Loading...

Dogecoin becomes the most popular cryptocurrency

TL;DR Breakdown

  • Doge is now more popular than altcoin.
  • Elon Musk has continuously spoken about the meme coin.

Meme cryptocurrency, Dogecoin, now ranks as the most popular digital asset even ahead of Bitcoin, the number one cryptocurrency by market capitalization. According to data from crypto tracker ICO Analytics, Dogecoin became the most popular cryptocurrency after it was mentioned last month on Twitter more than any other cryptocurrency.

ICO Analytics notes that Dogecoin commanded 10.4 percent of all crypto-related mentions on the social media platform in February, with Bitcoin recording 10.1 percent of all crypto-related mentions. Dogecoin was mentioned ten times more than Uniswap—an Ethereum-based decentralized exchange that has 17,000 active users.

About Dogecoin cryptocurrency

Dogecoin came into existence in 2013 as a joke featuring a Shiba Inu dog as a mascot. The coin is now valued at over $6.5 billion, with many celebrities, tech experts, and investors having a stake in the meme coin. One of the coin’s biggest fan is the world’s richest man, Elon Musk, the CEO of electric car makers Tesla. The CEO never stopped tweeting about the crypto, even stating that the coin would go to the moon in one such tweet.

While Musk continued talking about the altcoin on Twitter, the crypto continued to gain popularity on TikTok, another social media sparking a ‘Dogecoin Challenge’, which trended for several days. The coins’ popularity has led the altcoin price to surge. The crypto went from less than $0.002 in January 2020 to an all-time high of $0.083 last month a 4050% increase.

However, the crypto has also faced a series of criticism, with one single address holding more than 27 percent of the coins’ total supply. It is believed that the coin price is usually artificially pumped. Elon Musk detests the coin for this reason. The monopoly of investors also has slowed down active development for the coin and is one reason investors are afraid of taking on the coin, according to Elon Musk.

Disclaimer. This is a sponsored post. Cryptopolitan does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. Cryptopolitan is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this sponsored post.

Share link:

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

SUI
Cryptopolitan
Subscribe to CryptoPolitan