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No More Glory Days for Doge?

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21.06.2021
No More Glory Days for Doge?

The level of interest in Dogecoin is falling fast. What happened to all the hype that surrounded this coin? What lays ahead and will there be any more glory days for Dogecoin?


The Meme that Shocked the Market

In almost all of the half of 2021, the amount of interest and attention garnered for Dogecoin was quite simply ridiculous. Among all the coins and digital currencies that have been trying to hog the spotlight, Dogecoin got a huge share of all the market hype.

All this extra interest was ignited first and foremost by a rather strange billionaire. Elon Musk of course. The CEO of Tesla has always been known to be a bit eccentric and a kind of billionaire who wouldn’t shy away from an internet fad.

Since the roots of Dogecoin go back to a famous internet meme about a picture of a dog, Musk started attracting attention toward this coin because of all the internet history and culture behind it.

Additionally, certain members on Reddit also fueled a lot of interest in Dogecoin. No one can deny the power of collective movements that start by an internet community.

The combination of all these movements led to something unbelievable. Dogecoin gained about 15,000 percent in value only in the beginning months of 2021.

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As the internet attention went higher and higher, so did the number of users who came rushing toward this cryptocurrency. A crypto that many experts and analysts believed to have been dead for a very long time.

But the influx of attention and users gave it a new life, and a powerful one. So much so, that in fact, the number of Google searches for Dogecoin rose as high as the number of searches for Bitcoin. Something that had not been seen before for any other coin.

The internet power behind Doge became more and more powerful each day. Elon Musk even came to be known as Dogefather, because of the number of tweets he would post mentioning this coin.

On one day, an astounding number of 944,000 tweets were sent on Twitter mentioning Dogecoin, compared to only 196,000 for Bitcoin. This alone made the price of this coin to rise 300 percent over 24 hours.


Blaze of Glory

But as with any other thing in life, if something goes up, it must eventually come down. And come crashing down it did.

There are many factors involved in the demise of Dogecoin’s glory days. One is simply related to people’s attention fading over time. The meme-based crypto was an internet fad for a while. But all fads must come to an end.

So, users’ interest in all the internet hype around this coin died away little by little and then went to pay attention to some other coin, and some other asset to invest.

In fact, the migration of users away from this crypto was so heavy that in 2021 not only did it experience the highest price it has ever had, but on the other hand, it also experienced the lowest number of transactions in a day; with under 20,000 transactions in 24 hours, the record was broken for the lowest number of Doge transactions in a day.

But users flocking away from their meme currency was not the sole reason. As with the rise, the footprint of Tesla’s CEO can also be seen in the fallout.

Many different comments were made by Musk that led to more detrimental results for Dogecoin. Among them we can refer to his presence in Saturday Night Live, a popular American TV show, where he inadvertently or otherwise badmouthed Dogecoin.

As mentioned above, it was a series of events that led to the fall of this coin after soaring higher than ever before and faster than ever seen.


Winners and Losers

The rise and fall of this cryptocurrency brought both laughter and tears to users. What some experts call a bubble effect of price and value increase, created some very quick millionaires.

But, on the other hand, unfortunately, many people lost their entire life savings because of the sudden fall of Dogecoin.

What lays ahead of everyone’s favorite meme currency? As it seems, we will just have to wait and see.

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