BlockBeats Note: On November 13, Trump stated in his latest statement that he will cooperate with Elon Musk and American patriot Vivek Ramaswamy to establish the Department of Government Efficiency (DOGE). The acronym of the department name happens to be the same as the meme coin DOGE, which increases people's bullish expectations for DOGE. Possibly affected by this news, DOGE surged in the short term, breaking through $0.41, with a 24-hour increase of 15.8%. Subsequently, Musk released the logo of the Department of Government Efficiency (DOGE) and posted that "Making Government Fun Again!"
Although they share the same name, the logo of the Department of Government Efficiency released by Musk is not the same as the DOGE meme mentioned in the text and is not directly related. The DOGE mentioned in the text refers to the meme project in the crypto community, please readers to distinguish. This article is for popular science and learning exchange, and does not contain any investment advice.
The following is the original content:
After the "Trump effect" swept the cryptocurrency market, driving BTC prices to approach $90,000, the "Musk effect" has also arrived. As the former "DOGE godfather", the most driven is naturally the "Meme No. 1 coin" - DOGE. According to data from the Coingecko website, DOGE's market capitalization has surged in just two days, quickly surpassing XRP and USDC, and is currently ranked sixth in the cryptocurrency market with a market capitalization of over $63 billion.
Odaily Planet Daily will briefly analyze the recent trend of DOGE and the future development of Memecoins in this article for readers' reference.
The "Meme No. 1 Coin": The Meme Coin King Across 4 Major Cycles
As we mentioned in our previous article "A 3-Minute Overview of the History of Meme Coins: Past and Future" -
"The prototype of DOGE, Kabosu, began to be widely disseminated on the globally renowned online forums 4chan and Reddit in the summer of 2013. Riding on this cultural fever, Jackson Palmer and Billy Markus released Dogecoin (DOGE) on the Bitcointalk forum on December 8, 2013 - it was the first cryptocurrency based on an Internet meme.
The success of Dogecoin has brought about a new class of coins that are unconventional, humorous, and satirical, using celebrities (such as Kanye West, Max Keiser), animals (such as Pandacoin), or trying to attract specific groups as memes. These were all launched on the "Alternative Cryptocurrency" sub-forum of Bitcointalk using the Proof-of-Work (PoW) mechanism. "Specifications" became less important, and "Meme" became more important."
From its launch in 2013 to the death of the DOGE prototype Kabosu in May this year, spanning nearly 4 crypto cycles (Odaily Planet Daily note: with 4 years as a boundary, divided into 2012-2015, 2016-2019, 2020-2023, 2024 ~), DOGE has always been an indispensable part of the cryptocurrency market. In particular, it has become the oldest and one of the few Memecoins among the top 10 cryptocurrencies by market capitalization in this cycle known as the "Meme Coin SuperCycle". Its historical status and market performance are equally important. Specifically, its value is manifested in 3 aspects:
First, DOGE is the "synonym" of Memecoins
Without a doubt, if there is a Memecoin project with the widest dissemination, the greatest impact, and the highest recognition, it is DOGE. This is not only due to its long history and the positive support of the currently hot "Trump fan leader" Musk, but also because of its highly viral transmission and extremely low entry threshold "primitive meme" - the Shiba Inu Kabosu. As the saying goes: "Who would refuse a cute and adorable dog?" One of the "3B principles" revered in the advertising industry is Beast - animals, and DOGE is a vivid case in point.
In other words, when new market participants enter, the best choice in front of countless newcomers is DOGE. This can be seen from the recent surge in Google searches for Bitcoin - if Bitcoin is the first flag that can be seen when entering the cryptocurrency, then DOGE is the "key" to entering the cryptocurrency world. Regarding the advantages of Memecoins such as the entry threshold, we have also mentioned them in our previous article "Memecoins: A Complete Substitute for Non-Fungible Tokens", you can refer to it if you are interested.
Second, DOGE is the "ceiling" of Memecoins
From the perspective of the "ceiling" of Memecoins, DOGE's all-time high market capitalization once reached around $88.8 billion (according to Coingecko data, which occurred in early May 2021), and its price once soared to about $0.73. Compared to other cryptocurrency projects with market capitalizations in the hundreds of billions or even trillions of dollars, DOGE can be called a "miracle in the industry".
And as the new crypto cycle approaches, driven by the good news of Trump's election as the new US president and Musk's participation in Trump's government to participate in political and economic decision-making, DOGE's future development momentum is expected to break through its previous high, with a market capitalization of $100 billion within reach, at which point it will once again become the "most eye-catching Memecoin" in the cryptocurrency.
Similarly, DOGE has also set a great example for the currently highly active Memecoin projects in the market such as PEPE, FLOKI, and BONK - "Memecoins can also compete with a host of value coins and VC coins without falling behind", which is particularly important for crypto players who urgently need to build confidence and even faith in Memecoins, especially new entrant investors.
Third, DOGE is the "wind vane" of Memecoins
The reason why DOGE is seen as the wind vane of Memecoins is that it has recently become the "leader" of the Memecoin rebound -
On October 31, on the eve of the US election, Musk posted that "our system is inverted, making it difficult for high-quality talents to legally enter the US, while criminals can easily enter the US illegally. Why is illegal entry easier than legal entry? Trump and DOGE will solve this problem." (Odaily Planet Daily note: DOGE can refer to both the Memecoin DOGE and the Department of Government Efficiency D.O.G.E. that Musk has mentioned several times before.)
On November 2, Robinhood Crypto EU announced that Robinhood Crypto now supports DOGE token transfers, as well as deposits and withdrawals.
On November 6, after the US election dust settled, Trump, who was supported by Musk, successfully won the US election. Some smart money quickly increased their holdings by 6.01 million Ethereum Memecoin DOGE, with a total unrealized profit of $2.045 million; at the same time, DOGE broke through $0.2 USDT that day, with a 24-hour increase of 19.18%, and has continued to rise since then, with its market capitalization soaring from the previous $16 billion to nearly $64 billion now, a 4-fold increase in about a month. No wonder Bloomberg even exclaimed: "Trump's election triggered a speculative frenzy in the crypto market, with DOGE up about 50% in the past 5 days, outperforming BTC".
At the same time, a number of dog-themed Memecoins including DOGE have also been riding the wave, with their recent price performance quite eye-catching.
Furthermore, as we mentioned in our article "The Whole Nation is Celebrating, with a Market Cap Accounting for Only 2.5%, How Much Room is Left for the Memecoin Market?": "When DOGE reached its market capitalization high, the price of Bitcoin was only around $57,361; the overall cryptocurrency market capitalization was only about $2.3 trillion.... In the future, under the euphoric sentiment, 1-3 Memecoin projects with a market capitalization of $100 billion are entirely possible, and the total market capitalization of the Memecoin sector may even break through $300-500 billion."
The Future of Meme Coins: Riding the Market Trend, Sailing to the Stars
Looking at past performance, although Meme Coins are currently surging, the super cycle of Meme Coins, which belongs more to crypto players, is still in the stage of accumulating strength. This is naturally inseparable from the many driving forces that have a huge impact on the market - policy incentives, capital flows, information dissemination, and actual use cases.
· In terms of policy incentives, the Trump administration will help shape an "crypto-friendly government". In the short term, the "Trump effect" directly stimulates the bitcoin price to break new highs repeatedly, while in the long run, its most important value lies in the creation and stable operation of an "crypto-friendly government". According to a report by Galaxy, "various exemptions favorable to the crypto industry are likely to be introduced soon under the Trump administration." Standard Chartered Bank also stated in a research report that the Republican Party's landslide victory will enable the new government to implement positive policies for the digital asset sector, which could cause the total market capitalization of cryptocurrencies to swell to $10 trillion by the end of 2026.
· In terms of capital flows, there is a continuous inflow of funds into bitcoin spot ETFs, with BlackRock's bitcoin spot ETF IBIT surpassing its own gold ETF IAU in just 10 months; and with the continued stimulus of the Federal Reserve's interest rate cuts, it is believed that more funds will flow into the crypto market, boosting the Meme Coin sector, including DOGE, as well as the overall market capitalization of cryptocurrencies.
· In terms of information dissemination, as the "DOGE godfather", Musk naturally has a halo effect and can continuously create and trigger global attention. At the same time, traditional search engine channels like Google, as well as emerging AI application platforms like Grok and ChatGPT, will provide convenient sources and channels for the continuous production and dissemination of Meme Coin-related information.
· In terms of actual use cases, on the one hand, the charitable donation use case of Meme Coins has gained more and more attention and use, with the ups and downs of the Meme Coin MOODENG named after the viral TikTok star hippopotamus, and the series of ridiculous events where the project "sent money to Vitalik" and "called on him not to dump the market, we'll do charity ourselves", which have written a vivid annotation for the "actual value" of Meme Coins; on the other hand, with the continued breakthrough of Meme Coins, similar use cases like Tesla supporting DOGE token payments will also be further developed. In addition, the development of the Solana ecosystem's cat-themed Meme Coin sector is also worth close attention - previously, the Solana ecosystem Meme Coin project WEN spent a considerable amount to acquire the cat-themed account @ShouldHaveCat with over 4.03 million followers on the X platform; another Meme Coin MEW has also recently broken through a $1 billion market cap, hitting a new high.
Summary
Finally, to return to DOGE, the owner of its prototype Kabosu has also recently adopted another Shiba Inu named Neiro, who has also caused a stir in the Meme Coin sector and triggered high attention in the cryptocurrency industry due to the "case-sensitive dispute" (see the article "Neiro and NEIRO Listed on Binance, A Turning Point for the Meme Coin Track?"). As for DOGE, its attention group is not only in the cryptocurrency industry, but also closely related to "traffic centers" such as Musk.
And after Trump takes office as President of the United States, Tesla and SpaceX under Musk are expected to receive more government orders and a series of policy incentives. At that time, DOGE may truly embark on its own "space journey", leading a group of Meme offspring to sail to the distant stars.
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