Dogecoin Review: May 2021 - July 2021
Dogecoin became popular because of Elon Musk's tweets. Its popularity reached its peak when Elon appeared on Saturday Night Live. At this point, YouTube and the New York Times both highlighted the success of a Dogecoin investor named "Dogecoin Millionaire". However, since Elon Musk's appearance on SNL, Dogecoin's price has fallen.
From CoinMarketCap:
What Is Dogecoin?
Dogecoin (DOGE) is based on the popular "doge" Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin's creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience, since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin.
Dogecoin by the numbers:
Dogecoin hit an all-time high on Friday, May 7th with a price of $0.68 at 02.00 am. Dogecoin's price has since fallen to $0.20. The fall is related to Elon Musk turning away from Dogecoin and the many crypto investors having a poor opinion of the crypto.
The histogram shows the spread in Dogecoin's price.
In early May, Dogecoin's price was independent of either Ethereum's price and/or Bitcoin's price. However, in recent days it appears as though all three crypto's price movements are connected.
The correlation matrix shows high Bitcoin, Ethereum, and Dogecoin prices move together. This supports the idea that many cryptos follow Bitcoin's movements.
Dominance:
Google trends data shows that how interest in Dogecoin declined at the same time that Dogecoin's price declined.
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