Dogecoin Beats Bitcoin's Popularity in the US Thanks to Elon Musk's Endorsement
Nov 22, 2021 at 11:30 //
NewsCitizens of most US states are very interested in investing in cryptocurrencies. Although Bitcoin is attracting a lot of attention as the flagship crypto, its popularity has recently been overtaken by Dogecoin.
According to research conducted by financial advisory firm The Advisor Coach, Dogecoin is the most searched cryptocurrency in 23 US states, including Florida, Hawaii, Illinois and New Jersey. The data was obtained through Google Trends analysis.
Bitcoin was the most searched cryptocurrency in only 10 states, including Alaska, Connecticut and New Hampshire, which puts it in second place to DOGE. Other frequently searched cryptocurrencies include Ethereum and Shiba Inu.
Following Elon Musk
This popularity of Dogecoin is likely due to the endorsement of Elon Musk. Every time the Tesla CEO posts a tweet about the altcoin, its price skyrockets, attracting more and more attention from users and investors.
The latest tweet was posted on October 18 and drove the price of DOGE up 13%. However, Musk only posted a picture that resembles a dog holding a spacecraft. Now, the community can only wonder how this person can manipulate the market.
This tweet might have been something of a follow up to the speculation about Dogecoin becoming the official currency of Mars. As CoinIdol, a world blockchain news outlet, reported 2 days before this tweet, the community was excited about the idea of bringing DOGE to Musk's future colony on Mars.
In fact, the Tesla CEO's might have become the cause of the popularity of another altcoin, Shiba Inu. The altcoin attracted a lot of attention after Musk posted a tweet with a picture of his new puppy of the eponymous breed. In just 30 days, the crypto saw growth of over 400%. However, it crashed after Elon announced that he does not have any holdings in Shiba Inu.
Still the leader
Regardless of the fact that Elon Musk has influenced Bitcoin's leadership in the US, the global situation has not changed. According to Google Search data, BTC remains the most searched cryptocurrency of 2021 with 24.7 million monthly queries worldwide. Dogecoin comes second, followed by Ethereum and Shiba Inu.
This makes it clear that interest in the flagship cryptocurrency is not waning. Moreover, according to Forbes Advisor, Bitcoin remains the top choice for investment in 2021. This means that it has gained a popularity that cannot be easily surpassed.
The latest tweet was posted on October 18 and drove the price of DOGE up 13%. However, Musk only posted a picture that resembles a dog holding a spacecraft. Now, the community can only wonder how this person can manipulate the market.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Lana Smiley, @Khareem Sudlow