The DOGE Rises 🐶

Trump names Musk to lead new D.O.G.E department. Dogecoin skyrockets 48%, targeting $1? Wall Street eyes DOGE ETFs. First full game on DOGE blockchain?

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Nov 13, 2024

Hello all, welcome to favourite day of the week - Wednesday. And let’s talk about how a meme inspired a Federal Department 🐕

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When software developers Billy Marcus and Jackson Palmer created Dogecoin in 2013 as a lighthearted alternative to Bitcoin, they probably didn't envision it would one day be linked to the US federal government.

Yet here we are.

The OG memecoin just pulled off its most spectacular rally yet, rocketing 48% in 24 hours to hit 43 cents – levels we haven't seen since May 2021.

Sixth-largest cryptocurrency – ahead of both USDC and XRP.

The catalyst?

Donald Trump, the newly elected US president, has a new announcement.

Elon Musk will co-lead a new federal agency called...

wait for it ...

Department of Government Efficiency, or just D.O.G.E.

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Meanwhile, DOGE went absolutely bonkers on November 12

150% gains in just one week.

Monthly gains: Nearly 3x

$63.5B market cap (now 6th largest crypto.)

Flipped both USDC and XRP.

Just one month ago, DOGE's market cap was $16B. Today? $63.5B.

Block That Quote 🎙

Elon Musk, CEO of Tesla

"Threat to democracy? Nope, a threat to BUREAUCRACY!"

What is he talking about?

President-elect Trump has tapped Musk, the self-proclaimed "Dogefather," alongside Vivek Ramaswamy to lead this ambitious new department.

Their mission? To streamline federal operations and slash government spending by July 4, 2026 – America's 250th birthday.

"They will work together to liberate our Economy, and make the US Government accountable to WE THE PEOPLE."

The man who'll soon be the 47th president of the US called the D.O.G.E department "potentially 'The Manhattan Project' of our time."

Look who’s all set for the mission:

And he’s already making plans.

Musk feels the US has too many federal agencies and overlapping responsibilities.

He wants to do away with some. How many?

“I think we should be able to get away with 99 agencies."

His fellow D.O.G.E chief Vivek Ramaswamy responded too.

We will not go gently.

But Peter Schiff, ever the skeptic, had a reality check for everyone.

"Good luck, guys. Remember, all you can do is propose the closure of federal departments and agencies. To actually close any, Congress must vote to do it"

What has all this led to?

The new federal department with acronym D.O.G.E has got its namesake memecoin, Doge, fans excited.

The price rally explains itself.

"Speculators believe Musk's involvement in the new White House administration may boost the price of DOGE in the future, as the digital asset underperformed during the last bull cycle compared to other cryptocurrencies," says Nick Ruck from LVRG Research.

And they're not wrong.

The signs were there

Musk spent millions supporting Trump's campaign
Promised $1M daily giveaways until election
Hinted at D.O.G.E department last month
Growing influence in transition team decisions
ABC News reports "deeper involvement than it seems"

Even before the D.O.G.E announcement, Musk had hinted at reintroducing Dogecoin as a payment option for Tesla merchandise, fuelling further interest.

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In The Numbers 🔢

$1

That's the new target DOGE traders are howling about.

What makes this magic number so special?

Current price: $0.3743.

Previous ATH: 70 cents (May 2021).

Already breaking records

$68M in liquidated futures (yearly high)
Open interest hitting lifetime peaks - hit ATH: $3.04B
Previous peak barely touched $2B
Options market heating up
4 straight days of rallying
Outperforming all top 100 tokens
Futures markets are exploding

Trading volumes surpassing records

Major exchanges seeing unprecedented activity
Retail and institutional flow mixing
Liquidations hitting yearly highs

Wall Street's DOGE Dreams

With spot Bitcoin and Ethereum ETFs already approved, analysts say a DOGE ETF isn't as crazy as it sounds.

Bloomberg's Eric Balchunas

"I'm actually surprised it hasn't been filed already. The ETF industry is famous for throwing spaghetti at the wall. I imagine we'll see all kinds of stuff get attempted, including DOGE."

Grayscale's already eyeing the opportunity.

Added 35 cryptocurrencies, including Dogecoin (DOGE) and Worldcoin, to its list of potential investment products.

Their Head of Product and Research, Rayhaneh Sharif-Askary, says DOGE is the largest asset in their Consumer and Culture Crypto Sector.

"While it was once easy to dismiss meme coins due to their playful nature, it would be irresponsible to ignore DOGE's usage on-chain and the very real use case that is being fulfilled."

It's not just ETF dreams. Real money is moving in.

Spirit Blockchain Capital wants to become the "MicroStrategy of Dogecoin"

Building large DOGE reserves
Planning exchange-traded products
Developing payment gateways
Aiming to institutionalise DOGE

Super Doginals Hits DOGE 🎮

Just when you thought Dogecoin couldn't get any more entertaining, here comes Super Doginals – a full-blown beat-'em-up game living right on the blockchain.

Think Streets of Rage meets Doge memes. Yes, really.

The story? You're stepping into the paws of Kabo and friends to stop Rugstar the Wolf from... stealing the moon. (Because why not?)

But here's what makes it special

1,500+ custom sprite artwork pieces
14 unique levels to battle through
35 minutes of original music
4-player local multiplayer
Playable on anything with a browser
And yes, it's completely free

The Surfer 🏄

Canary Capital has filed an S-1 registration statement with the SEC for the first-ever Hedera HBAR spot exchange-traded fund (ETF), aiming to provide direct exposure to HBAR, the native asset of the Hedera Network. HBAR's price surged nearly 20% after the announcement.
The supply of major stablecoins Tether (USDT) and USD Coin (USDC) surged by $5.4 billion in the week following the US elections, reaching a record high of $41 billion in exchange balances, indicating increased investor demand for cryptocurrencies.
Hollywood is set to produce a film about Sam Bankman-Fried, the former CEO of FTX, based on Michael Lewis' book Going Infinite: The Rise and Fall of a New Tycoon, in collaboration with Apple Studios and A24.
US prosecutors are seeking to seize a crypto account valued at $18.5 million, linked to a $40 million bribe allegedly authorised by Sam Bankman-Fried to unfreeze Chinese accounts before the collapse of FTX.
The Crypto Fear & Greed Index has surged to a score of 80, indicating "extreme greed" in the market, which historically suggests a potential correction could be imminent. Industry leaders warn that current leverage levels are unsustainable and may need to be addressed before Bitcoin can reach the $100,000 mark.

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