Dogecoin made headlines in 2021 with an unbelievable rise, transforming from a joke to a serious player in the crypto world. Starting the year at just $0.0048, Dogecoin’s price shot up to $0.7376 in May. That’s a staggering 15,000% increase in only a few months! Naturally, this made many wonder: Could we see a repeat of that wild ride?
There are some similarities between the 2021 bull run and today’s environment. For one, Bitcoin is after another halving event, which often sparks excitement in the crypto markets. Interest rates in the U.S. are being cut, and people are starting to pay attention to cryptocurrencies again. So, there’s definitely potential for another boom. But even in the most optimistic scenario, can Dogecoin really see that kind of growth again?
Let’s look at the numbers. Dogecoin’s market cap at the start of 2021 was around $600 million. At its peak, it reached a whopping $70 billion. Today, the market cap is hovering around $15 billion. If Dogecoin was to reach its 2021 market cap again, we’d see a 366% growth – not bad, but it’s a far cry from the 15,000% rise we saw before.
The 2021 rally was extraordinary because there weren’t many investors in Dogecoin back then. Now, Dogecoin is one of the top 10 cryptocurrencies, with a lot more people holding it. This means it’s much harder for the price to make those massive jumps. So, while Dogecoin could still bring gains, it’s unlikely to reach 150x again anytime soon.
In fact, if Dogecoin were to experience a 15,000% increase from today’s price, its market cap would hit an astronomical $2.25 trillion – twice the size of Bitcoin’s current market cap and more than the entire crypto market combined. This seems pretty unrealistic unless we see some sort of universal adoption of Dogecoin, which, at this point, is hard to imagine.
What coins could see the next Dogecoin rally?
Most likely, smaller meme coins with low market caps. We’re already seeing this happen. Coins like WIF, BONK, and FLOKI often experience much bigger price swings than Dogecoin, both on good days and bad. These meme coins, especially those outside the top 100, have market caps similar to where Dogecoin was before its 2021 rally. For example, BOME currently has a market cap of around $440 million, which isn’t too far from where Dogecoin started in 2021.
But the big question is: can these smaller meme coins become as popular as Dogecoin? Back in 2021, Dogecoin was unique, and its rise was largely fueled by Elon Musk’s tweets. Today, the competition among meme coins is fierce. Finding one that will explode by 15,000% again seems almost impossible. Still, during the next bull run, many of these smaller coins are likely to deliver solid gains, even if they don’t reach Dogecoin-level fame. Should that happen, you’d probably better be off cashing out the results, rather than waiting for history to repeat.
