DogeCoin seems to be losing interest amongst many of its backers, after being the darling crypto of 2021. The crypto outperformed bitcoin this year and reached an all time high. The growth was fuelled by social media posts by Elon Musk and a community of redditors.
The crypto has gained more than 15,000% since January, till its peak on 15th May. Since its peak the crypto has fallen almost 50%. DogeCoin was almost a dead currency at the end of last year. However, Elon Musk’s tweet reinvigorated the crypto and gave it a new life.
Created purely as a joke, DogeCoin sparked the meme currency domain in cryptocurrencies. Due to which cryptos like Shiba Inu and SafeMoon gained billions of dollars in market cap. It was a shock to many when the crypto became one of the top 10 cryptos in the world.
No one could have thought that cryptocurrency made as a joke could’ve gained billions. Even the founders weren’t even sure about the crypto, and had sold most of their stake a long time ago. Doge’s popularity was once at a point where its Google searches outnumbered bitcoin by 8,000%.
Falling Popularity
Like all good things in life, what goes up must come down. Dogecoin lost more than 60% of its value in the last month and so did its popularity. Ever since its fall in price 90% of the Google searches for DogeCoin have also fallen.
The twitter trends which were trending just a month back have now vanished. However, bitcoin has taken back its glory from DogeCoin. Bitcoin is now the most Googled cryptocurrency and also the biggest crypto to trend on twitter.
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