Interest in the cryptocurrency dogecoin (DOGE) is at an all-time high, according to analytical data provided by the popular Internet search engine, Google.
These searches, which have been on the rise for a week , increased considerably today, April 20, 2021, during the so-called dogeday (“doge day”) . This is an initiative that emerged on social networks to promote the cryptocurrency meme .
According to Google, Internet users in the United States lead the search for “dogecoin”, followed by those in Turkey, Canada and Nigeria. If only those countries whose official language is Spanish are taken into account, Venezuela leads the ranking , followed by Spain and Mexico.
Posts with these bookmarks include memes, links to tutorials, and expressions of desire about the price that DOGE could fetch. In addition, there are numerous thanks and references to Tesla CEO Elon Musk for frequently promoting this cryptocurrency on his Twitter account.
The community managers of some well-known companies did not miss the opportunity to take advantage of the hashtag to promote their products. This was the case with the Snickers chocolate brand , which created an animated gif especially for the occasion.
According to what is observed in the aforementioned publications, the desire of many dogecoiners is to see their favorite cryptocurrency reach the price of USD 1 per unit . For this to happen, its price would have to multiply almost 3 times. At the time of writing, each DOGE is trading at USD 0.34.
An upward movement of this magnitude would not be unusual, considering that, only so far in 2021, it went from $ 0.005 to an all-time high of $ 0.43 . In other words, its price multiplied 86 times in less than 5 months.
Dogecoin price could be ‘a bubble waiting to burst’
But not everyone is so optimistic. Among those who foresee a negative future for this cryptocurrency, is the founder of Cardano, Charles Hoskinson. This 33-year-old mathematician is convinced that the price of dogecoin is a bubble waiting to burst .
Hoskinson adds, as CriptoNoticias reported yesterday, that the bursting of the bubble will result in massive losses of money, especially from retail investors. When this happens, according to him, financial regulators will seek to increase their interference in the cryptocurrency industry, and this will be negative for development .
Against this theory, supporters of the meme cryptocurrency mention that more and more businesses are accepting it as a form of payment . Recent additions include Newegg, a renowned US hardware retailer. This company, which accepts payments in bitcoin (BTC) since 2014, reported yesterday that it has now also incorporated dogecoin.
This media also reported at the end of March 2021, that the NBA team, Dallas Maverick’s began to receive payments in DOGE , both for ticket sales and merchandising .
Possibly, the creators of dogecoin, Jackson Palmer and Billy Markus, never imagined that their development would experience a dogeseason of such magnitude. In 2013 they launched this digital asset as a way to poke fun at the cryptocurrency industry which, by then, was beginning to swarm with altcoins with little fundamentals.
Dogecoin code is a fork ( hard fork ) of litecoin, blockchain which, in turn, grew out of a bifurcation of Bitcoin. However, the differences in terms of monetary policy, security, support of the miners network and development between Dogecoin and the cryptocurrency developed by Satoshi Nakamoto , are considerable. In the words of the aforementioned Hoskinson, at dogecoin “there is no stable development team behind it, nor is there any original technology.”