Trump's victory triggered a surge in the cryptocurrency market, with Doge (DOGE) briefly breaking through $0.3, surging 27.1% in the past 24 hours and surpassing USDC to become the 6th largest cryptocurrency by market capitalization. The recent surge in Doge is likely a preemptive reaction to the market's expectation of the "Department of Government Efficiency (DOGE)" being implemented under Trump's administration, and Musk leading the department, which will bring new attention to Doge.
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Since Trump's victory, the cryptocurrency market has been rising for consecutive days, with Bitcoin breaking through $81,000 and repeatedly hitting new highs. Among the top 30 cryptocurrencies by market capitalization, the most eye-catching gainer is the meme coin pioneer Doge ($DOGE).
Doge surpasses USDC to become the 6th largest cryptocurrency
CoinGecko data shows that Doge soared from less than $0.23 yesterday (10th) to over $0.3 around 10 am today, hitting a new high since early November 2021. In the past 24 hours, Doge has surged 27.1%, with its market capitalization exceeding $42.39 billion, surpassing USDC's $36.9 billion market cap to become the 6th largest cryptocurrency.
The volatility of Doge has also triggered a large amount of liquidation activity in the market. Coinglass data shows that the liquidation amount of Doge in the past 24 hours reached $64.3 million, second only to Bitcoin and Ethereum.
Doge-themed meme coins surge
Possibly influenced by the surge in Doge, other Doge-themed meme coins have also performed well, occupying the top spots in the market capitalization growth ranking of the top 100 cryptocurrencies:
- Ranked 3rd, WIF: Surged 24.1%, with a market capitalization of $3.11 billion
- Ranked 4th, FLOKI: Increased 22.3%, with a market capitalization of $1.77 billion
Will Doge repeat its 2021 rally?
Although Doge has surged over 90% in the past week, it is still 60.3% away from its all-time high in May 2021. This has raised market concerns: will Doge repeat its 2021 rally in this bull market?
Doge price trend (weekly)
Doge's surge in the past was closely related to Musk's (Elon Musk) support. Musk has publicly expressed his support for Doge on X, calling it the "people's cryptocurrency" and referring to himself as the "Dogefather".
He frequently posted tweets about Doge, directly impacting investor sentiment and triggering multiple price surges. For example, in April 2021, Musk shared a "Doge barking at the Moon" meme on Twitter, causing Doge's price to hit a new high, breaking through $0.70.
Furthermore, Musk has revealed that Tesla will support Doge payments for certain products, and announced that his planned Supercharger stations will also accept Doge payments, fueling market expectations for Doge's application scenarios, making it not just a meme known to the crypto community, but also widely recognized globally.
Following Tesla, Musk announced that his aerospace company SpaceX will soon accept Doge payments for some products and services, and even named his satellite launch plan "Doge-1", which will be funded by Doge, further boosting Doge's price, popularity, and the potential for it to be used as a payment method and funding tool.
Since then, Musk has continued to support Doge on X, such as revealing in a recent X Space that he still holds a large amount of Doge and has not sold a single Doge, as Doge is his favorite cryptocurrency.
Musk proposes the establishment of the Department of Government Efficiency (DOGE)
Prior to the US presidential election, Musk launched an initiative called the "Department of Government Efficiency" (DOGE), aiming to conduct a comprehensive financial audit of the US federal government and suggest ways to reduce waste, fraud, and unnecessary spending. The name of this plan coincides with the ticker symbol of Doge, "DOGE".
Subsequently, Trump adopted this idea and announced on September 6th at the New York Economic Club that he would establish the Department of Government Efficiency led by Musk if elected. On October 27th, Musk took the stage to campaign for Trump, stating that the goal of leading this department is to cut $2 trillion from the federal budget.
The next day, Musk shared a photo on the X platform of himself supporting Trump, wearing a "Make America Great Again" hat and making a similar gesture to a Shiba Inu dog, further promoting Doge.
Now, with Trump's victory, the market is full of expectations for the implementation of the "Department of Government Efficiency" and Musk's renewed promotion of Doge, which has injected new political momentum into Doge. The recent surge in Doge may be a reaction to this background.
Therefore, when considering whether Doge can repeat its 2021 performance, it is worth considering whether Musk will truly enter politics and whether the Department of Government Efficiency will be successfully implemented. If the answers to these questions are affirmative, then Doge has a high probability of gaining significant attention, as the essence of meme coins is attention.
Note: Initially, Doge was a meme coin based on internet jokes or popular culture, created by Billy Markus and Jackson Palmer in 2013, as a lighthearted and entertaining way to parody the serious and speculative cryptocurrency market at the time.
The original inspiration for Doge came from the Shiba Inu dog Kabosu from Japan. Kabosu's owner, Atsuko Sato, often shared photos of Kabosu's daily life on the internet, and a photo of Kabosu with her paws crossed and a satisfied smile, posted on February 13, 2010, in an article titled "What's for dinner tonight?", became the meme image for Doge.
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