As measured by internet search statistics, global public interest in meme coin Doge has outpaced that of BTC for the 1st time ever. As per data from Google Trends, values assigned to each digital asset from 2nd to 8th May stand at 56/100 points for Dogecoin versus 48/100 for Bitcoin.
According to the chart below, the search interest in DOGE over the last twelve months has often closely matched up with the tops and bottoms in public interest in BTC, notwithstanding that the interest in the two popular virtual currencies has earlier diverged. Nevertheless, the data obtained from Google last week, shows not only a substantial non-correlation but an over the odds level of interest in Dogecoin, in absolute terms.
According to earlier media reports, Dogecoin has had nothing if not a remarkable 2021. Last month, the cryptocurrency gained eighty percent in value in just one day to cap five thousand percent in year-to-date returns. As an exemplary meme virtual currency, much of the digital asset’s dizzying price hikes have been stoked up by social media sentiment and, conceivably, its recurrent endorsement by Elon Musk.
As noted earlier in April, high levels of public interest in the cryptocurrency aren’t certainly suggestive of its good fortune on the markets. Indeed, last week has been distinctly bearish for Dogecoin, coinciding with a fresh bout of publicity for the cryptocurrency during the Tesla CEO’s latest appearance on Saturday Night Live (SNL).
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