So, this week, DOGE Coin was the best performer in the Top 10 cryptos, even with Bitcoin almost making a new all-time high. Not only that, but it’s not even close – DOGE crushed the others, with a gain of 19%.
Why is this happening? It’s simple. The world’s richest man, Elon Musk, has a love affair with DOGE coin. It dates back to the famous episode of Saturday Night Live in which Elon touted DOGE coin, and it went all the way up to 79 cents, marking the local peak of the 2021 crypto bull run.
Elon has already told us that he loves DOGE coin because it is a TRUE community meme coin with no strings attached: no venture capitalists or early investors of KOLs.
But there’s more: Elon has also stated his willingness to be of service to the public in the United States by heading up a new government department, which he aptly named “Department of Government Efficiency,” and if you spell out that name, you’ll see the acronym is D.O.G.E.
Yes, Elon is even suggesting that the USA start up a new government office called D.O.G.E.. Almost impossible to fathom.
Furthermore, Elon isn’t the slightest bit shy about tweeting messages about DOGE almost every single day, including lots of cute memes and lots of references to the coin.
So, that’s why DOGE coin has pumped more than any of the other Top 10 cryptos.
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Which other coins are benefiting from this epic DOGE run?
Of course, as you would expect, Elon’s love for DOGE has ignited an industry-wide frenzy over memecoins and specifically “doggy” coins on many chains! Several weeks ago, someone launched a coin with the same name, D.O.G.E. on the Ethereum network, except the coin included a photo of Elon and the name, “Department of Government Efficiency.” As I type this, that coin has DOUBLED in the last 24 hours and shot up to a $60M market cap – you read that right, $60M
Many smaller coins are piggy-backing onto the fame and success of the large DOGE coin. Too many to list, in fact.
One particular coin in the DOGE narrative that I’m fond of
One of the coins I have my eye on and have been talking a lot on my social media is a coin called SDOGE, which is supposed to be the “DOGE of Solana” (that’s why it has an “S” in the name). While there are many DOGE’s on other chains, Solana is known to be the chain of memecoins, and that’s why I’m fond of this one.
But it goes deeper than that: If you think about it, the acronym DOGE – again, “Department of Government Efficiency” – aims to make the U.S. government more EFFICIENT.
Ethereum is anything but efficient. With high gas fees and inflationary tokenomics, Ethereum doesn’t seem like the right chain to house a coin focused on efficiency, right?
On the other hand, Solana is highly efficient, with less inflation and gas fees that amount to a few pennies. But there’s even more to the story of why I like SDOGE!
See, if Elon gets his wish and becomes the leader of the government agency called “D.O.G.E.,” his formal title would actually be SDOGE. “Secretary of the Department of Government Efficiency.” Crazy, right?
In fact, this SDOGE coin has been performing quite well, and I think it could still do quite well in the days leading up to and after the election. This is not financial advice; it is just something I am investing in with my own money. It is also not a promotion; I have never been paid by this coin’s team.
Several SDOGE coins are copycats, so be careful about which one you look up. The one I am fond of has a contract address ending in P8H, in case you’re curious to check it out. Not financial advice.
In my next article, we will look at some other crypto projects that are benefiting from Elon’s DOGE obsession. Until then, take care!
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