Morning Minute | D.O.G.E. Is 'The Manhattan Project' of Our Time

TylerD's Market Summary

🤯 Trump Formally Announces DOGE, All Hell Breaks Loose

The intersection of politics and crypto (specifically memecoins) has never been tighter.

Yesterday, Trump formally announced his plans to create a new government agency the Department of Government Efficiency (D.O.G.E.).

And all hell broke loose in the memecoin market in the hours to follow (in a good way).

What Happened? 

Yesterday President-elect Donald Trump appointed Elon Musk and entrepreneur Vivek Ramaswamy to head the new Department of Government Efficiency (D.O.GE).

The agency's mission is to streamline government operations, cut costs, and increase accountability. 

Trump promised this on the campaign trail and is making it a reality.

He went on to call this potentially "The Manhattan Project" of our time, while Elon commented "This will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people!"

There are massive implications for this decision to U.S. Government operations, to the deficit and likely to all American citizens.

But the more immediate implications were felt in the crypto memecoin market.

Market Impact

So if you haven't picked up on it yet, the name of the new department is DOGE - Elon's favorite memecoin.

Interestingly, it didn't move much though DOGE is hanging out at $0.39 ($57B market cap) and a 3-year high.

But it did impact the 2 new D.O.G.E. memecoins made in the likeness of this department.

• The ETH DOGE meme ran up 125% to $430M market cap
• The Solana DOGE meme ran even harder, up 1500% to $37M

Massive moves.

But they weren't alone.

PNUT, the Squirrel-turned mascot of the right and touted frequently by Elon himself, ran to an insane $1.3B market cap overnight. That was a +200% move on the day and it's now up over 13x in 2.5 days.

Just insane action and gains to be made by those holding.

Why It Matters

As I mentioned above, there are massive implications to everyone in the U.S. based on this announcement.

But I'll leave that to the political and economic experts.

I'll focus on the memecoin market.

A new trend is clear - any major event or news item is being memed and tokenized. These DOGE memes tied to the new department are only a few months old (the Solana one is less than 2 weeks old). 

And they're running to insane valuations.

This is only going to increase this cycle, not decrease.

It presents a big opportunity for those who are interested in trading memes to find potential high-attention memes like DOGE and trade them.

And if you missed this one, don't worry - there will be many more to come.

Now you just have to go find them...

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• Ethereum led NFT trading volume with $8.8M on the day; Bitcoin was next with $8.7M, and then Solana with $5.2M
• ETH NFT leaders were green; Punks +1% at 29.4 ETH, Pudgy +4% at 9.69 ETH, BAYC -1% at 11.3
• Doodles soared 50% to 2.2 ETH after teasers of their new collab with McDonalds were shared on the McDonalds X account
• The Undead (+240%), Loot (+140%) and Space Doodles (+65%) led notable top movers
• BTC NFT leaders were very red giving back recent gains; Bitcoin Puppets -21% at 0.17 BTC, NodeMonkes -15% at 0.135 BTC, OMB even at 0.159, Quantum Cats -5% at 0.206; Bitcoin Wizards (+22%) were top movers
• The Runes leaders were mostly red; DOG -9% at $375M mc, PUPS -4% at $280M, GIZMO even at $54M mc, BDC -15% at $106M
• A FWOG NFT sold for 250 SOL, the 2nd NFT to sell for that amount or more on the day
• The Tensor team introduced Vector dot Fun, their new trading platform aimed at redefining SocialFi; Vector is mobile-first, multi-chain and built around the social nature of crypto
• Jack Butcher and his partner Jalil saw 150,000 mints on their latest open edition "Artifacts" drop on ETH
• Raoul Pal shared that he has acquired XCOPY's "Last Selfie" piece for an undisclosed amount

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token, protocol and airdrop news from the day:

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are mixed led by Bitcoin; BTC +1% at $88,000, ETH -3% at $3,170, SOL -1% at $207; SUI (+7%) and OM (+5%) were notable alt movers
• Memecoin majors are mostly green following DOGE; DOGE even at $0.387, SHIBA -7%, PEPE +3%, WIF +3%, BONK +22% (got Binance listing), PNUT +250%, POPCAT -6%
• PNUT was the top meme mover of the day jumping 250% to $1.4B after Elon said it and DOGE saved democracy
• Trump's top pick for Treasury Secretary Scott Bessent is a supporter of the U.S. establishing a Bitcoin Strategic Reserve
• Coinbase launched its Coinbase 50 Index including the top 50 eligible crypto tokens weighted by market cap
• Solana announced the winners of its Radar Hackathon across Instractrusture, DAOS, DePIN, Gaming and more categories
• Dogecoin ETFs may be coming based on historical applications and the political regime change
• Stablecoins have added over $5B in market cap in the past week, indicating capital inflows

🚀 Memecoin Movers 

• $DOGE (+1500% to $35M market cap, SOL)
• $FRED (+355% to $94M market cap, SOL)
• $PNUT (+269% to $1.5B market cap, SOL)
• $DOGE (+100% to $440M market cap, ETH)
• $MIST (+70% to $31M market cap, SOL)

📈 NFT Floor Price Increase (ETH)

• The Undead (240%, 0.47 ETH Floor)
• The Saudis (200%, 0.05 ETH floor)
• Loot (140%, 0.25 ETH)
• Space Doodles (65%, 2.79 ETH)
• Dooplicator (53%, 0.08 ETH)

🗓 Upcoming Mints and Events

Today is a busier day of mints mostly focused in the art sector.

Sara Smith, Harto, Rik Oostenbroek and more have drops today across different chains.

See the full list and dive in for more details with Swizzy's daily mint monitor. 

• Memes by 6529 (11:00 a.m. ET)
• Sara Smith - Rainbow (12:00 p.m. ET)
• Harto - Atlas (12:00 p.m. ET)
• Rik Oostenbroek - Verloop (12:00 p.m. ET)
• Petra Cortright x Verse (1:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.d.warner@gmail.com.