Global public interest in Dogecoin (DOGE), as measured by internet search statistics, has surpassed Bitcoin (BTC) for the first time. According to data from Google Trends, the values assigned to each cryptocurrency for May 2-8 are 56/100 for DOGE versus 48/100 for BTC.
As the graph below shows, search interest in DOGE over the past 12 months has often been closely correlated with the peaks and troughs of public interest in Bitcoin, even though interest in the two coins was previously different. However, this week shows not only a strong non-correlation but also an absolutely higher level of interest in DOGE.
As previously reported, DOGE had nothing if not a dramatic year 2021. In mid-April, the coin gained 80% in value in just one day to limit the year-to-date return to 5,000%. As the epitome of meme cryptocurrency, much of the asset’s staggering price hikes have been fueled by sentiment on social media and possibly the frequent, if jocular, endorsement from Elon Musk, CEO of Tesla.
However, as noted back in April, a high level of public interest in the asset is not necessarily an indication of its good fortune in the markets. In fact, this week was downright bearish for DOGE, which coincided with a new ad battle for the coin during Musk’s last appearance on Saturday Night Live.
Blockstream’s Adam Back recently observed that his meme logic translates into a volatile, high-stakes “pump and dump casino rug-pull” based on the popular belief that the asset has no intrinsic value, but has value for one potential gain can be collected and short-circuited.
As data from Google Trends shows, this “casino market logic” is still strongest in the US, according to Back, followed by the US Virgin Islands and Turkey. Over the course of the month, DOGE continued to grow by over 600%, but was traded horizontally with a decrease in value of 0.6% during the week and an increase of 1.6% during the day.