Thursday, October 5, 2023

Dogecoin’s Great Market Cap


Once it relates to meme cryptocurrencies, the social media interaction surrounding them is crucial. Dogecoin, the meme coin with the greatest market capitalization in the cryptocurrency industry.

The most recent social media data for the most popular meme coin has recently surfaced. DOGE appears to have recently lost ground to Shiba Inu (SHIB) in terms of popularity. DOGE, on the other hand, appears to be on its way to becoming as popular as it once was.

Dogecoin Stands Out

The official Dogecoin Twitter account currently has more than three million individuals following it.

With 4.5 million followers, it really is the cryptocurrency with the most adherents after Bitcoin. Shiba Inu, often dubbed as the Dogecoin killer, is a close second with 2.7 million followers.

In just one year, the Dogecoin Twitter account has grown by 681 percent in followers. Furthermore, the popular meme currency won on Reddit in a similar fashion. On the platform, Dogecoin has 2.3 million users.

DOGE was by far the most talked-about cryptocurrency on Reddit in 2021, according to our calculations.

Furthermore, Elon Musk-driven price surges in Dogecoin began in 2021, and they should not be overlooked. Particularly following the announcement that Tesla would accept DOGE as payment for select Tesla-branded merchandise, Dogecoin achieved one million followers in April 2021 as a result of these rallies.

However, 2021 hasn’t been without its challenges. After the meme coin’s price began to collapse in early May, Dogecoin’s remarkable growth came to a halt.

Despite this, in 2021, the most widely used meme currency outpaced the great majority of other cryptocurrencies. While Dogecoin was still 79.80% below its all-time high at the time of writing, things are looking brighter. Despite the price drop, meme coin is still the 11th most valuable cryptocurrency in terms of market capitalization.

Different Perspectives

Billy Markus, a co-founder of Dogecoin who goes by the Twitter handle Shibetoshi Nakamoto, has hit one million followers. Markus is currently one of the most well-known cryptocurrency pioneers.

Jackson Palmer, an Australian programmer who co-created the meme coin with Markus, has a smaller following of 41,600.

The differences between Palmer’s and Markus’ approaches to cryptocurrency markets are worth noting at this time. While Markus has had numerous interactions with Elon Musk, Palmer is a sharp critic of the bitcoin business.

Jackson Palmer portrayed the cryptocurrency sector as a “strong cartel” run by the wealthy in a tweet that went viral in July.

Return to Its Former Glory

In October, SHIB was able to secure funding. The development of SHIB is considered to be due to Elon Musk maybe sharing a photo of his Shiba Inu dog on social media.

This sparked speculation that Elon Musk will abandon Dogecoin in favor of a new meme token.

The fact that SHIB gained backing from Musk while it was on the rise, while DOGE did not, led the most popular meme currency community to believe that DOGE could no longer be the same. This, however, appears to be changing.

The Shiba Inu experienced a downward trend on October 27 and slipped in the market rankings. SHIB now rates 15th, down from 9th on October 27th.

DOGE, on the other hand, is currently the 11th most valuable cryptocurrency by market capitalization. Increased social media popularity is projected to support pricing rises in the future.

Ivan Cruz
Ivan Cruz
Ivan Cruz is a writer for Cryptoconstellation. He has his Masters in Applied Research in Economics & Business. Ivan has been trading crypto for the past 7 years himself and feels it is his duty to bring you all the latest news.

More from Crypto News Constellation

[tds_leads input_placeholder="Email address" btn_horiz_align="content-horiz-center" pp_checkbox="yes" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" msg_composer="success" display="column" gap="10" input_padd="eyJhbGwiOiIxNXB4IDEwcHgiLCJsYW5kc2NhcGUiOiIxMnB4IDhweCIsInBvcnRyYWl0IjoiMTBweCA2cHgifQ==" input_border="1" btn_text="I want in" btn_tdicon="tdc-font-tdmp tdc-font-tdmp-arrow-right" btn_icon_size="eyJhbGwiOiIxOSIsImxhbmRzY2FwZSI6IjE3IiwicG9ydHJhaXQiOiIxNSJ9" btn_icon_space="eyJhbGwiOiI1IiwicG9ydHJhaXQiOiIzIn0=" btn_radius="0" input_radius="0" f_msg_font_family="521" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_msg_font_weight="400" f_msg_font_line_height="1.4" f_input_font_family="521" f_input_font_size="eyJhbGwiOiIxMyIsImxhbmRzY2FwZSI6IjEzIiwicG9ydHJhaXQiOiIxMiJ9" f_input_font_line_height="1.2" f_btn_font_family="521" f_input_font_weight="500" f_btn_font_size="eyJhbGwiOiIxMyIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMSJ9" f_btn_font_line_height="1.2" f_btn_font_weight="600" f_pp_font_family="521" f_pp_font_size="eyJhbGwiOiIxMiIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMSJ9" f_pp_font_line_height="1.2" pp_check_color="#000000" pp_check_color_a="#fdbf46" pp_check_color_a_h="#000000" f_btn_font_transform="uppercase" tdc_css="eyJhbGwiOnsibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJsYW5kc2NhcGUiOnsibWFyZ2luLWJvdHRvbSI6IjMwIiwiZGlzcGxheSI6IiJ9LCJsYW5kc2NhcGVfbWF4X3dpZHRoIjoxMTQwLCJsYW5kc2NhcGVfbWluX3dpZHRoIjoxMDE5LCJwb3J0cmFpdCI6eyJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3Njh9" msg_succ_radius="0" btn_bg="#fdbf46" btn_bg_h="#dd9933" title_space="eyJwb3J0cmFpdCI6IjEyIiwibGFuZHNjYXBlIjoiMTQiLCJhbGwiOiIwIn0=" msg_space="eyJsYW5kc2NhcGUiOiIwIDAgMTJweCJ9" btn_padd="eyJsYW5kc2NhcGUiOiIxMiIsInBvcnRyYWl0IjoiMTBweCJ9" msg_padd="eyJwb3J0cmFpdCI6IjZweCAxMHB4In0=" msg_err_radius="0" f_btn_font_spacing="1" title_text="Stay Up to Date"]


Related Crypto News

SHIB and DOGE Surges Owing to Musk’s Support

The two major meme currencies on the cryptocurrency market right now are Shiba Inu and Dogecoin. SHIB increases by 28.2%...

Dogecoin Surges after Musk’s Commitment

Elon Musk affirms on Twitter that he still supports and purchases Dogecoin. Musk also states that while people can purchase Tesla...

DOGE’s Latest Startups Investment

During the 2021 Bull Run, a crypto with a dog motif was able to hold the largest market share. On...

Elon Musk Praises Dogecoin

Despite crypto values plummeting in yet another bloodbath this year, Elon Musk has praised Dogecoin, energizing supporters of...