There have been extra mentions of the meme coin Dogecoin within the final month on Twitter than some other cryptocurrency, in line with knowledge from crypto tracker ICO Analytics. It even overtook the largest cryptocurrency by market cap: Bitcoin.
As per the tracker, Dogecoin commanded 10.4% of all crypto-related mentions on the social media web site in February. Bitcoin, alternatively, logged in a barely decrease quantity at 10.1%.
The coin’s mentions have been ten occasions increased than that of Uniswap—an Ethereum-based decentralized change that has 17,000 lively customers.
Dogecoin was based as a “joke” forex in 2013 that includes a Shiba Inu canine as a mascot. At this time, the cryptocurrency is valued at over $6.5 billion and isn’t any stranger to being fashionable—with celebrities, rock stars, and tech entrepreneurs, and even authorities officers mentioning the coin on social media.
Considered one of Dogecoin’s greatest followers is Tesla CEO Elon Musk, who has referred to himself because the CEO of Dogecoin previously. The 49-year-old went on a tweeting frenzy in February with Dogecoin in focus, implying the coin would go to the moon in a single such tweet.
The Dogecoin rocket wasn’t restricted to Musk and Twitter. It grew to become one of many speaking factors on video app TikTok in 2020—even sparking a Dogecoin ‘Challenge’, which trended for a number of days.
Such recognition has triggered the altcoin’s costs to surge skyward. As per markets software CoinGecko, DOGE went from below $0.002 in January 2020 to an all-time excessive of $0.083 final month—a 4050% enhance.
In the meantime, Dogecoin has been criticized for a number of causes. A single tackle holds over 27% of its complete provide—sparking considerations about its costs being artificially inflated. It’s a degree that appears to irk Musk as effectively. It is community hadn’t had any lively improvement for a very long time, inflicting some points with making transactions, however a new update put out earlier this week hopes to repair that.
