In the ever-evolving cryptocurrency market landscape, global cryptocurrency exchange giant Binance has once again made headlines with the launch of a new batch of altcoins, including the beloved Dogecoin (DOGE) and Shiba Inucoin (SHIB). As the cryptocurrency community prepares for the impact of these new additions, Binance announced the launch of spot trading pairs AGIX/FDUSD, AR/TRY, DOGE/USDC, PEPE/USDC.SHIB/USDC and THETA/FDUSD, laying the foundation for a series of transactions
As we all know, in addition to owning Tesla, a new energy car company, and investing heavily in SpaceX rockets, Musk has also been constantly pumping up the Dogecoin (DOGE) coin. His playful interactions with DOGE on X (formerly Twitter) and his active political influence have recently triggered rounds of "MEME coin" crazes in the West, just as the United States is about to usher in a fierce Trump-Harris presidential election.
Today, Musk mentioned D.O.G.E. (Committee on Government Efficiency) in a speech in Pennsylvania to promote Donald Trump's presidential campaign, causing the price of Dogecoin to rise by 15% in 24 hours. During the speech, an audience member asked Musk about Trump's promise to appoint him to lead the "Committee on Government Efficiency" in the future. Musk replied: "Yeah, D.O.G.E." In fact, Musk left a message under a tweet on the social platform X as early as the 15th: "DOGE will fix it". If you look at the DOGE line chart for a long time, DOGE's rise has already started on the 15th.
In addition, Musk’s call for orders has been an event since 2021, but a few months ago, when Musk called for the idea of "Department of Government Efficiency (DOGE)", the DOGE market situation did not actually change much.
This time, not only did DOGE surge 15% in a short period of time, it is still rising today. This reminds people of Musk's call for DOGE in the bull market in 2021. In January, February and April 2021, Musk called for DOGE on Twitter. At that time, DOGE rose by at least 37%, and the highest was 404%.
However, some people may think that Musk's call for orders really has the flavor of a bull market, but the following data may shatter this imagination. In fact, Musk also called for DOGE in the bear market in 2022. He called for DOGE in January, April, and June, and the increases in these times were all between 10% and 32%.
If we compare this time with the 15% surge in DOGE, this alone cannot confirm that a bull market is about to come, but what is certain is that this has never happened in the past bear markets. Whether Musk can review "Musk Investment Consulting" remains to be seen.
What is Dogecoin
Dogecoin is the ninth-largest digital asset with a market cap of $18.5 billion. Initially created as a joke by developers to poke fun at the seriousness of Bitcoin, Dogecoin has become somewhat of a more serious cryptocurrency in its own right during the cryptocurrency price surge of 2020-2021.
This was partly due to Tesla and SpaceX CEO Musk frequently posting memes about the coin on Twitter (now X), which attracted a large number of followers and led to a rise in price.
The number of holders of Dogecoin (DOGE), the world's largest meme coin, has dropped sharply in recent days. The latest data shows that the number of active long-term holders has dropped to the lowest level in six months. However, amid this bearish trend, one cryptocurrency analyst remains optimistic about the future of Dogecoin, predicting that its price will soon break through the all-time high of $10
Dogecoin: From meme to financial darling
Compared with MAGA and TrumpCoin, the rise of Dogecoin is more legendary. At first, Dogecoin was just a "parody" digital currency based on Bitcoin, and its name and icon were derived from popular emoticons on the Internet. However, with the widespread spread of social media and cryptocurrency communities, Dogecoin has gradually gained more and more attention and recognition from investors.
The rise of Dogecoin is inseparable from the promotion of Tesla CEO Elon Musk. Musk often mentions Dogecoin on social media and has repeatedly expressed support for the development of the currency. This recognition from industry leaders has caused the price of Dogecoin to soar in a short period of time.
In the context of the US election, Dogecoin has also become one of the focuses of investors. Some investors believe that if Trump wins the election and promotes economic policies that are conducive to the development of cryptocurrencies, Dogecoin is expected to gain more opportunities and attention. However, some investors are worried that if Trump loses the election, the cryptocurrency market may face short-term downward pressure, and the price of Dogecoin may also be affected.
The number of Dogecoin holders has dropped significantly
Market intelligence platform Santiment recently revealed an interesting trend that shows that the sentiment of Dogecoin investors and holders is quite depressed. According to Santiment’s post on X (formerly Twitter) on October 15, the number of active Dogecoin holders is declining rapidly.
Santiment's report states that the market has lost a net of about 106,600 non-empty wallets (i.e. crypto wallets that hold at least some DOGE tokens) since October 8. The total number of Dogecoin holders is currently estimated at 6.62 million, the lowest number since April 25, 2024.
This net decrease indicates that more people are selling or transferring Dogecoin than buying it. Santiment further noted that investor interest and sentiment towards Dogecoin are clearly changing.
