[Coin Report] If Trump is elected, Musk will be the Minister? Dogecoin, 23% surge in one week

Doge (DOGE) surged 23% over the past week, recovering to the $0.13 level as of 1:49 pm on the 18th based on CoinMarketCap data. As a result, DOGE's market capitalization exceeded $19 billion (about 26.528 trillion won), firmly holding the 8th position in the cryptocurrency market capitalization. The gap with the 9th-ranked Tron (TRX) widened to about $6 billion (about 8.2248 trillion won).

Elon Musk, a fervent supporter of Doge known as the 'Doge Father', once again led the surge in Doge. He mentioned the 'Department of Government Efficiency' on his X account. On the 15th, Musk commented on a post saying 'Politicians are the biggest threat to human progress' that the 'Department of Government Efficiency' would be the solution. The establishment of the Department of Government Efficiency was one of the campaign promises of former US presidential candidate Donald Trump. Previously, Trump had said he would create a Department of Government Efficiency and appoint Musk as the secretary.

Musk responded to Trump's proposal, emphasizing that the abbreviation of the Department of Government Efficiency is 'DOGE', the same as Doge's ticker. This continues his playful support for Doge, which he has shown since the meme coin investment craze in 2021. Musk has repeatedly posted images combining Doge and himself on his X account to boost Doge's price. Doge investors enthusiastically responded, and Musk even gave himself the nickname 'Doge Father'. Later, Musk appeared on a famous American TV show, SNL, and publicly mentioned Doge, and briefly changed the X logo to the Shiba Inu image, the Doge mascot, when he acquired X, openly showing his support for Doge. Although there have been controversies over market manipulation due to Musk's significant influence on Doge's price, he continues to make public statements in support of Doge.

In addition, the news that US cryptocurrency asset manager Grayscale is considering adding Doge to its investment products also had a positive effect on Doge's price. On the 12th, Grayscale announced in a report that it is reviewing the inclusion of 35 altcoins, including Doge, Worldcoin (WLD), and Sei (SEI), in its products. Grayscale categorized these altcoins into 5 categories: currency, smart contract platforms, finance, consumer/culture, and utility. Doge, as a representative meme coin, was classified in the consumer/culture category.

Some analysts also suggest that a meme coin bull market is approaching, led by Doge. Cryptocurrency analyst Murad Mahmudov presented a new theory called the 'Meme Coin Supercycle' at the 'Token 2049' event in Singapore last month, drawing attention from the industry. The observation is that the cryptocurrency market is entering a phase of extreme meme coin prosperity. Mahmudov, previously known as a BTC maximalist who dismissed the value of other altcoins, has recently changed his stance on meme coins. He said, "The cryptocurrency market will become more and more meme coin-centric until it ultimately becomes the BTC standard." He analyzed that "Meme coins are growing on Solana (SOL) and Ethereum (ETH). We are in the early stages of the meme coin supercycle." In fact, the market capitalization of meme coins has been on an upward trend this year. According to CoinGecko, the market capitalization of meme coins exceeded $62 billion (about 84.9958 trillion won) on the 18th, up 3.4% from the previous day.