Dogecoin Surges in Popularity, Outperforming Shiba Inu in Google Trend Searches
Dogecoin, the popular cryptocurrency known for its Shiba Inu mascot, has seen a significant surge in popularity recently, outperforming its rival Shiba Inu in Google Trend searches on Monday. This surge in interest comes despite Shiba Inu showing stronger price performance, with a 300% increase in value over the past week compared to Dogecoin’s 105% gain in the same timeframe.
Data from Google Trends shows that interest in Dogecoin soared, hitting a score of 76, while interest in Shiba Inu lagged at a score of 30. This indicates a growing interest in Dogecoin among investors and fans of the cryptocurrency.
The surge in interest in Dogecoin has coincided with its price jumping over $0.10, currently trading at $0.18. Many supporters and investors of Dogecoin are now speculating on the possibility of the cryptocurrency achieving the $1 milestone in the near future.
It is worth noting that the recent spike in Dogecoin’s price has occurred independently of public support from entrepreneur Elon Musk. Historically, Musk’s tweets have had the power to sway investor sentiment and market dynamics significantly. However, Musk has not commented on Dogecoin since his last post in April 2023.
Dogecoin’s rally has also led to an all-time high in futures open interest, reaching $1.4 billion. This level of open interest reflects an increase in investor optimism and confidence in the cryptocurrency, standing much higher than any previous peak.
At the time of writing, Dogecoin was trading at $0.18, up 15.03% in the last 24 hours. The cryptocurrency currently has a market capitalization of $26 billion.
Overall, Dogecoin’s recent surge in popularity and price performance signals a renewed interest in the cryptocurrency among investors and fans. With the possibility of reaching the $1 milestone on the horizon, it will be interesting to see how Dogecoin continues to perform in the coming weeks and months.
