DOGE surpasses Bitcoin and Ethereum to be ‘most debated’ crypt on Twitter.

Spread the love

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.

Source: Google Trends

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.

RECOMMENDED READ:  WisdomTree's Bitcoin ETF Proposal is being reviewed by the SEC.

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.

 530 Interactions,  2 today

READ ALSO:
Why this ‘Bitcoiner,’ thinks Dogecoin owners will lose capital.

A recent research published in Nature Communications revealed how China's Bitcoin mining imperilled global climate change goals and sabotaged the Read more

Chiliz , Dogecoin, Polkadot Price Movement Analysis for 11th April, 2021

Chiliz moved rangebound and was supposed to stay within a fixed channel in the short term. Dogecoin reached yet another Read more

Ethereum, Dogecoin, Waves Price Movement Analysis for 10th April, 2021

Ethereum was once again approaching the $2150 band, which could be flipped to help in the coming hours. Waves retraced Read more

Binance Coin, Ethereum Classic, Dogecoin Price Movement Analysis for 9th April, 2021

Though Bitcoin, the world's largest cryptocurrency, climbed up the charts in the first few days of April, the last few Read more

DigiByte, Dogecoin, XRP Price Movement Analysis for 5th April, 2021

DigiByte experienced a bearish divergence when it crossed the $0.09 threshold. Dogecoin's price remained stable between $0.059 and $0.055. XRP Read more

Binance Coin, Dogecoin, SushiSwap Price Movement Analysis for 4th April, 2021

Binance Coin predicted that fresher record thresholds will be set in the coming days due to solid technicals. Following a Read more

Mark Cuban believes Dogecoin ($DOGE) would reach $1, but will it reach $10?

On March 6, billionaire businessman Mark Cuban said on Twitter that the price of meme cryptocurrency Dogecoin ($DOGE) could hit Read more

Dogecoin, Ethereum, Synthetix Price Movement Analysis for 3rd April, 2021

Dogecoin spiked in response to an Elon Musk tweet before plummeting. Ethereum surpassed its previous high, and the rising ETH/BTC Read more

Bitcoin SV, Dogecoin,Waves Price Movement Analysis for 1st April, 2021

Bitcoin SV attempted to smash through the $218 resistance barrier once more, with the same noting buyer interest on its Read more

Dogecoin price increased by 10% following Elon Musk’s recent Tweet.

As Tesla CEO Elon Musk added Bitcoin to his Twitter profile, the crypto asset's value skyrocketed. Today, Musk reaffirmed his Read more

Leave a Reply

Contact Us