There were more mentions of the meme coin Dogecoin in the last month on Twitter than any other cryptocurrency, according to data from crypto tracker ICO Analytics. It even overtook the biggest cryptocurrency by market cap: Bitcoin.
As per the tracker, Dogecoin commanded 10.4% of all crypto-related mentions on the social media site in February. Bitcoin, on the other hand, logged in a slightly lower number at 10.1%.
The coin’s mentions were ten times higher than that of Uniswap—an Ethereum-based decentralized exchange that has 17,000 active users.
Dogecoin was founded as a “joke” currency in 2013 featuring a Shiba Inu dog as a mascot. Today, the cryptocurrency is valued at over $6.5 billion and is no stranger to being popular—with celebrities, rock stars, and tech entrepreneurs, and even government officials mentioning the coin on social media.
One of Dogecoin’s biggest fans is Tesla CEO Elon Musk, who has referred to himself as the CEO of Dogecoin in the past. The 49-year-old went on a tweeting frenzy in February with Dogecoin in focus, implying the coin would go to the moon in one such tweet.
The Dogecoin rocket wasn’t limited to Musk and Twitter. It became one of the talking points on video app TikTok in 2020—even sparking a Dogecoin ‘Challenge', which trended for several days.
Such popularity has caused the altcoin's prices to surge skyward. As per markets tool CoinGecko, DOGE went from under $0.002 in January 2020 to an all-time high of $0.083 last month—a 4050% increase.
Meanwhile, Dogecoin has been criticized for a few reasons. A single address holds over 27% of its total supply—sparking concerns about its prices being artificially inflated. It’s a point that seems to irk Musk as well. It's network hadn't had any active development for a long time, causing some issues with making transactions, but a new update put out earlier this week hopes to fix that.
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