Ever since Tesla CEO Elon Musk added his voice to the clarion call to support meme digital asset, Dogecoin, the coin has gathered a massive fan base. Even though the coin is not presently fighting for the top spot, it has seen massive surges in the last few days due to its popularity. Asides from that, the digital asset has upset the leading digital asset, Bitcoin, in the latest Twitter poll.
According to analysis platform ICO Analytics, Dogecoin has been mentioned more times in the last month than Bitcoin on Twitter, making a case for the increase in popularity. Even though Bitcoin and other assets fared better in the early part of the month before the collapse, the meme coin was still able to achieve this feat.
Dogecoin recorded ten times more mentions than second-placed Uniswap
According to the platform, Dogecoin saw about 10.4% of mentions on Twitter during the whole of February, while Bitcoin slumped on the list to register a mention of 10.1%. The second crypto-related mention after Dogecoin was Uniswap, an Ethereum decentralized exchange with the coin having just ten mentions more than the exchange.
The coin, which was initially treated as a meme coin, was founded in 2013 with the Shiba Inu dog. Eight years later, the coin has attained popularity which can be supported by the number of celebrities showing support and its market cap that has grown to $6.5 billion. As earlier mentioned, Elon Musk has been the most famous and ardent backer of the digital asset to date.
The richest man in the world has previously referred to himself as the CEO of the coin. Musk hinted at the crypto community on Twitter last month, citing that the coin has all it takes to make a massive surge. One such is a picture of the Shiba Inu dog with a flag of the coin on the moon, which means that a moon is a target.
Dogecoin has seen a rise of 4050% since last year January
Musk was not the only one that got caught with the Dogecoin frenzy as many individuals across many social media began to talk about the asset. While discussions were ongoing, the Dogecoin challenge started on Tiktok, which saw the trend present on top of the pile for many days. The popularity has seen the digital asset gain fame and also gained at a price.
A previous report has shown that the digital asset has moved from a previous price of under $0.002 around January 2020 to an all-time high of $0.083 price last month, signifying an increase of around 4050%. Even though the asset has been widely backed, analysts have criticized the holders in recent days.
Records show that about 27% of the total Dogecoin in supply belongs to one wallet, which means that there are chances that the price of the asset could be inflated artificially. This was an update that pissed off Elon Musk, and he reacted by coming out to make series of tweets urging Whales to sell off most of their Dogecoin assets to allow centralization.