How can interest in Dogecoin exceed that in Bitcoin?

Fans of the virtual coin world have found a new item to adore. Dogecoin has gained 86% since the beginning of May, ranking fourth in market value. And according to Google Trends, the interest among users has exceeded the volume of requests for bitcoin for the first time. 

All thanks to his self-proclaimed "godfather" Elon Musk?

As a longtime fan of cryptocurrencies and memes, Tesla founder (Tesla shares - ticker TSLA) and SpaceX has been actively pushing Dogecoin in recent months, fueling investor interest. On April 1, it announced that SpaceX would take the "Dogecoin literally to the moon". 

And just a few days ago, Musk confirmed the news: SpaceX has accepted Dogecoin as payment for space launches. This was done under an exclusive agreement with the Canadian company Geometric Energy Corporation. So, already in 2022, together with the Falcon 9, the DOGE-1 satellite will be launched.

But are we really talking about the meme token? The one with the face of a Shibu Inu dog? Is this a joke right? Dogecoin is a real cryptocurrency created in 2013. But they invented it not to solve some global problem, but just as a joke. Already in 2015, the same creator left the project.

But, as we can see, the joke went on: the tokens came to life and started to rise in price. So, for example, as early as December 2020, the Dogecoin rate was $ 0,00025 per coin, and a month later - already $ 0,0023 - a 10x increase in just one month. Soon, the currency became as unstable as the others.

Then Musk joined the bandwagon. Dogecoin has become something of a cryptocurrency outlet for him - the billionaire tweeted in support of the coin, posted jokes, etc. For example, he said not long ago that DOGE is his favorite cryptocurrency. But what's strange is that he himself invested in bitcoin, in parallel.

A huge growth

Today Dogecoin ranks fifth in the ranking of the largest cryptocurrencies and costs around $ 0,50. It could be an opportunity, you may be thinking. After all, Musk more than once literally blew up the audience by posting his preferences on a particular occasion on the social network. 

An expensive, but very brilliant joke. After all, cryptocurrency market experts agree on one thing: there is no "smell" of any strategy here. It's much simpler: the rich have their quirks.

“This is a joke that has gotten out of control. Elon likes to joke, and these jokes, I think, satisfy him more. There is no strategy here. Rather stupid speculations by those who follow Musk, ”says Dmytro Kryshtal.

Additionally, the Dogecoin phenomenon resulted in the appearance of its Japanese counterpart, now with the face of a Shibu Inu dog. The crypto is called Shiba Inu. 

One way or another, no matter how Dogecoin is perceived by cryptocurrency traders, the coin is alive and fairly well fed - a capitalization of $ 63 billion and a 12.400% increase since the beginning of the year confirms this.