Crypto analyst Master Kenobi has suggested that the price of Dogecoin (DOGE) could rise to as much as $2, with its market cap potentially supplanting those of Solana (SOL), Binance Coin (BNB), and even Tether (USDT) to make it the third most valuable cryptocurrency in the market.

The assessment comes in the wake of the OG meme coin’s recent performance, where it flipped several established tokens, including XRP and USDC, to become the sixth-largest digital asset by market capitalization.

DOGE’s Path to Market Cap Milestones

Currently priced at $0.39, per CoinGecko, DOGE’s overall value stands at more than $57 billion, with BNB and SOL ahead of it at $91.1 billion and $102.1 billion, respectively.

In a November 13 post on X, the pseudonymous Kenobi explained how the meme coin is currently experiencing huge momentum, which he believes could be further strengthened by a most opportune factor: influence from the highest levels of the incoming Trump administration.

This includes the President-elect’s recent announcement of the creation of a government efficiency department with the rather apt acronym D.O.G.E., co-headed by one of the meme coin’s most prominent supporters, Elon Musk.

Dogecoin is currently about 46% below its all-time high (ATH) price of $0.73, achieved in 2021. However, its current progress, which has seen its price skyrocket by nearly 130% in the past two weeks and a whopping 238% over 30 days, could see it inch ever closer to that level.

If it matches its ATH, the dog-themed meme coin would be worth approximately $108 billion, placing it ahead of SOL and BNBs current valuations. From there, Kenobi believes the next milestone will be DOGE hitting the $1 mark.

“It’s not a matter of if but when DOGE reaches $1,” said the expert in his post. The coin would be worth an eye-watering $148 billion at that price, putting it ahead of Tether’s current $126 billion market cap and into third place just behind Bitcoin (BTC) and Ethereum (ETH).

Challenges and Market Dynamics

However, while the prospect may seem exciting, Kenobi noted that it is not without obstacles. BNB and SOL have also shown resilience, with their respective market caps continuing to rise.

Despite the potentially bruising supremacy battle between the three coins, the analyst believes that the entry of new capital into the crypto market, the associated frenzy of DOGE’s White House connections, and the potential psychological impact of reaching $1 could push the meme coin’s price as high as $2.

“The battle won’t be easy, as both SOL and BNB will continue advancing. However, with the rapid flow of capital and the frenzy in the market, DOGE could easily climb to $2 or even higher.”

Further, he expressed confidence in how market makers will carefully navigate key interest levels, leveraging momentum to guide DOGE’s eventual ascent into the top three.