Dogecoin (DOGE) has been soaring recently, rising to a three-year high price last week following the election and amid news that Elon Musk will indeed co-lead a Department of Government Efficiency (D.O.G.E.) under Donald Trump.
But after the headline-grabbing gains, DOGE has dipped in recent days—and now other meme coins are up much higher over the last seven days, in terms of percentage gains.
Out of the top 100 meme coins by market cap, Dogecoin is 57th in terms of weekly price increase, jumping 14.7%. In fact, a Solana token inspired by the Department of Government Efficiency (DOGE) has even grown more than the original DOGE, up 82.5%.
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SpaceX CEO Elon Musk is helming a new U.S. government initiative aimed at lowering the federal budget deficit. Called the Department of Government Efficiency (DOGE), the initiative—which has an acronym identical to the ticker of Musk’s favorite cryptocurrency, Dogecoin—will “slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” according to President-elect Donald Trump. Here's everything you need to know about DOGE. What is DOGE? DOGE is a U.S. government initia...
Other major meme coins have also seen more impressive spikes. Pepe (PEPE), for example, has jumped more than four times as much as DOGE during the same time period, climbing 65.8%.
While Pepe’s increase is impressive, it is being done at a much lower market cap. Dogecoin’s recent rally has put it within touching distance of a $55 trillion market cap, while Pepe still sits below $9 trillion.
The Base network’s BRETT and Solana’s BONK have also increased more than DOGE, with 41.4% and 80.8% jumps over the past seven days, respectively.
These gains look tiny compared to the biggest winners of the week.
Artificial intelligence meme coin ai16z (AI16Z) has skyrocketed 693.9%, while Comedian (BAN)—which Binance recently listed for futures trading—has leaped 356.5%, while a token based on recently deceased TikTok-famous pet Peanut the Squirrel (PNUT) has jumped 310%.
That said, when investing in tokens with less liquidity—which is more likely the lower market cap a token is—then you’re more likely to experience slippage. This is when a trader must sell an asset for less than its listed market price. For many assets, this could be up to 1%—but for meme coins and especially volatile, low-liquidity tokens, it could be much higher.
Luckiest Trader Ever? From $16 to $3 Million in 2 Weeks on a Meme Coin
It's every crypto degen's wet dream. A lucky trader threw just $16.20 at a Solana meme coin only two weeks ago, letting it sit in their wallet for 10 days, watching the value of the token soar. The trader then began to slowly take profits over the next three days. When it was all said and done, they pocketed a whopping $3 million. A Solana wallet starting with “6r3W” bought $16 worth of the Peanut the Squirrel (PNUT) meme coin on October 31 while it was still on token launchpad Pump.fun—a platfo...
For example, Solana meme coin Hasbulla’s Cat (BARSIK) launched six days ago, and has skyrocketed 255,465% since it launched onto decentralized exchanges from Pump.fun. While these gains sound impressive, if you had invested $1,000 at launch, then your tokens would be worth $2.55 million—but that's more than the token’s liquidity. As such, the seller would experience major slippage when trying to dump the tokens.
Edited by Andrew Hayward
