Thanks to Elon Musk’s various tweets, the meme-coin appears to be on everyone’s mind these days. To show that, an analytics company found that in February, Dogecoin, which started as a joke back in 2013, also outperformed Bitcoin as “the most widely debated crypto commodity” on Twitter.
ICO Analytics shared a map that mentions the top 20 common coins, such as BTC, ETH, ADA, and others. Doge posted 10.4 percent of mentions on Twitter, while BTC and ETH reported 10.1 percent and 8.9 percent respectively.
Elon Musk was one of Doge’s most outspoken fans, tweeting about the coin in February. For example, a tweet from Musk on 10 February prompted a 20% increase in Doge’s price to a new daily high of $0.082 at the time. The tweet in question addressed the purchase of Musk’s Dogecoin for his son, ‘Little X,’ who will most likely be the youngest ‘toddler hodler.’
The data from Google Trends did not record any increase in interest for ‘DOGE,’ except in one case. On 29 January, the quest rate for Dogecoin, globally, exceeded that for Bitcoin, but after that it ordered less searches than for BTC.
The meme coin has captured a current market value of more than $6 billion. A figure that is the double of AMC Entertainment, the company that has recently found itself in the midst of the ‘mememe-stocks’ hysteria.
However, the Doge Network has also faced backlash over the last month. Binance CEO ChangPeng Zhao noted that one individual address holds 27 percent of all DOGE coins, while the top 20 addresses carry more than 50 percent of all DOGE coins. ‘CZ’ hypothesised that this made the project “a concentrated kind of thing in that way.”
In addition, analysts believe that DOGE is not serious financial benefits for those who wish to align themselves with the ethos of the Internet. Researchers at RMIT University say:
“Dogecoin is best thought of as a cultural product, rather than a financial asset. The reality is few cryptocurrency users hold it as a serious investment or to use in regular transactions. Instead, to own Dogecoin is to participate in a culture.”
It would be fascinating to see how markets continue to respond to DOGE, and whether the ‘joke’ coin is going to attract serious buyers. At press time, DOGE traded at $0.05 and was up 8 percent in the last week.
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