• Dogecoin search interest skyrocketed ahead of the $Doge price rally of 10,000%

  • During the cryptocurrency’s spectacular 10,000 percent price increase, search interest for the meme-inspired cryptocurrency Dogecoin (DOGE) soared, moving from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.

    Dogecoin was founded as a joke in 2013. The cryptocurrency community is known for participating in humanitarian efforts, such as assisting charitable organizations. It made waves in 2014 when it raised more than $25,000 in DOGE to help the Jamaican bobsleigh squad compete in the Sochi Winter Olympics.

    According to fresh statistics by analytics firm Semrush, the meme-inspired cryptocurrency’s popularity skyrocketed in January 2021, a month in which the cryptocurrency’s price rose over 570 percent on a Reddit-fueled surge to a new all-time high.

    The increase appeared to be linked to the WallStreetBets subreddit’s struggle with hedge funds over the price of GameStop’s stock. After a fake account called WSB Chairman inquired if DOGE had ever traded at $1 on Twitter, other users jumped on.

    On Binance, DOGE briefly overtook Bitcoin and Ethereum in terms of the trading volume. In February, when Tesla CEO Elon Musk and other celebrities began tweeting about the meme-inspired cryptocurrency, search interest in DOGE dwindled.

    Dogecoin inquiries were seen 9 million times across search engines that month, as Musk began gently tweeting about the cryptocurrency. Tesla claimed in a filing with the US Securities and Exchange Commission (SEC) that it had purchased $1.5 billion worth of bitcoin in the same month.

    This initial push saw DOGE jump from $0.007 in early January to $0.03 in early February, according to data. The coin peaked at $0.07 in the same month before declining. Even while Musk continued to tweet about the cryptocurrency, searches for the keyword “dogecoin” plummeted by 2.2 million in March.

    The cryptocurrency’s price increase halted in March, and it even dipped to $0.05, with no notable pumps or dumps. It appeared that interest in it was progressively dwindling. It soared to 13.6 million searches in April.

    Musk began the month by declaring, “SpaceX is going to put a literal Dogecoin on the literal moon.” However, it wasn’t until Musk hinted in a follow-up tweet that the “actual dogecoin” was heading to the moon “pretty soon” that the cryptocurrency’s price began to rise.

    DOGE’s price began to rise after that tweet, and it was trading at $0.4 just a few days later. Following that, Musk and other celebrities continued to support the cryptocurrency, which reached an all-time high of $0.74 in mid-May after Musk declared it was “a hustle” on Saturday Night Live.

    Other cryptocurrencies, in particular, benefited from the increase. Safemoon, a deflationary cryptoasset, leveraged Twitter engagement to gain attention and saw its monthly search volume increase from zero to nearly 50,000 in March. Its conversations with Elon Musk helped it reach 800,000 searches in April. In April, searches for “XRP” and “Cryptocurrency” totaled around one million.

    The price of Dogecoin has been falling, and while the pump has aided developers in resuming work on the cryptocurrency, some analysts believe there is still more downside for Dogecoin investors. Even while he is bullish on the cryptocurrency market in general, legendary financial advisor and best-selling book Ric Edelman believes meme-inspired cryptocurrency is a “scam” that will end “very badly.”

    Similarly, a well-known pseudonymous cryptocurrency expert and bitcoin bull has prophesied that Dogecoin’s price will be “programmed” to fall to $0.05, with even Tesla CEO Elon Musk unable to save it. The analyst shared a chart of the DOGE price chart, which showed a head and shoulders pattern.

    Supporters of Dogecoin, on the other hand, appear to be doubling down. Glauber Contessoto, a Dogecoin investor who became a millionaire by investing his $250,000 life savings in the meme-inspired cryptocurrency in early February, is increasing his stake. By investing an additional $25,000 in the meme-inspired cryptocurrency.

    Contessoto claimed in a recent interview that he had not lost faith in his investment and that he planned to add more Dogecoin to his holdings amid declines. He intended to keep the money for at least a year.

    People get “caught up in the short-term and don’t have the patience to see the investment through,” according to him. He went on to say that volatility is “part of the game,” and that those who can’t “stand the changes” are “maybe not cut out for crypto.”

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