Tuesday, October 4, 2022

DOGE Down 90% From ATH, But Here’s Why Token Interest Has Dwindled So Much

Dogecoin took the world by surprise when its DOGE token surged astronomically in the summer of 2021. However, it has since lost popularity, plunging 90% from its then all-time high. And now, one of Dogecoin co-founders, Billy Markus has shared what he thinks is responsible for the loss of interest.

DOGE, a victim of loss of interest — Billy Markus

Billy Markus had created the world’s most popular meme crypto, DOGE, alongside Jackson Palmer in 2013. And now, he has taken to social media platform Twitter, to share his take on the substantial decrease in the amount of Dogecoin investors. Especially since last summer.  Markus tweeted:

“Crypto is only interesting when the price is high.”

To further buttress his point, he posted a screenshot showing an equally substantial decline in Google search requests for anything related to DOGE. From the chart, one could easily see how interest in Dogecoin, which was at the 100 level mark this time last year, has now fallen to below 25.

DOGE interest chart
Source: Twitter via @BillyM2k

Invariably, Markus’ tweet suggests that there might be a direct correlation between the price of a coin and the interest of investors. And if that be the case, it should not come as a surprise, whatever is happening with investors losing interest in Bitcoin, Ethereum, Doge, and the rest of the crypto market. 

Long 90% below its all-time high

When Elon Musk spoke about Dogecoin on a U.S. TV show last year, DOGE literally headed for the moon. He discussed the meme coin extensively, informing viewers about it and the entire concept of crypto in general. By May 8, 2021, the coin had surged to an all-time high of $0.7376.  However, shortly after that show, DOGE almost immediately dropped to the $0.5596 level.

As of this publication, the price of the Bitcoin parody coin is fluctuating around $0.08022. according to CoinMarketCap data.

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