The cryptocurrency Dogecoin has been in the spotlight in the crypto market for most of the period of this year- with Bitcoin and other cryptocurrencies climbing to their newest highs.
The cryptocurrency managed to get itself into the spotlight through the social media attention of Elon Musk, as well as the coordinated efforts of several traders on Reddit. After their efforts, the value of DOGE managed to increase by 15,000% since the year began.
Dogecoin’s Ascension Halted?
The boom in the price of Dogecoin did increase the exposure of this coin to the common masses who had never heard of this eight-year-old cryptocurrency token- which even the insiders considered to be dead. Interestingly, DOGE was created as a joke and never factored in even a mention in the ever-continuing story of the space of cryptocurrency. As it goes, the common public simply believes that Bitcoin and cryptocurrency are synonymous.
In light of the above, it does come as a surprise that the volume of Dogecoin searches recorded on Google Trend in the early days of May went as high as searches of Bitcoin. The searches for DOGE as well as BTC were pretty equal in the first week of May, with the altcoin rising to an all-time high of around $0.73.
Contextually, Bitcoin did outstrip DOGE’s searches by around 8,000%. The presence of DOGE was also increased by its continuous mentions on Twitter where Elon Musk, the proclaimed Dogefather, regularly led to an increase in the mentions of DOGE.
According to data provided by Bitinfocharts, there was a high spike in the Twitter mentions of Dogecoin back in January. For those who observed the changing climate of cryptocurrency, this was also the period when Reddit traders readily equated DOGE to be a cryptocurrency which was the closest equivalent to GameStop.
