The Dogecoin mania continues to expand rapidly as recent research outlined the growth of Twitter engagements. The meme coin trails only to bitcoin and is well ahead of Ethereum, Cardano, Ripple, and Binance Coin.
DOGE Second Only to Bitcoin
Apart from NFTs, 2021 has been the year of Dogecoin so far. The meme coin has seen mass adoption from celebrities, companies, and, eventually, retail investors, and its value has skyrocketed. To be more precise, the Shiba Inu-inspired token’s gains are nothing short of spectacular since the start of 2021 – north of 30,000% up.
Although some community members, including Meltem Demirors, believe DOGE is simply a “mania and a bubble,” others see a more profound meaning. Galaxy Digital’s CEO, Mike Novogratz, recently asserted that the younger generations express a “little bit of a middle finger to the system” through their adoption of a coin that started as a joke.
Whether people are supporting or bashing it, Dogecoin is making headlines and garnering even more attention. This is exemplified by research conducted by LunarCrush and Coin98 Analytics.
By compiling the number of Twitter posts, both parties outlined which are the most talked-about digital assets and how much they have increased in the past 14 days.
As the graph above illustrates, Bitcoin still has the lead with over 230,000 mentions. Dogecoin discussions, though, have increased by 137% in two weeks, and DOGE is breathing down BTC’s neck with nearly 216,000 posts.
Although the meme coin is behind BTC, it’s actually well ahead of Ethereum and Binance Coin. In other words, the fourth-largest crypto by market cap has more Twitter engagements than two out of the three tokens with larger market capitalizations.
Google Trend Data Agrees
The massive interest in Dogecoin could also be seen from the number of Google searches. The world’s largest search engine is typically a good indicator of the behavior of retail investors, and the queries for DOGE have been through the roof lately.
Perhaps led by Elon Musk’s frequent Dogecoin endorsements, the worldwide searches picked up in January 2021 but calmed in the following months. However, they surged to new all-time high levels in April and are projected to return to those levels in May as well – just as the meme coin’s price marked a record of its own.