After the "Trump effect" swept the cryptocurrency market, pushing BTC prices close to 90,000 dollars, the "Musk effect" also roared in. As the former "DOGE father", the most affected naturally is the "number one meme coin" - DOGE. According to Coingecko data, DOGE's market capitalization surged in just two days, quickly surpassing XRP and USDC, currently ranking sixth in cryptocurrency market capitalization with over 63 billion dollars.
"Meme number one coin": The king of meme coins spanning four major cycles.
As we mentioned previously in the article (A 3-Minute Overview of the Brief History of Meme Coins: Past and Future):
The prototype of DOGE, Kabosu, began to spread widely on global forums such as 4chan and Reddit in the summer of 2013. Taking advantage of this cultural craze, Jackson Palmer and Billy Markus released Dogecoin (i.e., DOGE) on the Bitcointalk forum on December 8, 2013 - it is the first cryptocurrency based on an internet meme. The success of Dogecoin led to a new class of coins that are unconventional, humorous, and satirical, using celebrities (such as Kanye West, Max Keiser), animals (such as Pandacoin), or characteristics that attempt to attract specific groups as memes. All of these coins were launched in the "Alternative Cryptocurrency" subforum on Bitcointalk using proof of work (PoW). The "specifications" became less important, while the "meme" became more significant. From its launch in 2013 to this year when the DOGE prototype Shiba Inu Kabosu passed away in May, DOGE has consistently been an integral part of the cryptocurrency market across nearly four crypto cycles (note: defined by four-year intervals: 2012-2015, 2016-2019, 2020-2023, 2024 ~). In particular, it has become the oldest in this cycle known as the "meme coin SuperCycle" and is one of the only major meme coins in the top 10 cryptocurrencies by market capitalization, with historical significance and market performance that are equally crucial. Specifically, its value is reflected in three major aspects:
First, DOGE is the "synonym" for meme coins.
Undoubtedly, if there is a meme coin project that has the widest spread, the greatest impact, and the highest recognition, it is DOGE. This is not only due to its long history and the positive support from the now hot "Trump supporter" Musk, but also due to its highly viral nature and the extremely low barrier of understanding of the "original meme" - Shiba Inu Kabosu. As the saying goes: "Who would refuse a cute and adorable dog?" One of the "3B principles" revered in advertising is Beast - animals, and DOGE is a striking example.
In other words, when new market participants enter, the best choice in front of countless newcomers is DOGE. This can also be seen from the recent surge in Google searches for Bitcoin - if Bitcoin is the banner that can be seen at first glance when entering cryptocurrency, then DOGE is the "key" to entering the cryptocurrency world.
Secondly, DOGE is the meme coin "ceiling".
From the perspective of the meme coin "ceiling", DOGE's market capitalization peak once reached about 88.8 billion dollars (according to Coingecko data, occurring in early May 2021), with its price soaring to about 0.73 dollars. Compared to other cryptocurrency projects with market capitalizations often reaching hundreds of billions or even over a trillion dollars, DOGE is a "miracle" in the industry.
As a new round of crypto cycles approaches, driven by favorable news such as Trump's election as the new U.S. president and Musk's involvement in political and economic decision-making in the Trump government, DOGE's subsequent development momentum is expected to break previous highs, with a market capitalization of 100 billion dollars just around the corner, at which point it will undoubtedly once again become the "most eye-catching meme coin" in the cryptocurrency world.
Similarly, DOGE has set a significant example for currently highly active meme coin projects in the market, such as PEPE, FLOKI, BONK, etc. - "Meme coins can also compete with value coins and VC coins without falling behind," which is crucial for crypto players, especially new investors, who need to establish confidence and even faith in meme coins.
Thirdly, DOGE is the meme coin "barometer".
The reason DOGE is regarded as the barometer of meme coins is that it has recently become the "leader" in the warming up of meme coins -
On October 31, the eve of the U.S. election, Musk stated: "Our system is inverted; it is difficult for high-quality talent to enter the U.S. legally, while criminals can easily enter illegally. Why is illegal entry easier than legal entry? Trump and DOGE will solve this problem." (Odaily Planet Daily note: DOGE can refer to the meme coin DOGE, or it can refer to the government efficiency department D.O.G.E. that Musk has mentioned multiple times.)
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 U.S. election results were settled, Trump, aided by Musk, successfully won the U.S. election. A savvy investor quickly increased their holdings of 6.01 million Ethereum meme coins DOGE, accumulating a floating profit of 2.045 million dollars; at the same time, DOGE broke through that day.
#puppies The next Musk's golden dog is about to be born.
