Global Google searches for the Dogecoin cryptocurrency jumped nearly 2,000 percent after Elon Musk opted to replace Twitter’s hallowed “bluebird” logo with the DOGE logo.
This impressive spike in search interest was 20 times the previous week’s average.
Search terms such as “Buy Doge” and “Buy Dogecoin” saw significant growth, up about 1,000% and 250%, respectively. Meanwhile, Shiba Inu saw a 132% increase in searches.
The report highlighted a 38% increase in Google searches for “Twitter” over the past week when users observed a logo change. More than 70% of the top Twitter searches last week were related to the new icon, causing a stir in the online community.
The price of Dogecoin has risen by more than 30%, surpassing Cardano to become the seventh most valuable cryptocurrency on CoinMarketCap.
During the DOGE price surge, a 9.3-year dormant address containing 1,215,614 DOGE ($116,460) was awakened, causing a stir in the Dogecoin community.
💤 Contains 1,215,614 dormant addresses #DOGE (116,460 USD) Just activated after 9.3 years!https://t.co/VNbeIc1Cza
– Whale Alert (@whale_alert) April 4, 2023
center of gravity is changing
Renowned trader and founder of venture capital firm Mechanism Cap, Andrew Kang, has been actively discussing the topic of a potential altcoin season and offered his thoughts on the matter.
Kang tends to suggest that an altcoin race is underway as Bitcoin’s dominance starts to lose steam.
As his BTC.D chart shows, the indicator has reached a strong resistance level around 47.8%. In the past six times when BTC.D has reached these highs, it has almost reversed, with only one being higher in the summer of 2018.
BTC Dominance Run Begins to Lose Momentum
Maybe it will be substitute season soon, but only for the best$ ether$ Governor$ARB pic.twitter.com/8viiG52NB8
— Andrew Kang (@Rewkang) April 4, 2023
That said, cryptocurrency investors see this as a sign that altcoin season has begun. Kang listed three cryptocurrencies leading the race: Ethereum (ETH), Dogecoin (DOGE) and Arbitrum (ARB). While ETH is understandably leading due to its status in the cryptocurrency market, the choice for the other two altcoins is rather confusing.
However, all arguments for or against one of these aside, it is safe to say that these are probably the 2 most discussed altcoins out there.
Kang is likely betting that since the crowd is highly focused on DOGE and ARB, there will be a corresponding influx of liquidity and momentum in their price action.
- Whales and Binance Move Hundreds of Millions of Dogecoin After Positive Dogecoin News
- Dogecoin Price Soars Over 22% as Its Logo Replaces Twitter’s ‘Blue Bird’ Symbol
anne
Bitcoin Magazine
