Friday, June 2, 2023

Dogecoin: Widely Used Memecoin


The most recent social media statistics for the most popular meme coin, dogecoin, have recently surfaced.

DOGE appears to have recently lost ground to Shiba Inu (SHIB) in terms of popularity. However, it seems like DOGE is on the verge of regaining its former popularity.

Dogecoin on Social Media

The official Dogecoin Twitter account currently has more than three million individuals following it. With 4.5 million followers, it is the crypto with the most supporters after Bitcoin. Shiba Inu, the Dogecoin killer, is a close second with 2.7 million followers.

The Dogecoin Twitter handle has grown by 681 percent in followers in only one year. Furthermore, the popular meme currency similarly won on Reddit. On the site, Dogecoin has 2.3 million users.

According to our calculations, DOGE was the most discussed virtual currency on Reddit in 2021. Furthermore, Elon Musk-driven value surges in Dogecoin began in 2021. Overlooked must not happen. Especially after announcing that Tesla would embrace DOGE as payment for select Tesla-branded merchandise. Dogecoin reached a million followers in April 2021 to respond to these rallies.

Nevertheless, 2021 has not been without its challenges. After the meme coin’s price began to collapse in early May, Dogecoin’s remarkable growth came to a halt. Regardless, in 2021, the most popular meme currency outpaced the great majority of other cryptocurrencies. While Dogecoin was still 79.80% below its all-time high at writing, things are looking brighter. Despite the price decline, Dogecoin is still the 11th largest cryptocurrency in terms of market capitalization.

Dogecoin Partners

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 virtual currency pioneers.

Jackson Palmer, an Australian developer who co-developed the meme coin with Markus, has a smaller following of 41,600. The differences between Palmer’s and Markus’ views on crypto markets are worth mentioning at this time. While Markus has had numerous interactions with Elon Musk, Palmer is a sharp skeptic of the bitcoin business.

Jackson Palmer portrayed the virtual currency sector as a strong cartel. It is led by the affluent in a tweet that made the rounds in July.

Can DOGE Go Back?

In October, SHIB was able to secure funding. Also, the development of SHIB is considered to be due to Elon Musk 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 cryptocurrency.

The idea that SHIB gained backing from Musk while it was on the climb. While DOGE did not, led the Dogecoin community to believe that DOGE could no longer be the same. This idea, however, appears to be shifting.

The Shiba Inu experienced a downward trend on October 27 and slipped in the market rankings. SHIB is now rated 15th, down from 9th on October 27th. DOGE, however, is currently the 11th most valuable cryptocurrency by market valuation. Future price increases should be supported by rising social media popularity.

Rainy Naidoo
Rainy Naidoo
Rainy Naidoo is a writer for Cryptoconstellation. She has her Degree in Journalism and communications. Rainy Likes to spend her free time reading and exploring new places.

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