Home Cryptocurrency Has the Doge had its day? Dogecoin interest cools

Has the Doge had its day? Dogecoin interest cools

by Gordon James

Dogecoin (DOGE) is one of the older cryptocurrencies that was created as a joke, but has since become one of the most popular. With a market cap that has ballooned to $225 million in the past few months, the currency has a lot of potential and has been giving the Bitcoin (BTC) a run for its money.

At first, Dogecoin was all the rage with a huge influx of new users. There was an entire subreddit dedicated to it, and there were even people purchasing and selling Dogecoins on the site. But recently, even this interest has subsided. Many have moved on to other coins, and some even stopped using it completely. Others no longer care and shrug off those who do.

Dogecoin (DOGE) has been in the spotlight for most of 2021, as bitcoin (BTC) and the broader cryptocurrency market have reached new all-time highs. Thanks to the eccentric billionaire’s social media flirtations and the coordinated efforts of strategic Reddit traders, Dogecoin’s value has risen 15,000 percent since the beginning of the year, when it peaked in early May. As the price of Dogecoin rose, so did its popularity among the masses of internet users who had never heard of the eight-year-old cryptocurrency that even industry insiders thought was long dead. Created as a pure joke, Dogecoin has barely been mentioned in the ongoing history of the cryptocurrency space, long considered synonymous with the word Bitcoin itself by the mainstream media. Therefore, it was perhaps surprising that searches for dogecoin recorded on Google Trends reached bitcoin levels in early May. In the first week of May, the number of searches for both terms was similar, while dogecoin reached an all-time high of $0.73. By comparison : In January, searches for bitcoin surpassed those for dogecoin by more than 8,000%. Predictably, Dogecoin’s presence has also grown on Twitter, where, thanks to tweets from Elon Musk, the self-proclaimed father of Dogecoin, the number of mentions of Dogecoin has steadily surpassed that of Bitcoin. Bitinfochart’s data shows that the highest spike in Dogecoin mentions on Twitter occurred in late January, when Reddit traders chose Dogecoin as the cryptocurrency equivalent of GameStop. On that day, the price of Doge rose more than 300%, and 944,000 tweets contained the word Dogecoin, compared to 196,000 that mentioned Bitcoin. Musk provided what many at the time considered indirect support for the Dogecoin pump when he posted a meme in which he used the word Dogue as a variation on the name of fashion magazine Vogue. This is how the rise of Dogecoin began. Amid the hype, new millionaires have popped up out of nowhere, while others have lost all their life savings because of a supposedly happy tweet from Tesla’s CEO. Related: When will Elon Musk’s influence on bitcoin end? But what goes up comes down, and now that Dogecoin’s value has fallen by more than 60%, so has its cheap presence on the media landscape. After peaking in early May, the number of Dogecoin searches on Google dropped by 90% as the horde of uninitiated internet users moved on. After the number of mentions on Twitter surpassed that of bitcoin for nearly a year, dogecoin has finally reached its level and has not surpassed bitcoin on the social media platform for more than a month. A look at blockchain statistics also shows that some Dogecoin usage rates have fallen even more than the recent price drop. Normally we would expect to see Dogecoin transactions at lower levels than during this year’s peak, but according to Bitinfocharts, daily Dogecoin transactions recently reached a near three-year low of less than 20,000, which hasn’t been seen since October 2018. A sign that people are really losing faith in Dogecoin as a viable crypto-currency despite all the hype? It is possible. Since Dogecoin became a crypto-currency play in 2021, it has regularly been subject to large fluctuations in transactions, fees, and the value of the currency held on its blockchain. Related: Only whales move on the DOGE: The data shows a significant wealth gap for Dogecoin users Since 5. After May, when more than $82 billion was sent to the blockchain in a single day, the daily value of dogecoin transactions rose to $4.4 billion on the 14th. The month of June has been cancelled. Amid the movement of the aforementioned billions, dogecoin transaction fees rose 25,000% from $0.01 to $2.52. The subsequent decline in blockchain usage brought the fee down to $0.60. Although the awareness and usage of the cryptocurrency is declining in various statistics, it would be foolish to bet against a Dogecoin resurgence in the coming months and years. Even if Elon Musk loses interest in Dogecoin and his tweets go silent, what other global celebrity could reintroduce the coin to a mass audience? This week, the unplayable token of the original Shiba Inu Dogecoin image sold for $4 million on Ether, suggesting that the excitement around Dogecoin hasn’t quite died down yet. In May, a survey found that more Americans had heard of Dogecoin than Ethereum, the seven-year-old project with the most developers in the crypto-currency space.

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