Shiba Inu has been shooting high in the sky: Last week’s Dogecoin race will go down in history. However, social media of all the fireworks indicates that the meme race may have come to an end.
The digital currency, which was originally launched in 2013 and has been at the center of a number of silly headlines and hoaxes over the years, has opened a new chapter in its often confusing history in recent days. On Friday, DOGE managed to outperform Ethereum in total exchange volume (virtually doubling), the culmination of a fantastic race that saw its value double in one day and grow by more than 5,000% in one year.
However, DOGE is a meme by nature, and memes are popular and heavily dependent on social media. When the meme is not popular, the price will drop.
At time of publication, DOGE is down 35% on the day to $ 0.26, down from $ 0.4 – social media posts from TIE and Cointelegraph Markets Pro suggest there are more challenges on the horizon.
On Friday, Google Trends posted a tweet highlighting the search habits of Bitcoin and DOGE traders around the world. They found that while much of the world remained focused on Bitcoin, American traders were only looking at Dogecoin.
This heat map aligns with the data provided by TIE. The overall volume of DOGE-related tweets decreases when the US sleeps and goes to bed during the day in the US, often peaking around noon EST, with volume especially high when DOGE collects:
However, simple search and Twitter volume don’t always indicate price stays. As shown in the Google Trends infographic, the sense of increasing volume can be murky: Many of the best keywords center around traders trying to maximize the amount of gas left in their DOGE pool tank.