The success of Dogecoin over the past week is quite commendable and which will go down in the history books, it has been likened to a Shiba Inu shootin across the sky. However, there are insinuations that the meme’s run may meet its waterloo soon.
Over the years, Dogecoin which was lauched in 2013, has been the cynosure of plethora of bizarre headlines and scams ad which is cog to the wheel of success of the digital currency. Doubling its capstone to a remarkable run that saw it double in price a day and capping over 5000% gains on the year, Doge was able to ecplise Ethereum in total exchange volume.
However, at its core DOGE is a meme, and memes are propagated by and fundamentally rely on social media. When the meme can’t spread, the price will crash.
At the time of publication, DOGE is down 35% on the day to $.26, retreating from $.40 highs — and social media sentiment data provided by The TIE and Cointelegraph Markets Pro indicates that there’s more pain on the horizon.
On Friday, Google Trends posted a Tweet highlighting the worldwide search habits of Bitcoin and DOGE traders. They found that while most of the world remained focused on BTC, American traders only had eyes for Dogecoin.