Dogecoin, the memecoin made popular by X's billionaire owner Elon Musk, is all over the headlines once again. And quite frankly, this was a not altogether unexpected outcome.
Following Donald Trump's return to the White House, the cryptocurrency market was on the upswing, as the president-elect has pledged to be more friendly towards digital assets.
A Dogecoin surge was all but expected with crypto bulls, Mr Musk's influence on social media and the spectre of the Tesla Motors boss leading a new US government unit incidentally bearing the same name as the memecoin, the Department of Government Efficiency (Doge).
What is Dogecoin?
There are more than 10,000 cryptocurrencies globally, but what made Dogecoin popular is the hilarity it brings to the table. Software engineers Billy Markus and Jackson Palmer created it in 2013 as a joke to poke fun at the scepticism towards the industry at the time.
Its website – mostly in a Comic Sans-inspired typeface – describes it as “the accidental crypto movement that makes people smile”, complete with a manifesto that contains some serious visions “for the people”. Mr Musk's endorsement of the memecoin has significantly contributed to its popularity.
Dogecoin's logo resembles a Japanese Shiba Inu dog. The actual Shiba Inu portrayed, named Kabosu, died in May. An unrelated Shiba Inu coin was created in 2020, meant to rival Dogecoin.
How much has Dogecoin risen?
Dogecoin's price has largely been in the $0.10 to $0.15 range in the past couple of years, though it did record substantial gains in 2021 as a result of Mr Musk's actions, including tweets and announcing that Tesla will accept cryptocurrencies as payment for its merchandise.
It was also in May that year that Dogecoin reached its all-time high at about $0.74, before dropping nearly 30 per cent after Mr Musk's appearance on Saturday Night Live.
It remained in that humble level this year – even in the lead-up to the November 5 polls – though in April it rose to about $0.20. At the close of trading on election day, it climbed to $0.19, before hitting $0.21 on November 6, data from CoinMarketCap shows.
Once Mr Trump's victory was evident, Dogecoin more than doubled from its November 5 close to $0.43 on Tuesday, its highest since April 2024. It ultimately settled at $0.38 at the close of trading.
This has resulted in Dogecoin's market capitalisation to hit more than $56 billion on Tuesday, which is also more than double the value it had on November 5.
Dogecoin has, for a while, been the eighth-biggest cryptocurrency by market cap. But with its recent ascent, it is now the sixth, surpassing USDC and XRP.
Did this make people rich?
Of course it did – and actually made more people millionaires.
According to data gathered from Finbold Research and BitInfoCharts, the number of crypto wallets that held $1 million or more in Dogecoin between September 27 and November 7 rose by more than 40 per cent.
That's 408 more Dogecoin millionaires, bringing their total to 1,417. Out of those, 273 wallets contain more than $10 million in Dogecoin, while 1,114 hold between $1 million and $9.99 million.
A new 'meme' US government unit?
Dogecoin's fame – or notoriety – would seem to gain further steam with Mr Trump's announcement that he would create a government unit, the Department of Government Efficiency.
The entity, tasked to “dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures and restructure federal agencies”, is to be headed by businessman Vivek Ramaswamy, who once challenged for the Republican endorsement but dropped out and endorsed Mr Trump, and, who else, Mr Musk.
“This tongue-in-cheek post struck a chord with Dogecoin enthusiasts, who now see Mr Musk’s possible government role as a chance to propel the meme coin further into the spotlight,” said Jordan Major, chief editor at Finbold.
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4pm: Mahab Al Shimaal Group 3 | US$350,000 | (Dirt) | 1,200m
4.35pm: Al Bastakiya Listed | $300,000 | (D) | 1,900m
5.10pm: Nad Al Sheba Turf Group 3 | $350,000 | (Turf) | 1,200m
5.45pm: Burj Nahaar Group 3 | $350,000 | (D) | 1,600m
6.20pm: Dubai City of Gold Group 2 | $300,000 | (T) | 2,410m
6.55pm: Al Maktoum Challenge Round 3 Group 1 | $600,000 | (D) | 2,000m
7.30pm: Jebel Hatta Group 1 | $400,000 | (T) | 1,800m
The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
Zayed Sustainability Prize
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
MATCH INFO
Europa League final
Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports
Company profile
Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
Based: Dubai
Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
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You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Benefits of first-time home buyers' scheme
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- Discounts on sales price of off-plan units
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Yuval Noah Harari, Jonathan Cape
Company%C2%A0profile
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Company profile
Name: Tharb
Started: December 2016
Founder: Eisa Alsubousi
Based: Abu Dhabi
Sector: Luxury leather goods
Initial investment: Dh150,000 from personal savings
Profile of Foodics
Founders: Ahmad AlZaini and Mosab AlOthmani
Based: Riyadh
Sector: Software
Employees: 150
Amount raised: $8m through seed and Series A - Series B raise ongoing
Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.
Brief scoreline:
Al Wahda 2
Al Menhali 27', Tagliabue 79'
Al Nassr 3
Hamdallah 41', Giuliano 45 1', 62'
Genesis G80 2020 5.0-litre Royal Specs
Engine: 5-litre V8
Gearbox: eight-speed automatic
Power: 420hp
Torque: 505Nm
Fuel economy, combined: 12.4L/100km
Price: Dh260,500
The Way It Was: My Life with Frank Sinatra by Eliot Weisman and Jennifer Valoppi
Hachette Books
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From Conquest to Deportation
Jeronim Perovic, Hurst
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
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- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
