The Popularity of Dogecoin Surges, Even as Bitcoin Plummets
Bitcoin (BTC) fell to a three-month low recently, dropping 28% and then managed to claw its way back. Dogecoin (DOGE) went up to $0.56 on Friday, though it’s not as high as the $0.67 it achieved about a week ago.
In some of the biggest markets in the world, Dogecoin was being searched for more than mutual funds and Bitcoin combined, according to Google search result data for Friday.
This is hot off the heels of new comments from Tesla founder Elon Musk. Musk has driven interest for Dogecoin considerably in the past few months, and a high-profile appearance on Saturday Night Live last week managed to spur further interest in the cryptocurrency.
While Dogecoin is much newer than Bitcoin and not valued at even a fraction of Bitcoin’s worth, the two have been constantly compared by financial analysts since the beginning of the year when Dogecoin experienced a meteoric rise to the mainstream.
What’s making Dogecoin so attractive for investors is its high rate of return in recent months compared to many other cryptos. For the year so far, this digital asset has managed to increase by 14,180% with continued increases expected. This is why so many people are latching onto its coattails and looking to get a piece of the Dogecoin pie. Some investors are expecting to see the coin hit a dollar by the end of the year, which may not sound like much, but is exceptional for a currency that started off as a joke.
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