Why is the status of a “national coin” of the DOGE justified?

Dogecoin is known for its long-standing, loyal user base who is always by its side despite the market flooded with criticism. After many ups and downs, DOGE continues to maintain its position in the top coins. In addition, despite the recent interruption in price hikes, new developments are becoming more apparent.

DOGE is growing faster than Bitcoin

Yesterday was a pretty good day for DOGE as it marked the month’s highest intraday profit.

While most markets, including Bitcoin, weren’t up much this week, DOGE is up 16.16% on the graph.

DOGE is up more than 16% in the week | Source: TradingView

One possible reason for this optimistic move could be Elon Musk’s announcement that his team at Tesla and SpaceX owns DOGE. He said that they are not exactly financial experts, but they are still DOGE hodl. For this reason, Elon calls DOGE the “national crypto currency”.

High acceptance rate

According to one opinion poll With 41,645 people from 22 countries, DOGE is one of the most sought-after tokens and more than 30.6% of all crypto holders in the USA hold DOGE. This number is close to the number of people who own ETH and more than ADA, BNB.

DOGE’s average global crypto adoption rate is only 19.2%, but it is 1.6 times higher than the US (30.6%).

DOGE adoption rate survey | Source: Finder

According to a study by Bacancy Technology, there are also an average of 7,000,000 DOGE searches per month on Google in the USA. Bitcoin follows with 4,700,000 searches per month. ETH ranks third with 1,800,000 search queries per month.

In view of the relatively recent start of the coin (on August 1, 2020), SHIB is in fourth place with an average of 870,000 search queries per month. The next coins in the ranking are ADA, LTC, AVAX, MATIC etc.

Bacancy Technology commented on this finding, attributing the popularity of Dogecoin to the testimonies of famous people like Snoop Dogg and Mark Cuban. The company also emphasizes developing trading applications like Robinhood that have low barriers to entry and are aimed at users who are not necessarily trading experts.

Active investor

Following the trend that worked during the hype, DOGE investors took action yesterday and the volume rose to an almost 2-month high of $ 2.5 billion. In addition, a total of more than 6.1 billion DOGE, worth approximately $ 1.22 billion, were changed in one day.

DOGE volume | Source: Coinalyze

This month, most of the major wallets are doing well in the market, making $ 5-7 billion worth of transactions every day. But private investors have not yet seen a clear profit scenario.

Large number of DOGE transactions | Source: Intotheblock

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Minh Anh

According to AZCoin News

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page