Search interest for the meme-inspired cryptocurrency Dogecoin (DOGE) exploded during the cryptocurrency’s massive 10,000% price rally, going from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.
Dogecoin was created back in 2013 as a joke. The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.
According to new insights from data provider Semrush, shared with CryptoGlobe, the meme-inspired cryptocurrency saw its popularity skyrocket in January 2021, a month in which the price of the cryptocurrency jumped over 570% on a Reddit-fueled surge to a hit a then new all-time high.
The surge was seemingly related to the WallStreetBets subreddit and its battle against hedge funds over the price of GameStop’s shares. It started after a parody account on Twitter going by WSB Chairman asked whether DOGE had ever traded at $1, other users piled on.
Has Doge ever been to a dollar?
— The Chairman (@WSBChairman) January 28, 2021
At one point, DOGE’s trading volume briefly overtook that of Bitcoin and Ethereum on Binance. Notably, search interest for DOGE cooled down in February when Tesla CEO Elon Musk and other celebrities first started tweeting about the meme-inspired cryptocurrency.
That month, searches for Dogecoin were seen 9 million times across search engines, as Musk subtly started tweeting about the cryptocurrency. That same month, Tesla announced in a filing with the U.S. Securities and Exchange Commission (SEC) it had bought $1.5 billion worth of bitcoin.
No highs, no lows, only Doge
— Elon Musk (@elonmusk) February 4, 2021
Data shows that this initial pump helped DOGE jump from $0.007 in early January to hit $0.03 in early February. That same month the cryptocurrency hit $0.07 before cooling down. In March, searches for the keyword “dogecoin” dropped by 2.2 million even though Musk kept on tweeting about the cryptocurrency.
In March the cryptocurrency’s price rise stalled and even dropped to $0.05 without seeing any notable pumps or dumps. Interest for it was seemingly dropping steadily. In April, it skyrocketed to 13.6 million searches.
That month kicked off with Musk saying “SpaceX is going to put a literal Dogecoin on the literal moon.” The cryptocurrency’s price didn’t start pumping then, however, but only after Musk implied that the “literal dogecoin” was going to the moon “very soon” in a follow-up tweet.
… going to moon very soon
— Elon Musk (@elonmusk) April 10, 2021
Other cryptocurrencies notably took advantage of that pump. Safemoon, a deflationary cryptoasset, used Twitter engagement to make headlines and saw its search volume go from nothing to nearly 50,000 searches per month in March. By April, its interactions with Elon Musk saw it get to 800,000 searches that month. In comparison, searches for “XRP” and “Cryptocurrency” were of about one million in April.
— SafeMoon (@safemoon) April 10, 2021
The price of Dogecoin has seen been dropping and while the pump helped developers restart work on the cryptocurrency, some analysts believe its investors are still going to see more downside. Legendary financial advisor and best-selling author Ric Edelman has revealed he believes meme-inspired cryptocurrency is a “scam” that will end “very badly,” even though he is bullish on the cryptocurrency space in general.
Similarly, a widely followed pseudonymous cryptocurrency analyst and bitcoin bull has predicted that the price of Dogecoin is “programmed” to plunge to $0.05 and that even Tesla CEO Elon Musk would be unable to save it. The analyst posted a chart showing that the DOGE price chart was forming a head and shoulders pattern.
Dogecoin supporters appear to be doubling down, however. Glauber Contessoto, a Dogecoin investor famous for investing his $250,000 life savings in the meme-inspired cryptocurrency in early February to become a millionaire, is doubling down on his bet In the meme-inspired cryptocurrency by investing an additional $25,000 in it.
In an interview last month, Contessoto said he did not lose faith in his investment and was planning to add more Dogecoin to his holdings during dips. He planned on holding onto the investment for at least one year.
Per his words, people get “caught up in the short-term and don’t have the patience to see the investment all the way through.” He added that volatility comes “with the territory,” and investors who aren’t able to “stomach the fluctuations” are “maybe not cut out for crypto.”
Elon Musk Will Always Have Support of DOGE Community: Major Dogecoin Account
Owner of one of major Dogecoin Twitter accounts has promised that Elon Musk’s support to Dogecoin and its community will be mutually beneficial
Dogecoin account @itsALLrisky with over 183,000 followers has tweeted that the support given to Dogecoin by the Tesla CEO Elon Musk will not go unnoticed by the community.
The Twitter user referred to it as “a mutually beneficial relationship” and has promised that the community of the most popular meme coin will always support Elon Musk.
He posted a picture of Boris Vallejo featuring Atlantis holding the Earth. The titan has Elon Musk’s face and there’s a Shiba Inu Doge character standing behind, offering his help.
Earlier this week, Elon Musk stressed the importance of making DOGE fees drop and supported the idea of the AMC cinema giant adopting Dogecoin for payments.
Mapping how Dogecoin can make it in the big leagues
While Dogecoin is still considered a meme coin by many, the premise of that joke is the apparent lack of use cases. Even so, yesterday’s news did fuel some sort of hope for Dogecoin fans.
Could this be the moment that puts DOGE on the map in the big leagues? Might this be the moment Dogecoin, the “joke crypto,” finally grows up and makes it big?
DOGEing its way up
A few days ago, AMC Theatres CRO Adam Aron conducted a poll to discuss the possibility of the theatre chain accepting DOGE for payments. Not surprisingly, 77% of the 140k voters were in support. Additionally, the DOGEfather pitched in as well and said that DOGE needs to reduce the transaction fees for the system to be viable.
This is true since the average fee right now is around $0.5 and even peaked at $1.3, earlier last month. The transaction fees, at the moment, are higher than the price of 1 DOGE itself, trading at $0.2.
Dogecoin average transaction fees | Source: BitcoinInfoCharts
What’s more, even though the network is capable of processing 40 transactions per second and conducts transactions worth more than $1 billion every day, it’s lacking in participation. Presently, less than 6.5% of all the addresses hold any balance.
Plus, a rise in investors is observed usually when DOGE is in the news or hyped because of some reason or the other. However, it soon loses that traction.
This is apparent when the UTXOs are looked at. This week alone, UTXOs for less than a day rose from 0.45% to 5.94%. On the contrary, the same for between 1 day to 1 month fell by 7.5%.
As a matter of fact, it is. As previously mentioned, DOGE picks up strength in moments of hype. And, this can be observed from the data obtained from social behavior as well. Social volumes were low until the AMC announcement, following which, they suddenly spiked on the charts.
Similarly, Twitter users spiked to a 2 month-high over the same period, before eventually dropping once again.
Of late, DOGE has also seen an increase in long-term holders. That is good for the crypto’s price. However, its velocity needs to increase as well to support daily use, especially since it has been dormant since the end of July.
Webcams Site, BongaCams, Becomes Next Major Player to Accept Dogecoin
The success and popularity of the cryptocurrency asset, Dogecoin, continues to trend upward as BongaCams has just become the next on a growing list of market-leading companies announcing their adoption of the digital currency as a payment option. Dogecoin, now the world’s 8th largest digital asset, is surging once again and continues to enjoy support from investors and celebrities alike, including Tesla CEO Elon Musk, who has tweeted favorable comments about the currency on multiple occasions, even calling Dogecoin the “future currency of Earth.”
BongaCams, the biggest webcam site on the web, and recipient of multiple industry awards, has formally announced that they will be the next major name to begin accepting Dogecoin. BongaCams has built a reputation for being closely aligned to the needs of their customers and the company has made extensive efforts to provide an accessibility experience that is fast, easy, and comfortable. When it came to offering payment options that customers wanted BongaCams couldn’t ignore all that DogeCoin had to offer in terms of fast and anonymous payment options for their customers, and broad market acceptance.
And what’s not to love about Dogecoin? After soaring 15,000% in value and reaching a market cap of $88 billion, the cryptocurrency has built one of the largest and most active communities in the cryptocurrency world and is now considered a great alternative for payment options. Dogecoin’s popularity along with the abundant praise from research analysts who expect the ascent to continue have helped Dogecoin succeed where other cryptocurrency coins have struggled.
For those interested in using Dogecoin as a payment option – BongaCams offers wide array of helpful resources and exchange services with instructions on how to easily purchase Dogecoin online.
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