From Meme Coin to Top 10 Cryptocurrency, Dogecoin's Journey to a $32.8B Market Cap

Since the start of the year, Dogecoin, the cryptocurrency inspired by a meme, has made it into the top 10 virtual coins by market capitalization.

In the dynamic landscape of cryptocurrencies, Dogecoin (CRYPTO:DOGE) has emerged as a subject of keen interest and discussion. The cryptocurrency, which was initially inspired by a meme, has steadily ascended into the top 10 virtual coins in terms of market capitalization since the beginning of the year.

While the total amount may not seem staggering, it is a significant portion of the crypto market cap. In the realm of crypto, Dogecoin is making progress on a big use case—to replace the current financial infrastructure. Here’s a closer look at the asset and what it is working on.

Dogecoin Price Performance and Market Trends

Dogecoin continues to display its unique status with impressive performance in the crypto market.

In the last 24 hours, the price of Dogecoin increased by 1.19% and reached $0.2196 per DOGE. The volume went up by 37.31% to $1.78 billion, which, along with the price spike, indicates that the market is still interested in the coin. As for the price change in the last seven days, the price decreased by 16.76%, and the 24-hour positive ratio is very low at 5.46%.

Dogecoin, a cryptocurrency that was initially created as a joke, has quickly gained popularity among online communities. In 2025, Dogecoin’s market cap is predicted to reach $32.8 billion, and its coin price could surge to $0.8366. However, to achieve a market cap of $500 billion, the price would need to skyrocket to $3.35, which represents a 1,831% increase from the current level.

Dogecoin Community Sentiment and Meme Culture

The timing also plays a role in Dogecoin’s success.

Dogecoin was founded in 2013 by Billy Markus and Jackson Palmer. As they recall, it all began with an amusing post on Reddit’s Shiba Inu coin, poking fun at the explosiveness of altcoins.

Looking back, what started as a joke is no longer the same. With Dogecoin’s market cap standing at $32.8 billion in 2025, it has managed to grow in popularity despite being started as a fun play.

Dogecoin’s unique model of community-led development has contributed to its enduring popularity. Its ardent supporters are active in various social media outlets, spearhead the most innovative projects, and engage in discussions about the cryptocurrency. The viral social media content and the involvement of several famous entrepreneurs, such as Elon Musk, have been instrumental in driving the coin’s upward growth.

Moreover, the cultural significance of Dogecoin is evident through 2 million active addresses, fostering network activity and engagement.

Dogecoin's recent volatility is evident, having traded at $0.2236 on May 16 with a 2.22% loss, although the volume surged by 22.25% to $2.39 billion. However, it recovered to $0.2348 on May 14, showing a 4.92% increase from the previous day. These ups and downs are attributed to market participants readjusting their positions amid bullish market sentiment.

Dogecoin's 2025 market status will be closely linked to the broader crypto market and the coins within it. Bitcoin's rapid rise to $104,000 has pulled other coins along with it. There were 9% gains from Dogecoin on May 14 as per the report on X. They foretell a probable 432% surge to $2.28 if certain conditions materialize and with the help of the historical patterns and Fibonacci extensions.

However, this is just an estimation with no substantial evidence yet. A project of DogeOS’ magnitude ($6.9 billion) was meant to build up Dogecoin's blockchain in order to be used in the AI, DeFi, and gaming sectors. The project was announced in LA in May 2025 and is said to have the power to drive usage, in other words, adoption.

Theoretically, Dogecoin can challenge some of the more regular cryptocurrencies and thus improve its chances of further success.

Attention from institutions is also evident in the planned 21Shares Dogecoin ETF application, which is being reviewed by the SEC in May 2025. An EV of $1 would raise Dogecoin's market cap to 100 billion, i.e., 500% higher. Positive outcomes could result in Dogecoin becoming and being viewed as a potential source of funds for big, reputable institutions.

Now, let's take a look at the market capitalization of some of the cryptocurrencies.

Dogecoin, at $32.8 billion, outpaces Shiba’s at $