For the first time, people are globally searching “Dogecoin” more than “Bitcoin.”
It has been reported according to data from Google Trends that values assigned to each cryptocurrency for May 2–8 stand at 56/100 points for DOGE versus 48/100 for BTC.
However, search interest in DOGE over the past 12 months has often closely correlated with peaks and troughs in public interest in Bitcoin, although the interest in the two coins has previously diverged. This week shows not only a strong non-correlation but a higher level of interest in DOGE in absolute terms.
#DOGE remains highly volatile on the markets, spurring a spike in online interest in the coin. https://t.co/5PJECnMex1 — Cointelegraph (@Cointelegraph) May 10, 2021
The report said that DOGE has had nothing if not a dramatic 2021. In mid-April, the coin gained 80% in value in just one day to cap 5,000% in year-to-date returns. As a quintessential meme cryptocurrency, much of the asset’s dizzying price hikes have been fueled by social media sentiment and, arguably, its frequent, if jocular, endorsement by Tesla CEO Elon Musk.
Blockstream’s Adam Back has recently observed that its meme logic translates into a high-stakes, volatile “pump and dump casino rug-pull” grounded in the widespread perception that the asset lacks inherent value but can be rallied around and shorted for a potential profit. As data from Google Trends shows, this “casino market logic,” in Back’s words, remains at its strongest in the United States, followed by the US Virgin Islands and Turkey.
Casino Market Hypothesis. Like a GME short-squeeze. Not because the market agrees it has value, but actually opposite because its rightly shorted as being devoid of value. The more of a joke, easier to pump, whatever people will rally around a group pump and dump casino rug-pull — Adam Back (@adam3us) May 5, 2021
Thus, on the month, DOGE remains up by over 600% but has traded horizontally with a 0.6% decline in value on the week and a 1.6% gain on the day.