The broader crypto market experienced another downturn this week, which wiped off some value from major assets, including Dogecoin (DOGE). As a result, the market recorded a decline of 3.02% over the past day to a valuation of $2.62 trillion.

Dogecoin price reacted negatively to the onslaught, leading to a 5.28% in the past 24 hours. This pushed the price of DOGE below the $0.16 mark, as the token currently trades at $0.1519.

Furthermore, DOGE dropped to ninth place in the global crypto ranking after TRX flipped it from the eighth position. It is worth noting that Dogecoin has stayed in eighth place for several months.

However, TRX took over the spot, with a market cap difference of over $1 billion. While TRX boasts a market cap of $23.93 billion, DOGE is valued at $22.62 billion in the hours leading up to press time.

Dogecoin Price If It Grabs 50% of Total Crypto Market Cap

Despite the setback, some Dogecoin investors are still optimistic about DOGE’s prospects. As a result, The Crypto Basic considered a hypothetical scenario in which DOGE grabs 50% of the total crypto market cap and its implication for Dogecoin’s price.

Although the total crypto market cap has dipped in the past day to $2.62 trillion, any asset with 50% of this valuation would soar to unimaginable levels. If DOGE manages to capture 50% of the total crypto market cap, its valuation would be $1.31 trillion. This represents an increase of 5,691% from Dogecoin’s current market cap of $22.62 billion.

Should Dogecoin manage to achieve this target, its price would skyrocket to around $8.8 per token, so long as DOGE’s circulating supply stays the same at 148.87 billion tokens.

At this price, early investors would record massive returns on their investments. For instance, someone with a portfolio of 65,832 DOGE currently valued at $10,000 would see their investments rise to $579,321 should DOGE hit a valuation of $1.3 trillion.

DOGE to $8 Forecasts

While the possibility of Dogecoin grabbing 50% of the total crypto market cap might seem far-fetched, several analysts have predicted DOGE’s potential rise to the $8 mark. However, such predictions do not suggest that attaining $8 would grant DOGE 50% dominance over the crypto market.

Last month, top expert Trader Tardigrade suggested that Dogecoin had formed a circular structure on its macro chart. Tardigrade claimed that DOGE also formed a similar structure in the 2017 and 2021 market cycles, which eventually pushed its price to greater heights during these periods. With the recent formation, the expert forecasted Dogecoin’s potential surge to $8.

In the same month, pseudonymous market expert EWT referenced the Elliott Wave Theory to predict a future surge of $8.5 for Dogecoin.

As reported in January, Tardigrade suggested that the $8 target would materialize for Dogecoin by 2028, three years from now. Meanwhile, Changelly experts believe that DOGE would rise to the $8 target between 2035 and 2039.

It is worth mentioning that this article is a hypothetical assessment of Dogecoin's price if it grabs half of the total crypto market cap. There is no guarantee that this will ever happen in DOGE's lifetime. In perspective, a 50% market share would place Dogecoin even above Bitcoin, a highly speculative scenario.