Dogecoin’s magnanimous price surge this year has helped it become the world’s fourth-largest cryptocurrency with a massive surge in its popularity. Besides, support from billionaires like Elon Musk has helped the crypto a lot.
Meme-cryptocurrency Dogecoin (DOGE) has created a major frenzy with its massive bull run this year. Registering a new record, the public interest for Dogecoin (DOGE) has overcome that of Bitcoin (BTC), the latest data comes through the Google Search statistics for the last week.
In the period between May 2-8, the values assigned to Dogecoin (DOGE) stood at 56/100 points vs 48/100 for Bitcoin (BTC). An interesting observation shows that the search for Dogecoin over the last year has peaked during its price rally. Besides, it also happens at the time when the interest for Bitcoin has been moving lower.
Thus, there’s a strong non-correlation between the two crypto but DOGE bags higher interest in absolute terms. Dogecoin (DOGE) has registered an unprecedented rally this year beating a large number of altcoins. From just at $0.004 on Jan 1, the DOGE price has climbed all the way to an all-time high of $0.71 last week.
This has helped Dogecoin (DOGE) outrank some of the biggest cryptocurrencies like XRP, Cardano (ADA), Polkadot (DOT) and others. At press time, DOGE is trading at a price of $0.51 with a market cap of $65 billion. This is a massive 12400% return year-to-date.
Recent Developments Around Dogecoin (DOGE) amid Growing Google Search Interest
After surging above $0.70 last week, the DOGE price entered a sharp correction over the weekend. Dogecoin (DOGE) corrected more than 30% in just two days after Elon Musk’s comments during the recent Saturday Night Live (SNL).
After Musk’s SNL hosting and his calling of Dogecoin as “hustle” the world’s fourth-largest cryptocurrency entered a very sharp correction. It has touched a weekly low under $0.45 before resuming back its northward journey.
In a major development, Elon Musk‘s space exploration company SpaceX announced that it will accept Dogecoin (DOGE) payments for its next space exploration mission. The Geometric Energy Corporation (GEC) announced the DOGE-1 Mission to the Moon earlier today. during the announcement, Geometric Energy’s Chief Executive Officer Samuel Reid said:
“Having officially transacted with DOGE for a deal of this magnitude, Geometric Energy Corporation and SpaceX have solidified DOGE as a unit of account for lunar business in the space sector. This mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce. We’re excited to launch DOGE-1 to the Moon!”
Dogecoin has certainly grabbed the attention of global investors with its massive rise. And the community is now wondering whether Dogecoin (DOGE) is here to stay for the long term.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.