Looking back in history, whether in a small bull market or a large trend, the Dogecoin meme has always ranked high in market capitalization. With Trump's dream of the White House coming true, Dogecoin has also shone brightly. Musk's support for Dogecoin has not only helped it gain a foothold in social media and investment circles but the news that he will soon serve as the Minister of Government Efficiency has injected strong momentum into Dogecoin. Under the expectation of Trump's election victory, Dogecoin soared over 20% in a short time, reaching a high of $0.21936. Since November 2023, Dogecoin's price has accumulated a 120.8% increase. The following major drivers are behind this surge:
Trump + Musk Effect: If Trump wins, he will invite Musk to head the Department of Government Efficiency (abbreviated as DOGE), which coincidentally matches the abbreviation for Dogecoin. Imagine if the Department of Government Efficiency implements a layoff plan, it would undoubtedly bring widespread exposure to DOGE.
The Economic Characteristics of Dogecoin: Unlike Bitcoin's limited supply of 21 million coins, Dogecoin has an unlimited supply, aimed at preventing hoarding. Despite lacking innovation on the technical level, Dogecoin holds a place in the market due to its simplicity and community culture.
Community Power: The Dogecoin community once crowdfunded to support the Jamaican bobsled team in the Winter Olympics, such activities have made it famous, becoming a part of internet culture.
Charitable Initiatives: Dogecoin has also been involved in charitable projects like building water wells in Africa. Although it is seen as a 'joke coin,' it demonstrates payment potential. After the election, Musk's SpaceX announced it would accept Dogecoin payments, further broadening its use cases.
Currently, the traffic pillar of the Dogecoin ecosystem is undoubtedly Musk. With Trump's return, Musk's new political career may bring a new round of traffic dividends for Dogecoin. Last week, Dogecoin's nearly 30% increase was a positive response to this background.
At the same time, Neiro has emerged as a dark horse in this bull market against the backdrop of interest rate cuts. Neiro briefly broke through $0.0025, with a 24-hour increase of 24.68%, setting a new historical high. The logic supporting its explosive growth includes:
Dogecoin Family Connection: Neiro, as the first Shiba Inu meme coin on Ethereum, has deep ties to Dogecoin. Its backstory is related to Dogecoin, and Neiro is inspired by another dog adopted after the death of Kabosu, the original Dogecoin dog.
High Trading Volume/Market Cap Ratio: Neiro is the only cryptocurrency with a trading volume/market cap ratio exceeding 1, more than three times that of Dogecoin, indicating its market activity.
Whale Activity: A certain whale address has withdrawn a large amount of Neiro, further pushing up its price.
Meme Season Surge: Under the strong momentum of Ethereum, meme coins like Neiro have surged.
So, who will be the next 'king of the canine world'? In the current market environment, the following altcoins are attracting attention:
GOAT: Combining AI and meme elements, supported by mainstream trading platforms, it has become a strong competitor in the market.
UNI: After Trump's victory, Unichain is expected to eliminate regulatory risks, and the market response is positive.
AAVE: One of the leaders in the DeFi space, performing steadily, with the Trump family's crypto project built on it.
ENA: As the crypto market rises, financing rates are positive and delta-neutral yields are high, ENA follows suit.
To find opportunities before the next meme coin surge, pay attention to the following points:
Traffic Narrative: Does the meme prototype stem from the overflow of Web 2.0 popularity? Pay attention to social media hotspots and discussions on Twitter and Farcaster.
Celebrity Effect: Is the meme mentioned multiple times by well-known figures or official sources?
Community Atmosphere: What is the atmosphere of the meme community? How is its development?
