Cross-Cycle Meme King: How DOGE Was Made?

Author: Wenser, Odaily Planet Daily

After the "Trump Effect" swept through the cryptocurrency market, driving BTC prices close to $90,000, the "Musk Effect" has also arrived. As the former "DOGE Godfather," the most affected is naturally the "Meme King" ------ DOGE. According to Coingecko data , DOGE's market capitalization surged dramatically in just two days, quickly surpassing XRP and USDC, currently ranking sixth in cryptocurrency market capitalization with over $63 billion.

Odaily Planet Daily will provide a brief analysis of DOGE's recent trends and the future development direction of Memecoins in this article for readers' reference.

"Meme King": The Meme Coin Ruler Across 4 Major Cycles

As we mentioned in our previous article "A 3-Minute Overview of the Brief History of Memecoins: Past and Future":

The prototype of DOGE, Kabosu, began to gain widespread attention on the globally renowned online forums 4chan and Reddit in the summer of 2013. Leveraging this cultural phenomenon, Jackson Palmer and Billy Markus launched Dogecoin (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 the emergence of a new category of coins that are unconventional, humorous, and satirical, using celebrities (like Kanye West, Max Keiser), animals (like Pandacoin), or characteristics aimed at attracting specific groups as memes. These were all 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 the passing of its prototype Shiba Inu Kabosu in May this year, DOGE has spanned nearly 4 cryptocurrency cycles* (Note: defined by 4-year intervals: 2012-2015, 2016-2019, 2020-2023, 2024~)* and has always been an indispensable part of the cryptocurrency market. Notably, it has become the oldest in this cycle known for the "Meme Coin SuperCycle," and is also one of the few major meme coins among the top 10 cryptocurrencies by market capitalization, with its historical status and market performance being equally significant. Specifically, its value is reflected in three major aspects:

First, DOGE is the "Synonym for Memecoins"

Undoubtedly, if there is a meme coin project that has the widest dissemination, 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-popular "Trump supporter" Musk but also because of its highly viral nature and the extremely low barrier to understanding 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 vivid example of this.

In other words, when new market participants enter, the best choice in front of countless newcomers is DOGE. This is evident from the recent surge in Google searches for Bitcoin ------ if Bitcoin is the flag that can be seen at first glance when entering the cryptocurrency world, then DOGE is the "key" to entering the cryptocurrency realm.

Second, DOGE is the "Ceiling of Memecoins"

From the perspective of the "ceiling" of memecoins, DOGE's market capitalization once reached about $88.8 billion (according to Coingecko data , occurring in early May 2021), with its price soaring to about $0.73. Compared to other cryptocurrency projects that often have market capitalizations in the hundreds of billions or even trillions, DOGE can be considered an "industry miracle."

As a new round of cryptocurrency cycles approaches, thanks to favorable news such as Trump's election as the new U.S. president and Musk joining the Trump administration to participate in political and economic decision-making, DOGE's subsequent development momentum is expected to break through previous highs, with a market capitalization of $100 billion on the horizon. At that time, it will undoubtedly become the "most eye-catching meme coin" in the cryptocurrency market once again.

Similarly, DOGE has set a significant example for currently highly active meme coin projects in the market, such as PEPE, FLOKI, and BONK ------ "Meme coins can compete with value coins and VC coins without falling behind," which is crucial for crypto players, especially new investors, who need to build confidence and even faith in memecoins.

Third, DOGE is the "Weather Vane of Memecoins"

DOGE is regarded as the weather vane of memecoins because it has recently become the "leader" of the warming trend in memecoins ------

On October 31, just before the U.S. elections, Musk posted : "Our system is inverted, making it 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." (Note from Odaily Planet Daily: DOGE can refer to both the meme coin DOGE and the government efficiency department D.O.G.E. that Musk has mentioned multiple times.)

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

On November 6, after the U.S. elections were settled, Trump, with Musk's full support, successfully won the election. A savvy investor quickly increased their holdings of 6.01 million Ethereum meme coin DOGE, accumulating a floating profit of $2.045 million; meanwhile, DOGE broke through 0.2 USDT on the same day, with a 24-hour increase of 19.18%, and has continued to rise since then, with its market capitalization soaring from the previous $16 billion to nearly $64 billion, equivalent to a fourfold increase within a month. It's no wonder that Bloomberg exclaimed: "Trump's election triggered a speculative frenzy in the crypto market, with DOGE rising about 50% in the past five days, outperforming BTC."

At the same time, a number of dog-themed meme coins, including DOGE, have also risen sharply, with recent price performances being quite impressive.

Furthermore, as we mentioned in our article "National Carnival, Market Share Only 2.5%, How Much Space is Left for the Memecoin Market?": "When DOGE previously reached its market capitalization peak, Bitcoin was only priced around $57,361; the total cryptocurrency market capitalization was only $2.3 trillion….. In the future, with the atmosphere of national carnival, it is entirely possible for 1-3 meme coin projects with a market capitalization of $100 billion to emerge, and the overall market capitalization of the memecoin sector may exceed $300-500 billion."

The Future of Memecoins: Riding the Market Trends Towards the Stars and the Sea

Based on past performance, although the current PVP of memecoins is surging, the super cycle of memecoins belonging to more crypto players is still in the stage of building momentum, which naturally relies on many driving forces that have a significant impact on the market ------ favorable policies, capital flow, information dissemination, and practical use cases.

• In terms of favorable policies, Trump's presidency will help shape a "crypto-friendly government." In the short term, the "Trump Effect" directly stimulates Bitcoin prices to continuously break new highs, 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 favorable to the crypto industry may soon be introduced under the Trump administration." Standard Chartered Bank also stated in its research report that the Republican Party's overwhelming victory will enable the new government to implement positive policies for the digital asset sector, which could expand the total market capitalization of cryptocurrencies to $10 trillion by the end of 2026.

• In terms of capital flow, funds continue to flow into Bitcoin spot ETFs, with BlackRock's Bitcoin spot ETF IBIT surpassing its gold ETF IAU in just 10 months; as the Federal Reserve's interest rate cut policy continues to stimulate, it is believed that more funds will flow into the crypto market, further boosting the market capitalization of the memecoin sector, including DOGE, as well as the overall cryptocurrency market.

• In terms of information dissemination, Musk, as the "DOGE Godfather," naturally carries a halo effect, continuously creating and triggering global attention. At the same time, traditional search engine channels like Google, as well as emerging AI application platforms represented by Grok and ChatGPT, will provide convenient sources and avenues for the continuous production and dissemination of memecoin-related information.

• In terms of practical use cases, on one hand, the charitable donation use cases of memecoins have garnered increasing attention and usage. The ups and downs of the TikTok viral meme coin MOODENG, named after a popular hippo, and the project's humorous antics of "sending money to Vitalik and saying not to dump, we will do charity ourselves," have added a colorful annotation to the "actual value" of memecoins; on the other hand, with the continuous breaking of boundaries by memecoins, similar use cases like Tesla supporting DOGE token payments will further develop. Additionally, the development of the cat-themed meme coin sector within the Solana ecosystem is also worth close attention ------ previously, the Solana meme coin project WEN spent a considerable amount to acquire the cat-themed account @ShouldHaveCat, which has over 4.03 million followers on X platform; another meme coin MEW has recently also surpassed a $1 billion market capitalization, breaking new highs.

Conclusion

Finally, returning to DOGE, the owner of its prototype Kabosu has since adopted another Shiba Inu named Neiro, which previously stirred up the meme coin field and attracted significant attention in the cryptocurrency industry due to the "case sensitivity dispute." For DOGE, its audience is not only within the cryptocurrency industry but also closely related to a series of hot topics involving "traffic centers" like Musk.

After Trump takes office as President of the United States, Musk's Tesla and SpaceX are expected to receive more government orders and a series of favorable policies. At that time, DOGE may truly embark on its own "space journey," leading a group of younger meme coins towards the distant stars and the sea.