Although it has been stagnating in terms of price performance in recent days, an altcoin continues to attract the attention of investors. The project we’re talking about, Dogecoin (DOGE), recorded a significant increase in ‘buy’ searches on US Google Trends. So what is behind the interest in this meme coin and what is it?
Demand for this altcoin jumped 600% on Google in the USA
The popular meme coin Dogecoin (DOGE) has unfortunately lost the momentum it gained with Tesla CEO Elon Musk’s takeover of Twitter. DOGE is content to post small gains for now. However, it is witnessing increased interest among potential US investors during such a period.
In particular, interest in the keyword ‘Buy Dogecoin’ in the US has increased by 625% in the last three months, according to data from December 2 in Google Trends. Meanwhile, for the week ending November 28, this search had a popularity score of 58. For comparison, during the week of September 5, search had a popularity score of just 8.
Quarterly ‘Buy Dogecoin’ searches in the US / Source: Google TrendsIn terms of search term concentration, Idaho leads the US states with the top 100 points. It is followed by West Virginia with 97 points and Louisiana with 86 points. Maryland is fourth with 80 points, while California is fifth with 78 points.
Relevance to US sub-region ‘Buy Dogecoin’ / Source: Google TrendsWhat is behind the growing interest in the meme coin?
cryptocoin.com As you follow, there has been a flood of interest for the altcoin with the acquisition of Twitter by Elon Musk. Interest also seems to be related to this period when DOGE continues to increase purchasing pressure. Because the Tesla CEO’s acquisition of the social media giant has sparked speculation that DOGE will be incorporated into Twitter as a payment option. Right at this time, the effect of buying pressure was reflected in Dogecoin’s rapidly rising trading volume. Interestingly, the meme coin has attracted around $5 billion in inflows in five weeks.
Meanwhile, despite the market correction, about 60% of the asset’s holders were still in profit as of November 28. Therefore, the interest in DOGE is a reflection of this fact. Also, the community has high hopes for next year in terms of DOGE’s future potential. However, as we approach the end of 2022, DOGE’s technical analysis shows a bearish trend. Also, the community expects the altcoin project to be traded at $0.065 on December 25. Interestingly, Dogecoin has recorded steady year-over-year (YoY) growth over the past three Christmases.
What’s next for Elon Musk’s DOGE?
The collapse of the cryptocurrency exchange FTX has descended on the entire crypto market like a dark cloud. Also, the current macroeconomic factors do not hold the light of day for the overall crypto market. Despite these, the decline forecast for the altcoin, which is trying to maintain the recent gains, is especially evident.
On the other hand, the Dogecoin community has a few projects to watch out for that are likely to trigger a price rally. For example, there are reports that Musk, a Dogecoin supporter, plans to collaborate with Ethereum co-founder Vitalik Buterin to further develop the network. At press time, the altcoin was trading at $0.09886, down nearly 3% in the past 24 hours.
