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Initially a joke, the Dogecoin is now very popular, thanks in particular to Elon Musk. On Twitter, the token is even now supplanting Bitcoin.
Billionaire and boss Elon Musk keeps making more and more references to Dogecoin. Out of derision or out of real interest? Difficult, as is often the case, to decide. Through the SpaceX project, the leader plans to send cryptocurrencies to the moon.
In any case, the Musk effect on the course of Dogecoin has already been verified several times. Blockchain Research Lab was able to measure it following several tweets from the businessman.
In December 2020, Elon Musk limited himself to a very brief tweet: “One word: Doge”. Prior to publication, the average volume per minute of the token was just under $1,942. Within 30 minutes, he was flirting with the $300,000.
And it is likely that these repeated contributions contributed to the token’s explosion in popularity on the social network. Last month, Dodge even supplanted Bitcoin in crypto messages on Twitter.
“In February, it was inevitable… $Doge replaced $BTC as the most talked-about digital asset in February 2021,” confirms ICO Analytics’ study of the 150 leading cryptocurrencies on the market.
That’s no small feat. February marks a new turning point for Bitcoin. It was during this period that the queen of cryptocurrencies broke the $50,000 barrier. Which, in principle, guarantees her a lot of visibility on Twitter.
Not enough, however, observes ICO Analytics. Dogecoin accounted for 10.4% of all crypto related mentions on the social network in February. The BTC therefore ranks slightly behind at 10.1%. Not surprisingly, Ether is in 3rd place at 8.9%.
But Dogecoin is far from being just a joke, far from it. The value of cryptocurrencies now exceeds 6.5 billion dollars. In the space of a year, its price has jumped by more than 4000% according to CoinGecko.
In the last three months alone, the price of Dogecoin exploded by more than 2,300%. A great performance when we know that the Dogecoin project started in 2013 as a joke.