As Musk’s political profession turns into extra doubtless, DOGE is drawing on a brand new visitors potential – political visitors. So the upcoming election outcomes may usher in a brand new worth cycle for DOGE.
The MEME ecosystem has been very popular recently, so I’ve continued to comply with and research it. Final week, many MEMEs gained a number of instances and even dozens of instances, however many of the tales I’ve seen and heard are nonetheless important losses. Subsequently, earlier than the narrative, I nonetheless hope that we take part within the time to keep up rationality, should do a superb job of wind management, strict implementation of the buying and selling technique, should not be survivor bias overwhelmed. Again to the subject, when researching the MEME observe, I began with DOGE, the chief of this sort of program, and located that DOGE is experiencing some attention-grabbing issues recently, and there are some insights that I want to share with you. In a nutshell, DOGE is drawing on new visitors potential – political visitors – influenced by Musk’s elevated probability of getting into politics. So the upcoming election outcomes may usher in a brand new worth cycle for DOGE.
Wanting again at DOGE’s historical past, visitors has been the driving power behind MEME’s upswing
Let’s begin with a quick overview of the historical past of DOGE’s growth. Co-founded by Billy Markus and Jackson Palmer in December 2013, DOGE was impressed by the then-popular “Doge” Shiba Inu fandom. Initially, the founders created this light-hearted, community-driven token merely to satirize the market hype surrounding Bitcoin and different cryptocurrencies. It was developed to make cryptocurrencies extra “pleasant” and “approachable,” in distinction to the technical and monetary nature of Bitcoin.
In contrast to Bitcoin’s complete of 21 million models, there isn’t any higher restrict on the provision of Dogcoin. It was initially designed to stop long-term holders from hoarding the foreign money. From a technical standpoint, Dogcoin didn’t innovate considerably in its first few years of growth, and the core protocol is similar to Litecoin. Nonetheless, its simplicity and community-driven tradition supplied it with some market base.
A lot of Dogcoin’s development has been on account of its robust group assist. in early 2014, the Dogcoin group raised funds by means of crowdfunding for the Jamaican bobsled workforce to assist it compete within the Sochi Winter Olympics. This sort of occasion allowed Dogcoin to realize a variety of media publicity in its early phases and develop into an web cultural image.
Moreover, Dogcoin has been used for different charitable initiatives, akin to water effectively building initiatives for Africa and sponsorship occasions for NASCAR driver Josh Clever. Whereas these occasions demonstrated the potential of Dogcoin as a cost device, its worth remained comparatively low for a very long time because it was nonetheless thought of a “joke” foreign money.
Going again to 2017, because the cryptocurrency market exploded, the worth of Dogcoin additionally rose for some time, though it did not match the expansion of mainstream cryptocurrencies akin to Bitcoin and Ether. Nonetheless, the post-2018 cryptocurrency winter introduced the worth of Dogcoin again down and for a time it was seen as an outdated fringe foreign money. It wasn’t till the beginning of 2020 that Dogcoin’s fortunes took a serious flip. Elon Musk grew to become its most outstanding supporter, referring to Dogcoin in a number of tweets as “the folks’s crypto” and calling himself the “Godfather of Dogcoin” (“DogCoin”). “DogeFather”. At any time when Musk tweets in favor of Dogcoin, its worth fluctuates dramatically.
In April 2021, Musk even tweeted the well-known “barking on the moon” image of a canine, and the worth of canine cash reached an all-time excessive of greater than 0.70 {dollars}. Later in Could 2021, after Musk hosted Saturday Evening Stay, the recognition of Dogcoin continued to develop and group assist for it grew to become even stronger, even supposing the market had bought off for some time. After all, in a subsequent growth, though Tesla didn’t settle for Dogcoin funds, SpaceX introduced that it accepts Dogcoin for cost of sure providers, additional strengthening the mainstream utility of Dogcoin situations.
So we see that the dominant supply of visitors within the DOGE ecosystem is undoubtedly Musk, and it’s extremely doubtless that his new political profession will deliver new visitors potential – political visitors – to DOGE with the return of Trump. And final week’s close to 30% rise in DOGE was a response to that backdrop.
Musk’s “Ministry of Political Effectivity” and DOGE’s Political Visitors Potential, Up Almost 30% Weekly
Actually, it stems from Musk’s political initiative to create a program known as the Division of Authorities Effectivity, or D.O.G.E., which he co-sponsored with former President Donald Trump. that goals to conduct a complete monetary audit of the federal authorities and make suggestions to scale back waste, fraud and pointless spending. Trump unveiled this system in a speech in New York, based mostly on a proposal made by Musk at X. Musk mentioned he was keen to take part in this system and wouldn’t ask for any compensation or title, emphasizing his want to streamline authorities operations.
And the origin of the title D.O.G.E does come from the DOGE group. Musk replied to @Sir Doge Of the coin in his official X account on August 20, a reputation that ought to have impressed him to design the division’s title.
He additionally despatched out an image of his willingness to work on the mission, which did present his intention to take action. Since then, KOLs on the Doge board have began to hype the subject. Trump additionally responded positively, asserting in a speech on the Financial Membership of New York on September 6 that if elected president, he would work with Musk to create a fee on authorities effectivity, which was a proper response to D.O.G.E.
And he occurred to be in a state the place the end result of the election was within the stability, so the potential influence of the proposal was not magnified, nevertheless, as we entered the month of October, because of the ineffective dealing with of hurricane aid, the workforce of Vice President Harris, who’s the ruling celebration, suffered vastly, and there was an incredible reversal of assist between the 2 events. So the Trump commerce can be beginning to regain warmth, which is why BTC got here out of the woodwork final week.
And simply this week, Musk on October seventeenth, Pennsylvania City Corridor speech, as soon as once more mentioned the D.O.G.E program, we all know that Pennsylvania as a particularly necessary swing state, within the election into the ultimate moments of the eye is unprecedented, so any political marketing campaign will obtain nice publicity, which is the core purpose for the push DOGE rose 30%.
So first let’s analyze whether or not Musk is probably going to enter politics or if it’s simply an election hype stunt. I believe Musk from politics may be very doubtless, we all know that on this U.S. election, Musk firepower, agency assist for Trump, along with the acquisition of Twitter, and use this to interrupt the Democrats monopoly on U.S. mainstream media propaganda benefit, giant donations for Trump’s marketing campaign workforce, it’s actively all the way down to X as a place to publicize the assist of Trump. And Trump additionally holds an incredible optimistic analysis of this, but additionally in media interviews repeatedly expressed the hope that Musk will be invited to politics, into the cupboard or as an adviser.
Trump’s final time period of workplace could know that the rationale why Trump’s first time period of workplace seems to be exceptionally troublesome, stemming from the departure of his early political allies, vastly affecting the effectivity of his administration. We all know that Trump’s success within the first time period of the election, the truth is, the primary purpose is the institution of Hillary’s self-explosion, within the “mailgate” occasion after the publicity of various institution conventional politicians with the intention to keep away from repercussions, have fallen to the populist Trump’s aspect, and because of the Trump as a political vet, he exactly wants some with the political background of the institution assist. As Trump is a political novice, he exactly wanted the assist of some institution politicians with political background to assist him govern easily. Nonetheless, when the election was profitable, as a result of the core pursuits of the institution are based mostly on globalization, which incorporates the military-industrial complicated, new applied sciences, multinational capital administration, and so forth., clearly opposite to populism, so after the success of the avoidance of catastrophe, the institution has to attract a line with Trump. And on this election, Trump, on the one hand, has already accrued sufficient political background, and however, he has additionally realized the teachings of the final spherical, and within the alternative of political allies, he has extraordinarily prevented the interference of the normal institution. For this reason the younger Pence was chosen because the vice presidential candidate. It’s subsequently extremely possible that Musk, a brand new political vet with a variety of affect, might be chosen for financial policymaking.
Then if the “authorities effectivity division” will be efficiently landed, its streamlining of presidency departments is an important a part of Trump’s “small authorities” advocate, will definitely acquire nice consideration, and we all know that the essence of MEME is the visitors, this incident will definitely let the DOGE has a brand new channel for capturing visitors – political visitors. Think about in January of 2025 The Division of Governmental Effectivity (D.O.G.E.) has initiated a 30% discount within the variety of staff within the authorities sector, which is able to present DOGE with an incredible alternative for publicity. So I believe DOGE goes to be a can’t-miss Trump commerce within the cryptocurrency trade, and I’m going to remain on high of it.
At current, with the DOGE worth hovering, mining income has certainly elevated considerably, and the LTC/DOGE miner’s income is on the high of the miner’s income charts, making many individuals imagine that it’s a superb time to get into the miner’s enterprise.
（Supply: AsicMinerValue）
In line with AsicMinerValue’s knowledge, the highest three LTC/DOGE machines with the best revenue are Bitmain Antminer L9, ElphaPex DG 1 sequence and Bitmain Antminer L7.
The Antminer L9 is probably the most worthwhile, incomes round $28.8 per day at $0.08/KWh, and the rise in DOGE has immediately elevated the returns from mining, particularly within the case of Merged Mining shared with Litecoin (LTC), which has elevated the returns from each cryptocurrencies, additional boosting the attractiveness of the miners.
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