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.