For the first time, the interest in Dogecoin searches on Google surpasses those of Bitcoin. However, the price of the meme cryptocurrency dropped significantly after Elon Musk’s participation on the Saturday Night Live show.
The searches that users make on Google are one of the most interesting indicators to understand the dynamics of the crypto market. They allow knowing the interest that exists in cryptocurrencies, which normally entails increases and falls in demand worldwide. For that reason, it is striking that Dogecoin surpasses Bitcoin on Google for the first time in the history of the crypto market.
Although There Are More Solid Projects, Many Users Decide to Invest in Dogecoin
In recent weeks, Dogecoin has become a great paradox of the crypto world. Many projects, such as Bitcoin and Ethereum, are more solid from an economic and technological point of view. However, many members of the crypto community have decided to invest millions of US dollars in Dogecoin, whose creators abandoned it a few years ago. Investors’ interest in this joke cryptocurrency has led to an exponential increase in its price in a matter of a few weeks.
This spectacular spike in Dogecoin’s price is due in large part to Tesla CEO Elon Musk. The second richest man in the world has been one of the strongest proponents of the cryptocurrency meme. Through Twitter, he has shown his support for Dogecoin, which has generated a speculative wave in the market. Many users perceive his posts as a full endorsement of the crypto asset in question.
Even the mainstream media have spent part of their time tracking Dogecoin. That situation has further popularized the cryptocurrency and has also increased the speculative forces behind the increase in its price. Elon Musk’s participation in the Saturday Night Live show seems to have meant the culmination of this process.
Searches for Dogecoin on Google Surpass those for Bitcoin
These factors have led the interest in Google searches for Dogecoin to exceed that in the main cryptocurrency on the market. Google Trends recently anlayzed the period between May 2nd and May 8th. In that time, the searches for DOGE scored 56 out of 100, while the searches for Bitcoin reached 48 out of 100.
This increase in interest in Google searches for Dogecoin does not have to be immediately and automatically reflected in its price. Although Dogecoin has outperformed Bitcoin in Google searches, the price of the meme cryptocurrency has dropped significantly. The speculative wave that Elon Musk’s participation in the Saturday Night Live show generated finally ended. That led the level of trading of the cryptocurrency to collapse.
Although there is no automatic increase in the price of Dogecoin, the interest in it allows understanding the situation of the crypto market. Blockchain technology and the powers of crypto projects receive wide recognition worldwide. However, many users enter the market solely to bet on cryptocurrencies like Dogecoin even though no use value supports them.
By Alexander Salazar
