A campaign that emerged on social networks seeks to promote the adoption of Dogecoin. The world leaders in the search for “Dogecoin” on Google are the United States, Turkey, and Canada.
According to analytical data from the Internet search engine Google, interest in the Dogecoin (DOGE) cryptocurrency has reached an all-time high.
Searches were on the rise for a week and recently increased during the so-called “Dogeday.” This initiative emerged on social networks to promote the adoption of the meme cryptocurrency.
Internet users in the United States lead the search for “Dogecoin”, preceding those in Turkey, Canada, and Nigeria, according to Google. Taking into account only Spanish-speaking countries, Venezuela leads the ranking, preceding Spain and Mexico.
In places like Argentina, hashtags like #dogeday420 and #dogeday2021 were among the search trends on Twitter. Several posts alluding to “Dogeday” also appeared on the social network Reddit.
Those posts include memes, links to tutorials, and wishful thinking about what price DOGE could reach. Additionally, there are numerous messages of thanks and references to Tesla CEO Elon Musk for frequently promoting this cryptocurrency on Twitter.
The aforementioned posts show the longing of many dogecoiners to see their favorite cryptocurrency reach USD 1 per unit. That could only happen if its price multiplied more than 3 times. At the time of writing this article, each DOGE is trading at around USD 0.30.
Such a big bullish move would not be uncommon as it has gone from USD 0.005 to an all-time high of USD 0.43 so far this year. In other words, its price increased 86 times in less than 5 months.
The Price of Dogecoin Could Be a “Bursting Bubble”
Cardano founder Charles Hoskinson is among those who predict a negative future for this cryptocurrency. This 33-year-old mathematician firmly believes that the price of Dogecoin is a bubble waiting to burst.
Hoskinson also predicts that the bursting of the bubble will cause massive losses of money, particularly among retail investors. He believes that, when this happens, financial regulators will seek to increase their interference in the cryptocurrency industry.
Contrary to this theory, followers of the cryptocurrency meme mention that a growing number of businesses are accepting it as a form of payment. Among those who have recently incorporated it is Newegg, a well-known American hardware retailer. This company, which has accepted payments in Bitcoin (BTC) since 2014, recently incorporated Dogecoin.
The NBA team Dallas Mavericks also began receiving payments in DOGE, both for ticket sales and merchandising.
The creators of Dogecoin, Jackson Palmer and Billy Markus, possibly never imagined that their development would have such a big Dogeseason. In 2013, they launched this crypto asset to make fun of the cryptocurrency industry, which was beginning to swarm with altcoins having few fundamentals.
The Dogecoin code is a Litecoin hard fork, which in turn arose from a Bitcoin hard fork. The differences in monetary policy, security, mining network support and development between Dogecoin, and Bitcoin are considerable. Regarding the meme cryptocurrency, Hoskinson said that “there is no stable development team and no original technology behind it.”
By Alexander Salazar
