For the first time in history, more people online are searching for news surrounding the meme-inspired cryptocurrency DOGE than they are Bitcoin. Despite the obvious recent success of Dogecoin, this will come as a surprise to many who work and study within the crypto industry as Bitcoin has always been king, so for any coin to outperform it in any metric is worth taking note of.
According to data from Google Trends, values assigned to each cryptocurrency for May 2–8 stand at 56/100 points for DOGE versus 48/100 for BTC. The data over the past year shows that the two coins correlate with each other as when Bitcoin interest rises so does Dogecoin’s, but this can be said for almost every cryptocurrency. The interesting thing of note here though is that while Bitcoin has continued a positive upward trend Dogecoin has skipped the natural progression part and has just gone straight for Bitcoin’s position.
Nobody who has heard of Dogecoin would be surprised to hear that the volume of people searching for it has increased substantially. What a lot of people would be surprised to know though is that the volume has now surpassed Bitcoin, but how long can it stay this way?
Well, it is very unlikely this momentum will be kept up forever but this will be largely determined by the continuation of celebrity endorsement. Elon Musk is the obvious champion of Dogecoin and if he continues to publicly support the cryptocurrency there will always be support for it for the foreseeable future. Other celebs like Mark Cuban, Snoop Dog, and Gene Simmons have also contributed to DOGE’s rise in popularity and it may only take a tweet from some megastar to get the ball running again.
The price of Dogecoin took quite a tumble over the weekend but it has shown quite impressive powers of resistance considering the surge we saw. Doge still maintains a market cap of $65 billion and at the time of writing remains the 4th most valuable cryptocurrency.
