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When Jackson Palmer founded Dogecoin and launched the crypto-asset on December 6, 2013, he could not have predicted the amount of attention the coin has gained this year. Not only has the meme coin increased in value by more than 800% in 2021, but it has also accrued sparkling (recommendations) Tweets of encouragement from Elon Musk, Tesla CEO, and Dallas Mavericks owner Mark Cuban.
While Snickers shared a cool Doge gif, Milky Way stated:
to the Milky Way not just the Moon”
With #DogeDay currently trending, many from the Dogecoin community are rooting for the asset to reach 1$.
According to Google Analytics, the hashtag “Dogeday” has been trending on social media. Dogecoin’s social engagement is actually 931 percent, with a social domination of 536 percent. The support for Dogecoin has exceeded expectations, particularly given that Elon Musk hasn’t tweeted anything about it in the last week.
DOGE is distinguished from other altcoins by the fact that 61 percent of DOGE HODLers have owned the coin for more than a year. This is obviously not the case for the majority of the top altcoins, which deliver double and triple-digit returns. Most altcoins have a strong short-term ROI but a low long-term ROI, but DOGE is the polar opposite.
The fact that DOGECOIN is actually uncorrelated with Bitcoin is particularly intriguing. Despite this, as Bitcoin rises, DOGE rises with it, along with other top altcoins.