Market Data 
Dogecoin could set new ATHs if it maintains its correlation with Bitcoin and BTC and subsequently hits loftier targets like $500,000, $1.5 million, or $13 million.
Dogecoin has closely followed Bitcoin’s price trends in previous bull cycles, often surging during major BTC rallies and vice versa. Interestingly, DOGE still maintains a strong correlation with Bitcoin, as reflected in IntoTheBlock’s correlation matrix.
According to the data, DOGE has a 97% correlation with Bitcoin over the past 30 days and 95% over the past two months. This indicates that Bitcoin’s performance strongly influences DOGE’s price actions.
Dogecoin correlation with Bitcoin
Notably, Dogecoin’s correlation with Bitcoin is also evident in the asset’s growth rate over the past 24 hours. While DOGE was down 5.9% in the past day to $0.19, Bitcoin was down 4.74% in the same timeframe to $87,759.
Bitcoin Potential Surge to $500K, $1.5M, and $13M
Interestingly, DOGE is expected to maintain its close correlation with Bitcoin, surging to unprecedented levels when BTC hits loftier targets like $500,000, $1.5 million, or $13 million.
For context, prominent financial entities and experts set these audacious targets. In particular, Bloomberg forecasted that Bitcoin would hit $500,000 in the long term, driven by strong institutional adoption and a halving supply shock.
To hit the $500,000 target, a surge of 491.3% from the current price is required. This could potentially increase Bitcoin’s market cap to $9.91 trillion.
Cathie Wood’s Ark Invest set the $1.5 million Bitcoin target, representing a surge of 1,673% from the current price. According to the leading asset manager, Bitcoin will hit the target by 2030, potentially taking its market cap to $29.74 trillion.
The asset manager speculated that certain factors, such as regulatory clarity, ETF growth, and institutional adoption of BTC, will drive Bitcoin’s price to this target.
Furthermore, Michael Saylor, the executive chairman of MicroStrategy (now Strategy), predicts that Bitcoin will hit an ambitious target of $13 million or a market cap of $257.8 trillion by 2045, representing a 15,273% surge.
Saylor envisions government and corporate clients adopting Bitcoin by 2045, positioning the coin as a superior form of money.
Dogecoin Relativity With Bitcoin
Notably, Bitcoin largely influences Dogecoin’s price action, implying that the value of DOGE will spike if BTC hits these ambitious targets. To understand the extent to which DOGE will surge if BTC hits these targets, we must ascertain Dogecoin’s market cap relative to Bitcoin’s.
Currently, Bitcoin’s market cap is $1.67 trillion, while Dogecoin’s valuation is $29.93 billion, putting its relative factor at 1.79%.
This indicates that Dogecoin’s market cap represents 1.79% of Bitcoin’s valuation. Therefore, we will use the 1.79% relative factor to estimate DOGE’s future market cap and price in relation to Bitcoin’s projected market cap.
DOGE Price If Bitcoin Hits $500K, $1.5M, or $13M
As mentioned above, Bitcoin’s market cap will soar to $9.91 trillion, $29.74 trillion, or $257.8 trillion if the BTC price soars to $500,000, $1.5 million, or $13 million, respectively.
Therefore, at a $9.91 trillion Bitcoin market cap, Dogecoin’s valuation will hit approximately $177.39 billion due to its relative factor of 1.79%. At this valuation, DOGE will be worth $1.19 per token, assuming its circulating supply of 148.24 billion tokens remains stable.
At a $1.5 million price or $29.74 trillion valuation for Bitcoin, DOGE’s market cap will soar to $532.34 billion due to its 1.79% relative factor. This valuation will take DOGE’s price to $3.59 per token.
Lastly, assuming Dogecoin maintains its 1.79% relativity with Bitcoin, its market cap will soar to a whopping $4.61 trillion if Bitcoin hits an ambitious target of $13 million or $257.8 trillion. At a $4.61 trillion market cap, a unit of DOGE will trade at $31.09.
Can Dogecoin Hit $1.19, $3.59, or $31.09
Notably, hitting any of these targets would mark a new all-time high for Dogecoin. Several experts, including analysts at Changelly, believe these targets are realistic.
According to Changelly experts, DOGE will hit the $1.19, $3.59, and $31.09 price targets by March 2031, October 2033, and April 2040, respectively.
Despite this speculation, it is imperative to exercise caution, as nothing is guaranteed in the crypto market. Nonetheless, factors such as Dogecoin’s continued celebrity endorsements as well as institutional and nation-state adoption of DOGE could propel the asset to loftier targets, like the ones highlighted in this article.
