One of the most interesting indicators to understand the dynamics of the crypto market is the searches that are carried out on Google. Well, through them we can know the interest that exists in the whole world for one or another cryptocurrency, which is normally related to increases and falls in demand for it. This is why it is so interesting that Dogecoin surpasses Bitcoin on Google for the first time in history.
The rise of Dogecoin
Dogecoin has become in recent weeks one of the great paradoxes of the crypto world. And it is that, despite the existence of much more solid projects from an economic and technological point of view, such as Bitcoin or Ethereum. A good part of the crypto community has decided to invest millions of dollars in Dogecoin, a virtual prank currency abandoned by its creators years ago. Leading to an exponential increase in its price in just a few weeks.
Much of the responsibility for this spectacular increase in the price of Dogecoin rests with Elon Musk. As the second richest man on the planet, he has also been one of the strongest advocates of cryptocurrency. Expressing his support for Dogecoin through his Twitter account, unleashing speculative energies within the market, due to what many users perceive as a total support for the crypto asset.
Thus, to this day, even the traditional media spend a significant part of their time tracking Dogecoin. Leading to the popularization of the cryptocurrency worldwide, and further increasing the speculative forces behind the increase in its price. The culmination of this process being Elon Musk’s participation in Saturday Night Live.
Bitcoin is outperformed on Google
All this has led to the interest in Dogecoin in Google searches surpassing for the first time that of Bitcoin, the main cryptocurrency in the world. According to the measurement carried out by Google Trends for the period between May 2 and 8. During which DOGE searches scored 56 out of 100, up from 48 out of 100 achieved by Bitcoin.
Of course, this increase in interest in Dogecoin within Google does not have to be immediately and automatically reflected in its price. In fact, despite having surpassed Bitcoin within the search engine, the price of Dogecoin has decreased significantly since this Saturday, when the speculative wave generated by Elon Musk’s participation in Saturday Night Live ended up exploding. Leading to the collapse in the price of the cryptocurrency.
However, even if it does not lead to an automatic increase in its price, interest in Dogecoin is crucial to understanding the current crypto market situation. In which, despite the fact that Blockchain technology and the powers of crypto projects are recognized worldwide. Many users enter the market solely to bet on virtual currencies such as Dogecoin, even if they do not have great use value to support them.