Dogecoin (DOGE): When it comes to meme cryptocurrencies, social media interaction around the coins are important. We take a look at the meme coin with the highest market value in the cryptocurrency world – Dogecoin.
The latest social media data for the most popular meme coin has just hit the spotlight. DOGE seems to have fallen down the popularity scale compared to Shiba Inu (SHIB) recently. However now it seems that DOGE is gearing up to be as popular as it used to be.
Dogecoin Stands Out on Social Media
The number of followers of the Dogecoin official Twitter account has now surpassed three million users. It is the cryptocurrency with the most followers, after Bitcoin, with 4.5 million followers. Following closely behind is Shiba Inu, known as the Dogecoin killer, with 2.7 million followers.
The Dogecoin Twitter account has seen a 681% follower increase in just one year. Moreover, the popular meme coin also had a similar win on Reddit. Dogecoin has 2.3 million subscribers on the platform.
When we look back on 2021, the most talked about cryptocurrency on Reddit in 2021 was DOGE. In addition, it should not be ignored that Dogecoin is experiencing Elon Musk-driven price rallies, which started in 2021. Especially since the news that Tesla was accepting DOGE for payment for some Tesla-branded items. As a result of these rallies, Dogecoin surpassed one million followers in April 2021.
It hasn’t been all roses in 2021, however. The impressive growth of Dogecoin stalled after the meme coin price started crashing in early May. Despite this, the most popular meme coin outperformed the vast majority of other cryptocurrencies in 2021. While at the time of this writing, Dogecoin was 79.80% away from its peak, things are looking up. Despite the price drop, meme coin remains the 11th largest cryptocurrency by market cap.
Dogecoin Partners Think Differently
Billy Markus, co-founder of Dogecoin, using the nickname Shibetoshi Nakamoto on Twitter, has also surpassed one million Twitter followers. Markus is now one of the cryptocurrency founders with the most followers.
Australian programmer Jackson Palmer, who co-created the meme coin with Markus, has a more modest 41,600 followers. At this point, the different approaches of Palmer and Markus towards cryptocurrency markets are worth noting. While Markus has interacted with Elon Musk many times, Palmer harshly criticizes the cryptocurrency industry.
In a tweet that went viral in July, Jackson Palmer described the cryptocurrency industry as a “powerful cartel” run by the wealthy.
Can DOGE go back to its old days?
SHIB managed to attract investors in October. It is thought that the rise of SHIB could be attributed to the fact that Elon Musk might share a photo of his Shiba Inu dog. This led to the rumor that Elon Musk would now move away from Dogecoin and turn to a new meme token.
The fact that SHIB received support from Musk while it was on the rise and DOGE didn’t get the same amount of love at the same time, made the most popular meme coin community think that DOGE could no longer be the same as before. However, this seems to be changing.
As of October 27, the Shiba Inu entered a downtrend and dropped in the market rankings. SHIB, which ranked 9th on October 27th, is ranked 15th today. On the other hand, DOGE ranks as the 11th largest cryptocurrency by market capitalization today. Increasing popularity on social media is expected to support possible price increases in the future.