Dogecoin was a red-hot topic last month on Twitter. According to ICO Analytics, the meme-driven cryptocurrency Dogecoin was mentioned and discussed more on Twitter as compared to the leading cryptocurrency in the world.
ICO Analytics tweeted, saying that Dogecoin overtook Bitcoin as the most discussed digital asset in February of 2021. The organization further shared the chart of the top 150 cryptocurrencies by market cap, which displayed Dogecoin topping the chart.
In February, 10.4% of all the mentions relating to cryptocurrency were about the meme-originated crypto on the American social networking platform Twitter. On the other hand, Bitcoin commanded 10.1% of all the crypto-related mentions on Twitter which is slightly lower than Dogecoin.
Dogecoin was brought up ten times more as compared to Ethereum based exchange known as Uniswap. The decentralized cryptocurrency exchange has approximately 17,000 active users.
Dogecoin’s Success Story
In 2013, Dogecoin was founded as it was derived from a “Doge” meme. The mascot of the meme is the Shiba Inu dog breed. This cryptocurrency which started as a “joke,” is now worth $6.5 billion in the crypto market. The meme-influenced cryptocurrency became popular overtime among celebrities and entrepreneurs. Even Government personnel are talking about the “meme coin.” Dogecoin was the most mentioned cryptocurrency on Twitter last month, is proof of this growing popularity in the community.
The former richest man in the world, Elon Musk, was also one of the major reasons for Dogecoin’s success. CEO of Tesla always strangely admired Dogecoin. He even called himself the CEO of Dogecoin. His admiration for Dogecoin was shown in one of his numerous tweets about the meme-influenced cryptocurrency, where he mentioned that Dogecoin would “go to the moon.”
This tweet of Musk went viral as it initiated as Dogecoin “Challenge” on Tik Tok. These challenges and tweets caused dogecoin’s further ascending in the crypto market, and the price has reached sky-high. According to CoinGeko, there has been a 4050% increase in Dogecoin’s value. Dogecoin was $0.002 in January, and it increased to $0.083 in February.
Criticism on Dogecoin’s Popularity
Critics have pointed out some errors in Dogecoin. One of the reasons for its criticism is that a single address holds 27% of Dogecoin’s total supply. This address can be responsible for its artificial increment.