The popular meme cryptocurrency Dogecoin (DOGE) experienced a performance loss against Shiba Inu (SHIB). However, Dogecoin may be preparing to return to its old glory days. The latest social media data for DOGE reflects that its popularity has returned.
The latest social media data for the most popular meme cryptocurrency has become available. DOGE seems to have recently fallen down the popularity ladder as compared to Shiba Inu (SHIB). However, now it looks like DOGE is getting ready to be as popular as it used to be.
Dogecoin stands out on social networks
The number of followers of the official Dogecoin Twitter account has now surpassed three million users, becoming thus the cryptocurrency with the most followers after Bitcoin, which has 4.5 million followers Shiba Inu, known as the “Dogecoin killer”, closely follows it with 2.7 million followers.
The Dogecoin Twitter account has seen a 681% increase in followers in just one year. Furthermore, the popular meme cryptocurrency also scored a similar victory on Reddit, a platform on which Dogecoin has 2.3 million subscribers.
Looking back at 2021, the most talked-about cryptocurrency on Reddit in 2021 was DOGE. It is worth keeping in mind that Dogecoin is experiencing price rallies fueled by Elon Musk, especially since news came up that Tesla was accepting DOGE as payment for some company items. Because of these events, Dogecoin surpassed one million followers in April 2021.
Despite the above mentioned, not all has been rosy in 2021. Dogecoin’s impressive growth stalled after the price started falling in early May. Overall, the most popular meme cryptocurrency outperformed the vast majority of other cryptocurrencies in 2021.
At the time of writing, it appears that things are looking up, although Dogecoin was 79.80% below its peak. Despite such price drop, DOGE remains the 11th largest cryptocurrency by market cap.
Dogecoin partners think differently about cryptomarkets
Dogecoin co-founder Billy Markus, using the nickname Shibetoshi Nakamoto on Twitter, also surpassed one million Twitter followers. Markus is now one of the most followed cryptocurrency founders.
Australian programmer Jackson Palmer, who co-created DOGE with Markus, has a more modest 41,600 followers. At this point, it is worth noting the different approaches of Palmer and Markus towards the crypto markets. While Markus has interacted with Elon Musk many times, Palmer is harshly critical of the cryptocurrency industry.
In a tweet that went viral in July 2021, Jackson Palmer described the cryptocurrency industry as a “powerful cartel” run by the wealthy.
Can DOGE go back to the old days?
SHIB managed to attract investors in October last year, sparking speculation that the rise of SHIB might be because of Elon Musk, who shared a photo of his Shiba Inu dog. This, in turn, led to the rumor that Elon Musk would move away from Dogecoin and switch to a new meme token.
SHIB support from Musk while on the rise, while DOGE did not receive the same amount of attention, made the community think that DOGE could no longer be the same as before. However, this seems to be changing.
As of the last quarter of 2021, Shiba Inu entered a downward trend and fell in market rankings. SHIB, which was ranked 9th on October 27, is ranked 15th today. In contrast, DOGE currently ranks as the 11th most important cryptocurrency in the market.
By Audy Castaneda
