Cross-Cycle Meme King: How is DOGE Made?

Author: Wenser, Odaily Star Daily

After the ‘Trump effect’ swept the cryptocurrency market, driving the price of BTC close to $90,000, the ‘Musk effect’ also came roaring in. As the former ‘DOGE father’, the most driven naturally is the ‘Meme first coin’ - DOGE. According to Coingecko website data, DOGE’s market cap has quickly surpassed XRP and USDC in just two days, currently ranking sixth in Cryptocurrency Market Cap with a market cap of over $63 billion.

In this article, Odaily Planet Daily will provide a brief analysis and explanation of the recent trend of DOGE and the future development of Memecoin coin for readers’ reference.

“Meme No. 1 coin”: The king of Meme coins across 4 major cycles

As we mentioned in our previous article ‘A 3-minute Overview of Meme Coin History: Past and Future’,

**DOGE prototype Kabosu began to spread widely on the globally renowned internet forums 4chan and Reddit in the summer of 2013. Riding on this cultural wave, Jackson Palmer and Billy Markus released Dogecoin (i.e. DOGE) on December 8, 2013, on the Bitcointalk forum—it was the first Cryptocurrency based on an internet Meme.

Dogecoin’s success has led to a new class of coins that are eclectic, humorous, satirical, using the characteristics of celebrities (like Kanye West, Max Keiser), animals (like Pandacoin), or trying to appeal to a specific demographic as memes. These are all coins that were launched as Proof of Work (PoW) on Bitcointalk’s “Alternative Cryptocurrency” sub-forum. “Specs” become less important, and “Meme” becomes more important.

Since its launch in 2013, DOGE, whose prototype Shiba Inu Kabosu passed away in May this year, has been an indispensable part of the cryptocurrency market, spanning nearly 4 encryption cycles* (note: with 4 years as a boundary, namely 2012-2015, 2016-2019, 2020-2023, 2024 ~).* In particular, it has become the oldest in this round of the cycle known as the “Meme coin SuperCycle”, and is also the only major Meme coin among the top 10 in the Cryptocurrency Market Cap, with its historical status and market performance equally significant. Specifically, its value is reflected in 3 major aspects:

First of all, DOGE is synonymous with meme coin

Undoubtedly, if we talk about the Meme coin project with the widest spread, the highest influence, and the highest recognition, it must be DOGE. This is not only because of its long history and the positive support it has received from the popular ‘Trump fan’ Elon Musk, but also because of its highly contagious and low understanding ‘original Meme’ - Shiba Inu Kabosu. As the saying goes, ‘Who can resist a cute and adorable DOGE?’ One of the ‘3B principles’ revered in the advertising industry is Beast - animals, and in this regard, DOGE is a vivid example.

In other words, when new market participants enter, the best choice for countless newcomers is DOGE. This can also be seen from the recent surge in Google searches for BTC. If BTC is the flag that can be seen at a glance when entering cryptocurrency, then DOGE is the ‘key’ for cryptocurrency to enter the house.

Secondly, DOGE is a Meme coin “ceiling”

From the perspective of the Meme coin’s ‘ceiling’, the DOGE Market Cap once reached around 888 billion US dollars (according to Coingecko data, generated in early May 2021), and its price once soared to around 0.73 US dollars. Compared to other cryptocurrency projects with market capitalizations of hundreds of billions or even trillions of dollars, DOGE can be called a ‘miracle’ in the industry.

And as a new phase of encryption approaches, benefiting from the election of Trump as the new President of the United States and Musk’s joining the Trump administration to participate in political and economic decision-making, along with other Favourable Information stimuli, DOGE’s future development momentum is expected to break through the previous high point, with a market capitalization of $100 billion on the horizon. At that time, it will once again become the most eye-catching Meme coin in the Cryptocurrency world.

Similarly, DOGE has set a great example for highly active Meme coin projects in the market, such as PEPE, FLOKI, BONK, etc. It proves that ‘Meme coins can compete with value coins and VC coins without falling behind.’ This is crucial for encryption players who urgently need to establish confidence and even faith in Meme coins, especially for new investors getting on board.

Thirdly, DOGE is a “barometer” of Meme coins.

The reason why DOGE is seen as a benchmark for Meme coins is that it has recently become the “leader” of the warming up of Meme coins.

On October 31st, on the eve of the US election, Musk wrote: ‘Our system is upside down, making it difficult for highly talented people to legally enter the United States, while criminals can easily enter the United States illegally. Why is illegal immigration easier than legal immigration? Trump and DOGE will solve this problem.’ (Note: DOGE can refer to both the Meme coin DOGE and the government efficiency department D.O.G.E. that Musk has mentioned many times before.)

On November 2nd, Robinhood Crypto EU announced that Robinhood Crypto now supports DOGE Token transfers, as well as deposits and withdrawals.

On November 6th, the dust of the US election settled, with the assistance of Musk, Trump successfully won the US election. A clever investor quickly increased their holdings of 6.01 million Meme coin DOGE, accumulating a floating profit of $2.045 million. At the same time, DOGE broke through 0.2 USDT on that day, with a 24-hour increase of 19.18%, and has been pumping all the way up to now. The Market Cap has soared from the previous $16 billion to nearly $64 billion, which is four times higher in a month. No wonder even Bloomberg exclaimed, ‘Trump’s election triggered a speculative frenzy in the encryption market, and DOGE has risen by about 50% in the past 5 days, outperforming BTC’.

At the same time, a number of dog-themed meme coins, including DOGE, have also been on the rise, with a very impressive recent price performance.

In addition, as mentioned in the article “Carnival for All, Market Cap Accounts for Only 2.5%, How Big is the Meme Coin Market Space?”: “When DOGE reached its peak Market Cap, the price of BTC was only about $57,361; the overall Market Cap of Cryptocurrency was only 23 trillion dollars… In the future, with the festive atmosphere, it is entirely possible to have 1-3 meme coin projects with a Market Cap of 100 billion, and the overall Market Cap of the meme coin sector may exceed 3-5 trillion dollars.”

The future of Meme coin: Riding the market trend, heading for the stars and the sea

Based on past performances, although Meme coin PVP is currently popular, the Meme coin Supercycle, which belongs to more encryption players, is still in the stage of gathering momentum. This naturally cannot be separated from many driving forces that have a significant impact on the market - Favourable Information policies, capital flows, information dissemination, and practical use cases.

In terms of Favourable Information policies, Trump’s administration will help shape an “encryption-friendly government.” In the short term, the “Trump effect” directly stimulates the BTC price to break through new highs successively, while in the long term, its most important value lies in the creation and stable operation of an “encryption-friendly government.” According to a report by Galaxy, “Various exemptions favorable to the encryption industry under the Trump administration are expected to be introduced soon.” Standard Chartered Bank also stated in a research report that the overwhelming victory of the Republican Party in the United States will enable the new government to implement positive policies in the digital asset field, which may expand the total Market Cap of Crypto Assets to $100 trillion by the end of 2026.

On the fund flow side, BTCSpot ETF continues to attract funds. It only took 10 months for BlackRock’s BTCSpot ETF IBIT to exceed its gold ETF IAU. With the continued stimulus of the Federal Reserve’s interest rate cuts, it is believed that more funds will flow into the encryption market, further boosting the Meme coin sector, including DOGE, and the overall market capitalization of the cryptocurrency market.

In terms of information dissemination, as the “DOGE father,” Musk naturally brings a halo effect, which can continuously create and trigger a high degree of follow-up worldwide. At the same time, traditional search engine channels such as Google, as well as emerging AI application platforms represented by Grok and ChatGPT, will provide convenient sources and ways for the continuous production and dissemination of Meme coin-related information.

In terms of practical use cases, on the one hand, the charitable donation use cases of Meme coin have been followed and used by more and more people, such as the ups and downs of the Internet celebrity Hippo namesake MOODENG that exploded on Tiktok, and a series of ironic things such as the project’s “shouting stop dumping, we do our own charity” after “throwing money” to Ethereum founder Vitalik, also contributed to the “actual value” of Meme coin wrote a rich and colorful annotation; On the other hand, with the continuous breakthrough of meme coins, similar use cases such as TSL’s support for DOGE token payments will be further developed. In addition, the development of the Solana ecological cat-themed meme coin sector is also highly worthy of follow–previously, the Solana eco-meme coin project WEN spent a lot of money to acquire @ShouldHaveCat, a cat-themed account with more than 4.03 million followers on the X platform; Another meme coin MEW also recently broke through the $1 billion Market Cap, breaking through a new high.

Summary

Finally, returning to DOGE, another Shiba Inu named Neiro, adopted by the owner of the original prototype Kabosu, also caused a stir in the Meme coin field and sparked high attention in the cryptocurrency industry due to the ‘uppercase-lowercase dispute’. For DOGE, its followers are not only in the cryptocurrency industry, but also in a series of hot topics closely related to ‘influencers’ like Musk.

After Trump took office as President of the United States, Musk’s Tesla and SpaceX are expected to receive more government orders and a series of policy Favourable Information. By then, DOGE may truly embark on its own ‘space journey,’ leading a group of MEME juniors to set off towards the distant stars and seas.

Source: Planet Daily Original