Dogecoin garnered enough attention this year amid Bitcoin and other cryptos noteworthy initial rise in market value. The limelight and 15,000% increment in worth enjoyed by Dogecoin are all thanks to the multibillionaire social media influencer and Reddit marketers. The increase in the price of Dogecoin also created awareness about the it amongst surfers who did not know about its existence. The coin has been around since eight years and even regarded defunct by authorities in the industry. Dogecoin was birthed as a meme and had prior to now not received any special attention and was even regarded as another Bitcoin by mass media.
On that basis, it was quite amazing to have both Bitcoin and Dogecoin record the same number of searches on Google. This was observed in the first week of the previous month when the market value of Dogecoin was at $0.73. As at January this year, Bitcoin searches were 8,000% higher than Dogecoin. With Doge enjoying the patriarchy of Elon Musk, his constant twitter post helped to cause Dogecoin’s searches surpass that of Bitcoin.
Information from Bitinfocharts revealed that Dogecoin recorded a sharp increase in twitter mentions in January when Reddit marketers termed it the cryptocurrency counterpart of GameStop. On the said day, Dogecoin recorded more than 300% increment in market value and 944,000 twitter posts on the coin. This is in contrast to the 196,000 that wrote on Bitcoin. Elon Musk backed the Reddit traders with his post on Dogecoin.
However, Dogecoin had its dip and went 60% lower in value and so did its popularity. After its May climax, its Google searches went down by 90%. Internet users probably have found a way of filling up their time other than looking up Dogecoin.Data from Bitinfocharts revealed that Dogecoin daily exchanges had gone below 20,0000, a number that has not be recorded since October 2018.
Notwithstanding the publicity, people are no longer sure if Dogecoin can be reliably used as a means of exchange. The coin has been a victim of mutability both in value and operations.On May 5, more than $82 billion was transacted across the Dogecoin blockchain. Since then however, there has been a dip in its day to day transaction value and was recorded to be at $4.4 billiion on the14th of this month. The May blast led to a 25,000% increment in transaction charge, from $0.01 to $ 3.52. The charge has however come down to $0.60 in response to the the coin’s current market situation.
Though, Dogecoin appears to be losing its hype, one cannot rule out its potential to bounce back in the near future as any other notable figure can spark interest in it even if Elon resigns from doing so. A Dogecoin non-fungible token with the actual Shiba Inu photo was traded for $4 million earlier this week. It could be inferred from the sale that hype about the coin may not yet be over.
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