Dogecoin (DOGE) rallied ahead of all meme coins and tokens after a tangential mention during Donald Trump’s rally. DOGE rose above $0.15 on mentions of the Department of Government Efficiency.
Dogecoin (DOGE) may be the oldest meme asset, but it’s also behaving like a hot PolitiFi token. After Donald Trump’s rally in Madison Square Garden, DOGE rose after the tangential mention of the Department of Government Security.
This hypothetical regulator, proposed by billionaire Elon Musk, has the potential to drive the DOGE ticker into the minds of an even wider audience. In the short term, the exposure pushed DOGE ahead of all other memes, to a range above $0.15.
The recent breakout follows months of sideways trading, where DOGE was range-bound between $0.08 and $0.12. The recent rally sparks hope for renewed irrational demand similar to riskier meme tokens. Extreme predictions reappeared, suggesting DOGE may attempt to move close to $1.
The last few hours extended the DOGE rally, as the price went vertical. DOGE added 7.85% to its price, becoming the biggest gainer among meme assets. The short-term expectation is for DOGE to recover to $0.17 and potentially extend its gains during the final stretch of the US Presidential election season.
DOGE has reacted to Elon Musk’s social media promotions but added a new factor to its appeal. In the past day, DOGE rallied along with Bitcoin (BTC) while all other assets lagged.
As of October, DOGE is still a simple payment coin. However, the recently introduced Dogebox project will aim to introduce programmability and turn DOGE into an app platform. Dogebox will introduce a voting platform, app-building and add e-commerce opportunities. There has been talk of transforming DOGE into a proof-of-stake token, though the current L1 helps to differentiate the first meme from all other tokens.
Will DOGE become a leading meme again?
DOGE drifted sideways for months, while more popular memes had their more dramatic rallies. The opportunities for DOGE, however, offer much higher liquidity and an abundance of centralized listings. During the latest rally, volumes went above $2.5B, with a $2.2M market depth on the downside.
DOGE mining is also adding new holders, though for relatively small payouts. DOGE helps make Litecoin (LTC) mining more profitable, especially with its rising price.
More than 21% of all DOGE is still held in the top wallet, which is mostly used for long-term holding. The value of the wallet exceeds $4.9B after the latest appreciation.
DOGE itself may not spread as fast, since meme traders are mostly relying on Ethereum and Solana (SOL). Versions of DOGE may exist on those networks, but the original coin requires a different type of wallet and access to centralized exchanges.
The recent rise of DOGE did not affect dog-themed tokens as a whole. DOGE has a different user profile, depending on Binance and Coinbase trades. Additionally, as much as 62% of all crypto volumes on Robinhood are tied to DOGE.
The mined meme coin has already gained mainstream popularity independent of similar dog-themed assets. Despite this, DOGE onboarding remains slightly harder compared to trading meme tokens.
Dogecoin is still mined in a separate L1, producing 10,000 DOGE for each Litecoin block. DOGE will increase its supply perpetually, with no cap. Along with DOGE, Bellscoin (BEL) also expanded in October, stabilizing around $1.47.
New memes launched around DOGE
In addition to DOGE, a new asset of the same ticked broke out this Monday. The asset, launched in October, is literally named Department of Government Efficiency (DOGE).
The token expanded from $0.006 as of October 10, up to $0.06 in the past day. The token only relied on a Uniswap V2 pair with $2.2M in liquidity. This version of DOGE may have a relatively short-lived rally.
The decentralized token is also risky, as small-scale wallet clusters are already forming. The token has been accumulated by several wallets that may decide to sell at any moment.
Despite the popularity of the original DOGE, other tokens like SHIB, FLOKI, WIF, and NEIRO are still having a downturn.
Source: https://www.cryptopolitan.com/dogecoin-shows-strength-after-trump-rally-hints-at-ticker/