Throughout history, in every small bull market or large bull market, there have always been a few Doge family MEMEs that have surged close to the top 50 in market cap.
This time, Trump finally fulfilled his dream of the White House, and DOGE also shone brightly. Musk's support for Dogecoin has secured its place in social media and investment circles, while his upcoming role as the Minister of Efficiency has injected new confidence into Dogecoin. Within two hours, it surged over 20% to $0.21936.
The logic behind Dogecoin's surge.
Perhaps stimulated by the increasing likelihood of Trump's election, Dogecoin (DOGE) performed quite well in October 2024. Supported by Musk, Dogecoin's price surged nearly 31% within 24 hours to $0.21289, marking the highest daily increase among the top 100 cryptocurrencies by market cap. Since November 2023, DOGE's price has also risen by 120.8%. The reasons include the following:
1. Support from the Trump + Musk combination.
Trump has stated that if he wins, he will invite Tesla CEO Elon Musk, known as the 'godfather of Dogecoin', to lead the government spending audit, implement strong reforms, and establish a 'Department of Government Efficiency' (Department of Government Efficiency), abbreviated as DOGE, to propose suggestions for reducing waste, fraud, and unnecessary expenditures, which coincidentally shares the same abbreviation as Dogecoin.
Imagine in January 2025, the Department of Government Efficiency (DOGE) initiates a 30% layoff across government departments, which will surely provide DOGE with a great exposure opportunity.
2. Doge's economics.
Unlike Bitcoin's total supply of 21 million, Dogecoin has no supply limit and was initially designed to prevent long-term holders from hoarding the currency. From a technical perspective, Dogecoin did not make significant innovations in its early years of development, and its core protocol is very similar to Litecoin. However, its simplicity and community-driven culture provide it with a certain market foundation.
3. Strong community support.
In early 2014, the Dogecoin community raised funds through crowdfunding to support the Jamaican bobsled team in attending the Sochi Winter Olympics. Such activities provided significant media exposure for Dogecoin in its early days and established it as a symbol of internet culture.
4. Commitment to advancing charitable projects.
For instance, the water well construction projects in Africa and sponsorship activities for NASCAR driver Josh Wise. While these activities showcase Dogecoin's potential as a payment tool, its price remains relatively low in the long term as it is still perceived as a 'joke' currency.
Additionally, after Musk locked in Trump's victory in the election, his SpaceX venture will also promote the development of Doge. For example, SpaceX announced that it would accept Dogecoin as payment for certain services, further enhancing Dogecoin's mainstream application scenarios.
Overall, the main source of traffic in the current DOGE ecosystem is undoubtedly Musk, so it is highly likely that his next political career will coincide with Trump's return, bringing new potential for DOGE's political traffic. The nearly 30% increase in DOGE last week was a response to this backdrop.
Trump won, and Neiro greatly benefited.
After the Federal Reserve announced an interest rate cut in the early morning, both cryptocurrency and US stock markets surged. Among the top 200 tokens by market cap, RAY led the way with a 13.7% increase, followed by ADA and NEIRO.
Neiro is definitely a star in this bull market; if there were to be an award for 'Dogecoin of this bull market', it would undoubtedly be it. Just now, Neiro briefly broke through $0.0025, with a 24-hour increase of 24.68%, setting a new historical high.
After nearly a month of correction and cleansing, Neiro surged strongly in one day, returning to its previous high, proving the strength of the behind-the-scenes players.
The logic behind NEIRO's surge.
1. The close ties within the Doge family make NEIRO an attractive choice in the eyes of investors.
The first Neiro on Ethereum is a meme coin inspired by Shiba Inu, continuing the legend of the dog Kabosu behind the Dogecoin meme. The surge of DOGE has also brought attention to this token because it is related to Neiro, which was another dog adopted by Kabosu's owner after their death.
2. Neiro is the only cryptocurrency with a trading volume/market cap ratio greater than 1, and it is more than three times higher than the second-ranked $DOGE.
Neiro trading volume/market cap = 1.2.
DOGE trading volume/market cap = 0.4.
1.2 billion volume / 3 billion mc = 0.4.
Based on the $DOGE trading volume/market cap, Neiro's market cap should now be $3 billion.
3. Whale activity.
Records show that whale address 0x944 made a withdrawal of 8.02 million Neiro.
4. The arrival of the Meme season.
With Ethereum's strength, meme coins like Neiro, Goat, and Moodeng have surged, with Neiro even reaching new highs.
Who will be the next Doge King?
Following Ethereum's first double-digit increase, which drove related memes to surge, the question of who the next Doge King will be has become a concern for many partners. How to find a Meme coin before it surges?
When choosing a Meme coin, one needs to ask themselves three questions to assess its potential:
1. Does the source of the Meme inherently carry traffic (has a good narrative)?
Many Meme prototypes may not necessarily originate from Web3, but rather the hype overflow from Web2 has ignited the narrative, so it's worth paying attention to trends on well-known social media platforms while also keeping an eye on discussions on Twitter and Farcaster.
2. Will the Meme be used multiple times by well-known individuals or official accounts?
For example, the "godfather" of Meme coins, Elon Musk, and the celebrity effect of Trump, or whether other celebrities will tweet and discuss.
3. What is the community atmosphere of the Meme like, and how is its development?
In the current market environment, the following altcoins are drawing attention and are expected to become the next Neiro.
GOAT: As a leader in AI + meme storytelling, it combines the allure of artificial intelligence with the excitement of meme-driven markets, along with support from mainstream trading platforms, making it an important competitor in the cryptocurrency market.
UNI: With Trump's victory, Unichain will soon eliminate SEC risks. The market has fully acknowledged this, and UNI's upward trend is evident.
AAVE: As one of the leaders in the DeFi sector, AAVE is a generally strong project. Its performance is similar to Uniswap, where the Trump family's crypto project is built.
ENA: With the continued rise of cryptocurrencies, positive financing rates, and high delta-neutral yields, ENA has also risen, showing robust performance.
