Dogecoin has flipped leading cryptocurrency Bitcoin as the most discussed coin on Twitter in February. Dogecoin experienced unprecedented popularity on Twitter during this period and this was largely buoyed by Tesla CEO, Elon Musk.
Dogecoin Becomes More Mentioned than Bitcoin on Twitter
According to data from Crypto Tracker ICO Analytics, the dogecoin “meme token” was mentioned most on Twitter last month than any other cryptocurrency. In terms of market cap, it even outperforms the largest cryptocurrency: Bitcoin.
Dogecoin accounted for 10.4% of all crypto-related mentions on social media websites in February. On the other hand, Bitcoin’s number is slightly lower at 10.1%, according to trackers. The token mention rate is ten times higher than Uniswap (a decentralized exchange based on Ethereum with 17,000 active users).
Dogecoin was founded in 2013 and is a “joke token” with Shiba Inu dog as its mascot. Today, this cryptocurrency is worth more than $6.5 billion in marketcap. Its popularity is no stranger to celebrities, rock stars, tech entrepreneurs, and even government officials who have mentioned the meme token on social media.
One of the biggest fans of Dogecoin is Elon Musk, CEO of Tesla, who has referred to himself as the CEO of Dogecoin in the past. The 49-year-old young man made a crazy tweet focusing on Dogecoin in February, suggesting that one such tweet would get the coin to the moon.
The Dogecoin rocket isn’t limited to Musk and Twitter. It became one of the TikTok video application themes in 2020 and even sparked the Dogecoin Challenge, a trend that lasted for several days.
This popularity has driven up the price of altcoins. According to market tool CoinGecko, DOGE rose from less than $0.002 in January 2020 to a record high of $0.083 last month, an increase of 4,050%.
At the same time, Dogecoin has been criticized for several reasons. An address takes up more than 27% of its total listing, which causes people to worry about the price being artificially increased. That seems to annoy Musk. The network has not been actively developed for a long time, so it will cause some problems when trading, but a new update released earlier this week hopes to address that issue.
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