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Libby-Jane Charleston

Interest in dogecoin on Google spikes by 3,000%

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Libby-Jane Charleston
Libby-Jane Charleston
 2021-05-12

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Crypto Parrot@cryptoparrot

The latest data acquired by cryptocurrency trading simulator Crypto Parrot shows that the global interest in dogecoin had surged by 3,233% between January and May 9, 2021, when it peaked with a popularity score of 100. During the same period, dogecoin’s price has spiked by a whopping 12,650%.

According to Crypto Parrot, the United States has recorded the highest interest in the meme-coin on Google Search with a peak score of 100, followed by Turkey at 86. Canada ranks third with a popularity score of 76. The asset has a popularity score of 62 in Singapore, followed by the Netherlands with 61.

Other countries recording a high volume of interest in dogecoin include Australia (50), Austria (44), Nigeria (42), Ireland (41), and Slovenia (39)

Dogecoin emerges as the emblem of meme investing 

The rise in dogecoin began in early 2021, and the report explores the trigger for the spike in interest. According to the research report:

“In general, Dogecoin's momentum began building after investors were eager to find out the next big hit after the excitement around GameStop and other stocks faltered. GameStop stock surged after members of the famous WallStreetBets subreddit rallied the price to new levels. Dogecoin has, therefore, emerged as an emblem of meme investing, a trend that has helped drive up the stocks of GameStop. These stocks have flipped the traditional concept of value on its head.”

The rise in dogecoin culminated in the asset hitting a new all-time high of $0.73. Notably, the interest was also sparked by celebrities. However, Tesla founder Elon Musk has been at the center of the asset’s extraordinary price movement; he regularly tweets in support of the asset.

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Crypto Parrot@cryptoparrot

At the same time, interest in dogecoin peaked on May 9, reflecting Elon Musk's debut as the host of Saturday Night Live. Before the show, Musk had declared himself as the Dogefather, and the asset witnessed a massive inflow of capital from investors who were projecting a surge in price. Most people did not want to miss out on the dogecoin buzz stemming from Musk's SNL appearance. During the show, Musk also had a sketch on dogecoin driving interest in the asset. Interestingly, dogecoin's popularity around the show did not have the desired impact on the price. 

In general, Dogecoin's momentum began building after investors were eager to find out the next big hit after the excitement around GameStop and other stocks faltered. GameStop stock surged after members of the famous WallStreetBets subreddit rallied the price to new levels. Dogecoin has, therefore, emerged as an emblem of meme investing, a trend that has helped drive up the stocks of GameStop. These stocks have flipped the traditional concept of value on its head.

Why doge is attractive to most people  

Dogecoin has emerged as a significant stepping stone into the cryptocurrency sector. It was created in 2013 by software engineers Billy Markus and Jackson Palmer who decided to create a payment system as a joke based on the Doge meme, which features a Japanese Shiba Inu dog surrounded by grammatically incorrect phrases in a kind of inner monologue. 

The asset quickly developed its own online community, reaching a market capitalization of over $65 billion as of May 12, 2021.Compared to other digital assets, dogecoin is considered fun and accessible, earning the phrase 'people's crypto.' 

Although dogecoin is rising in popularity and value, there is still some skepticism about the asset. Unlike most coins, dogecoin has no declared purpose. Many of the asset's critics believe that the asset rise might falter in the future.