The King of Cycle-Crossing Meme: How was DOGE created?

Original | Odaily Planet Daily ( @OdailyChina )

Author: Wenser ( @wenser 2010 )

After the Trump effect swept the cryptocurrency market and drove the price of BTC close to $90,000, the Musk effect also came roaring. As the former Godfather of DOGE, the most driven is naturally the No. 1 Meme Coin – DOGE. According to data from the Coingecko website , DOGEs market value skyrocketed in just two days, quickly surpassing XRP and USDC, and currently ranks sixth in the cryptocurrency market value with a market value of over $63 billion.

Odaily Planet Daily will briefly analyze and explain the recent trend of DOGE and the future development direction of Memecoin in this article for readers reference.

“The First Meme Coin”: The King of Meme Coins Across Four Major Cycles

As we mentioned in the article 3-minute quick history of Meme coin: past and future –

The DOGE prototype Kabosu began to spread widely on the world-renowned online forums 4chan and Reddit in the summer of 2013. Taking advantage of this cultural craze, Jackson Palmer and Billy Markus released Dogecoin (DOGE) on the Bitcointalk forum on December 8, 2013 – it was the first cryptocurrency based on the Internet Meme.

The success of Dogecoin has brought about a new class of currencies that are eclectic, humorous, and sarcastic, using celebrities (such as Kanye West, Max Keiser), animals (such as Pandacoin), or characteristics that try to attract a specific group of people as memes. These are currencies launched in the Alternative Cryptocurrency sub-forum of Bitcointalk with proof of work (PoW). Specifications have become less important, and Meme has become more important.

From its launch in 2013 to the death of DOGE prototype Shiba Inu Kabosu in May this year, DOGE has been an indispensable part of the cryptocurrency market for nearly four crypto cycles. In particular, it has become the oldest in this cycle known as the Meme Coin SuperCycle and is also the only major meme coin in the top 10 cryptocurrency market capitalization. Its historical status and market performance are equally important. Specifically, its value is reflected in three aspects:

First, DOGE is a synonym for Meme coin

Without a doubt, if we talk about the most widely spread, influential and recognized Meme coin project, it must be DOGE. This is not only because of its long history and the positive support from the now popular Trump fan Musk, but also because of its extremely viral and low-threshold original Meme – Shiba Inu Kabosu. As the saying goes: Who would refuse a cute and adorable dog? One of the 3B principles regarded as the criterion by the advertising industry is Beast – animals, and DOGE is a clear example of this.

In other words, when new market participants enter, the best choice for countless newcomers is DOGE. This can be seen from the recent surge in the popularity of Bitcoin on Google searches . If Bitcoin is the first flag you see when entering the cryptocurrency market, then DOGE is the key to cryptocurrency. Regarding the entry threshold and other advantages of Meme Coin, we have also mentioned it in the article Meme Coin: A Complete Alternative to NFT. If you are interested, you can refer to it.

Second, DOGE is the ceiling of Meme coins

From the perspective of the ceiling of Meme coins, DOGEs market value peaked at around $88.8 billion (according to Coingecko data , it was generated in early May 2021), and its price once soared to about $0.73. Compared with other cryptocurrency projects with market values of tens of billions or even hundreds of billions of dollars, DOGE can be called a miracle in the industry.

As a new round of encryption cycle approaches, thanks to the positive news such as Trumps election as the new US president and Musks joining the Trump administration to participate in political and economic decision-making, DOGEs subsequent development momentum is expected to break through its previous highs, and a market value of $100 billion is just around the corner. By then, it is bound to once again become the most dazzling Meme coin in cryptocurrency.

Similarly, DOGE has also set a great example for the highly active Meme coin projects currently in the market, such as PEPE, FLOKI, BONK, etc. – Meme coins can also compete with a number of value coins and VC coins without losing out. This is crucial for crypto players, especially new investors, who are in urgent need of building confidence and even faith in Meme coins.

Third, DOGE is the “barometer” of Meme coins

The reason why DOGE is regarded as a weathervane for Meme coins is that it has recently become the leader of the Meme coin recovery.

On October 31, on the eve of the US election, Musk posted : Our system is upside down, making it difficult for highly qualified people to enter the United States legally, while criminals can easily enter the United States illegally. Why is it easier to enter the country illegally than legally? Trump and DOGE will solve this problem. (Note from Odaily Planet Daily: DOGE can refer to both the Meme coin DOGE and the government efficiency department DOGE that Musk has mentioned many times before.)

On November 2, Robinhood Crypto EU announced that Robinhood Crypto now supports DOGE token transfers, deposits and withdrawals.

On November 6, the dust settled on the US election. Trump, who was helped by Musk, won the US election. Smart money quickly increased its holdings of 6.01 million Ethereum Meme coins DOGE, with a cumulative floating profit of 2.045 million US dollars. At the same time, DOGE broke through 0.2 USDT that day , with a 24-hour increase of 19.18%, and has been rising all the way to the present. The market value has soared from the previous 16 billion US dollars to nearly 64 billion US dollars today, which is equivalent to a 4-fold increase in one month. No wonder even Bloomberg exclaimed : Trumps election has triggered a speculative boom in the crypto market. 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 rising, with recent price performance being quite impressive.

In addition, as we mentioned in the article Everyone is in carnival, market value accounts for only 2.5%, how much space is there for the Meme coin market? : When DOGE reached its peak market value, the price of Bitcoin was only around US$57,361; the overall market value of cryptocurrencies was only US$2.3 trillion… In the future, under the emotional atmosphere of national carnival, 1-3 Meme coin projects with a market value of 100 billion are entirely possible, and the overall market value of the Meme coin sector may be expected to exceed US$300-500 billion.

The future of Meme coin: sailing to the stars and the sea with the help of market trends

Judging from past performance, although Meme coin PVP is now on the rise, the Meme coin super cycle belonging to more crypto players is still in the stage of preparation, and this is naturally inseparable from the many driving forces that have a great impact on the market – favorable policies, capital flow, information dissemination and actual use cases.

• In terms of favorable policies, Trumps coming to power will help the formation of a crypto-friendly government. In the short term, the Trump effect directly stimulates Bitcoin prices to break new highs one after another, while in the long term, its most important value lies in the creation and stable operation of a crypto-friendly government. According to a report from Galaxy , various exemptions that are beneficial to the crypto industry may be introduced soon under the Trump administration. Standard Chartered Bank is also studying the report . The report said that a landslide victory for the Republican Party in the United States would enable the new government to pursue aggressive policies in the digital asset sector, which could swell the total market value of cryptocurrencies to $10 trillion by the end of 2026.

• In terms of capital flow, funds continue to flow into Bitcoin spot ETFs. It took BlackRocks Bitcoin spot ETF IBIT only 10 months to surpass its gold ETF IAU. With the continued stimulus of the Federal Reserves interest rate cut policy, it is believed that more funds will flow into the crypto market, boosting the Meme coin sector where DOGE is located and the overall market value of the cryptocurrency market.

• In terms of information dissemination, Musk, as the Godfather of DOGE, naturally has a halo effect that can continue to create and attract high attention 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 channels for the continuous output and dissemination of Meme coin-related information.

• In terms of actual use cases, on the one hand, the charitable donation use case of Meme coin has attracted more and more attention and use. The ups and downs of MOODENG, the meme coin with the same name as the popular hippopotamus on Tiktok, and the projects shouting not to smash the market anymore, we will do charity ourselves and a series of ridiculous things have also written a strong and colorful annotation for the actual value of Meme coin; on the other hand, with the continuous breakthrough of Meme coin, similar use cases like Tesla supporting DOGE token payment will be further developed. In addition, the development of Solana Ecological Cat Theme Meme Coin sector is also worthy of high attention. Previously, Solana Ecological Meme Coin project WEN spent a lot of money to acquire the cat-themed account @ShouldHaveCat with more than 4.03 million followers on the X platform; another Meme coin MEW has also recently exceeded the market value of 1 billion US dollars, breaking a new high.

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Finally, back to DOGE, Neiro, another Shiba Inu adopted by the owner of its prototype Kabosu, had also stirred up the Meme coin field before, and attracted great attention from the cryptocurrency industry due to the uppercase dispute (for details, please refer to the article Neiro and NEIRO are listed on Binance, has the Meme coin track reached a turning point? ). For DOGE, its target audience is not only in the cryptocurrency industry, but also in a series of hot spots closely related to traffic centers such as Musk.

After Trump takes over as the US president, Musks Tesla and SpaceX are expected to obtain more government orders and a series of policy benefits. By then, DOGE may truly embark on its own space journey and lead a group of Meme juniors to the distant sea of stars.

This article is sourced from the internet: The King of Cycle-Crossing Meme: How was DOGE created?