Cryptocurrencies are hitting all-time high records during this year. Obviously, Bitcoin is the shining star of cryptos, with Ether following its line. Well, that’s what everyone thought too. Yes, Bitcoin is the largest cryptocurrency by market value, and Ether is the second most traded digital token. However, data shows that a meme-based cryptocurrency is gaining wider attention from Americans.
Dogecoin (DOGE), a meme-crypto that was founded as a joke in 2013 by Jackson Palmers and Billy Markus is the most searched digital token in the United States in several states. This might seem strange at first. However, when we know the reason behind that, this starts to make sense.
Elon musk, the richest man in the world is considered an advocate for Dogecoin. The CEO of Tesla (NASDAQ: TSLA) has actually called himself “Dogefather”. Musk has always Tweeted about Doge. In several times, the billionaire was able to move the crypto market in favor of Doge. For instance, Dogecoin rose by 400% in a day following a tweet by Elon.
The digital token is inspired by the internet meme Japanese Shiba Inu dog. In the United States, Dogecoin was the most-googled cryptocurrency in 23 states, including Illinois, Florida, and Michigan.
One reason behind the surge of Dogecoin is the fact that Tesla might start accepting Dogecoin payments. According to a tweet by Musk earlier this year, the billionaire has collaborated with Dogecoin developers to make mining the token less power-intensive. In other words, Musk doesn’t want to contradict his Tesla goals of energy consumption.
Another reason is the army of Reddit traders “Doge Army Token”. The group pushed the currency to almost $0.07 from $0.007 at the start of the year. Then, Musk pushed Dogecoin to all-time highs of $0.70 before it plunged back to $0.24.
Nonetheless, Dogecoin is still one of the largest gainers in the crypto world with a 5,000% gain year-to-date.
“The rise in interest can be partially attributed to the endorsement of Elon Musk who stated earlier in the year that Tesla would accept dogecoin as a form of payment,” The Advisor Coach note said.