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For the first time, more people around the world are looking for reports on the meme blockchain Dogecoin than Bitcoin.
Dogecoin (DOGE) has surpassed Bitcoin (BTC) in global market attention for the first time, according to internet search figures. According to Google Trends, the value allocated to each cryptocurrency for May 2–8 is 56/100 points for DOGE vs 48/100 points for BTC.
Search interest in DOGE has also been closely associated with peaks and troughs in market interest in Bitcoin over the last 12 months, as seen in the chart below, despite the fact that interest in the two coins has previously diverged. This week, however, not only demonstrates a clear non-correlation, but also a higher degree of curiosity in DOGE in absolute terms.
DOGE has had nothing short of a spectacular 2021, as previously mentioned. In mid-April, the coin increased in value by 80% in a single day, bringing the year-to-date return to 5,000%. As the quintessential meme cryptocurrency, many of the asset’s dizzying price increases have been fueled by social media sentiment and, potentially, Tesla CEO Elon Musk’s regular, if jocular, support.
However, as previously mentioned in April, high levels of public interest in the asset aren’t always representative of its business fortunes. Indeed, this week has been particularly bearish for DOGE, coinciding with a new round of exposure for the coin during Musk’s latest appearance on Saturday Night Live.
Blockstream’s Adam Back has recently observed that its meme logic translates into a high-stakes, volatile “pump and dump casino rug-pull” grounded in the widespread perception that the asset lacks inherent value but can be rallied around and shorted for a potential profit.
According to Google Trends info, this “casino market logic,” in Back’s words, is highest in the United States, followed by the United States Virgin Islands and Turkey. DOGE is already up over 600% for the month, but has traded sideways, with a 0.6 percent fall in value on the week and a 1.6 percent increase on the day.