. Despite a recent recovery from its lows, the price of Solana appears likely to fall below $100 soon.

Solana’s Realized Price Drops to 3-Year Low

Over the last 24 hours, SOL price witnessed nearly equal domination among buyers and sellers. Data from Coinglass shows that Solana faced a total liquidation of around $27.3 million. Of this, buyers liquidated $15.7 million and sellers closed $11.6 million worth of positions.

Solana’s SOL faced turbulent times as it plunged by 15% to $114 amid a severe downturn in the crypto market today. This marked the first time the token fell below its realized price of $134 since May 2022, based on data from Glassnode.

Also read: Will Solana (SOL) Reclaim $180? Key Chart Signals Massive Move

The realized price, which represents the average cost basis of all coins last moved, suggests that the average holder is now facing losses. This situation is typically seen as a bearish indicator and may lead to panic selling or capitulation.

Additionally, Solana’s revenue dropped by 93% to around $4 million, the lowest it has been since September 2024. Additionally, the income from its decentralized applications (DApps) fell by 86%, from $238 million in mid-January to just $32 million by March 2025.

In the wake of these downturns, the total value locked (TVL) in Solana’s DeFi ecosystem also halved, dropping from a January peak of more than $12 billion to roughly $6.38 billion, as reported by DeFiLlama.

It’s not surprising that Solana experienced a significant drop as interest in memecoins within the crypto community dropped. After reaching its all-time high in January, SOL’s value has fallen by nearly 57%.

What’s Next for SOL Price?

Solana’s price continues to be under intense bearish pressure as it recently dropped below the $114 level. As buyers are struggling to defend a decline, SOL price is now aiming for a drop below immediate Fib channels. As of writing, Solana’s price stands at $127, having surged by 6.56% in the last 24 hours.  

The SOL/USDT trading pair is facing multiple rejections as sellers defend an immediate surge above EMA trend lines. With the Relative Strength Index (RSI) hovering below the midline at level 44, there is a possibility that SOL’s price could drop and retest $110.

If it sustains above this level, it could benefit buyers and potentially push the price for $139. A surge above that level might send the price toward $153. On the other hand, if the SOL price drops below $110, we might see a strong correction below $100.