In the context of a bull market, with the multiple buffs of Trump and Musk, the "D.O.G.E" conceptual token has started to surge.
Written by: Deep Tide TechFlow
According to a Reuters report on November 12, U.S. President-elect Donald Trump announced that Elon Musk and former Republican presidential candidate Vivek Ramaswamy will lead the Department Of Government Efficiency. Musk's long-promoted dream of "D.O.G.E" has come true, and he has smoothly ascended to the position of "Minister Musk."
As soon as the news broke, the "D.O.G.E" conceptual token, which had been stirring for some time, surged across the board, with the leading $DOGE market cap doubling to surpass $400 million, and many similarly named tokens also rising.
Is "D.O.G.E" related to the recently surging Dogecoin?
At first glance, D.O.G.E seems to be a rehash of Musk's beloved Dogecoin $DOGE, with just a few separators added. However, apart from the identical spelling, D.O.G.E has no direct conceptual connection to Dogecoin.
D.O.G.E stands for Department Of Government Efficiency, which refers to a planning idea Musk mentioned during an online conversation with Trump on August 13 regarding government departments. In the discussion, Musk stated, "I think we need a government efficiency committee to examine where we are spending wisely and where we are not."
Just a few days after this concept was first mentioned, on August 20, Musk posted an AI-generated image on his Twitter account, labeled "Department Of Government Efficiency," with the caption "I am willing to serve."
Not long after, Musk mentioned this concept again: on September 7, he posted an AI image featuring the "D.O.G.E" characters on Twitter, captioned "Department Of Government Efficiency," and pinned the tweet. At that time, related conceptual tokens began to explode, and many similarly named tokens also emerged.
Essentially different, but does it stop the rise?
Through analysis, it is evident that D.O.G.E completely belongs to the "American politics" concept, rather than the "animal meme" concept. However, with the bull market underway, it is clear that this essential difference does not dampen the market's fervent emotions.
After the election, the market entered a frenzied "Trump trade" state, with not only Trump's company stock prices soaring, but the fervor has even spread to Musk, Trump's number one supporter: Tesla's stock price skyrocketed, Dogecoin $DOGE broke a three-year high, reaching historical peaks, and even the "Squirrel Coin" $PNUT that Musk has frequently mentioned has been rising continuously, with the bull market effect beginning to show.
Under the multiple buffs of the bull market, Trump, and Musk, the "D.O.G.E" conceptual token has started to surge.
Surging across the board, what are the similarly named tokens?
Of course, the D.O.G.E concept being repeatedly mentioned by Musk has finally borne fruit, benefiting not only the secondary players who love $DOGE but also the primary on-chain market, which has its own "diversity." After careful selection, Deep Tide has compiled several current D.O.G.E conceptual tokens that have liquidity and a certain level of popularity.
Note: Meme token prices are highly volatile and carry significant risks. Investors should fully assess risks and participate cautiously. This article is merely a sharing of information based on market trends, and the author and platform make no guarantees regarding the completeness or accuracy of the content. This article does not constitute any investment advice.
- ### $DOGE: Concept Leader
Contract Address:
0x1121acc14c63f3c872bfca497d10926a6098aac5
24H Trading Volume: $70 million
Current Market Cap: $300 million
Highest Market Cap: $420 million
$DOGE was launched on August 20, and after experiencing three ups and downs, it finally gained market recognition, confirming its leading status. After the election, its market cap rose from $30 million to today's peak of $420 million, with a maximum increase of over 10 times.
- ### $D.O.G.E: Correct Name, Secondary Network Leader
Contract Address:
0x46fdcddfad7c72a621e8298d231033cc00e067c6
24H Trading Volume: $2.4 million
Current Market Cap: $2 million
Highest Market Cap: $4.5 million
This $D.O.G.E was launched after Musk pinned the D.O.G.E concept tweet in September, and it has a somewhat "conspiracy" feel to its trend. As a latecomer, it experienced extreme turmoil within three days of launch: "surge—drop tenfold—surge—drop again," until the wallet address that targeted it sold all its chips, and the token price gradually stabilized. After the news boosted the leader today, the secondary token also followed suit, with a maximum daily increase of over 600%, surpassing the leader in terms of percentage increase, and the current market cap has fallen back to around $2 million.
- ### $DOGE (Solana): Solana's Related Concept Leader
Contract Address:
9TY6DUg1VSssYH5tFE95qoq5hnAGFak4w3cn72sJNCoV
24H Trading Volume: $75 million
Current Market Cap: $22 million
Highest Market Cap: $22 million
Sharing the same name as the previous token, this token has the advantage of being created earlier (those who like OG concepts are in luck). However, it seems that its market cap and trading activity are relatively poor, and the community is not active, performing average among similar concepts.
Summary
With Musk appointed as the head of the Department of Government Efficiency, the D.O.G.E concept has officially landed today. The subsequent trends of related tokens will depend on whether the positive news leads to a crash or if the establishment of the department serves as a new beginning for the concept. We will keep an eye on it.
As market participants, it is important to stay vigilant in any market trend and not to blindly follow the hype~
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