Quick look;
- Google searches for “Dogecoin” reached a 180-week peak, estimated at 6.5 million, after Elon Musk announced he would head Donald Trump’s new DOGE agency.
- Over the past weekend, Dogecoin’s value jumped from 0.39642 to 0.47218 within hours of Elon Musk confirming a new payment feature for X.
- Residents of the US, Germany, Brazil, the UK, and the Netherlands appeared most interested in “Dogecoin” when the cryptocurrency started rising in value and popularity.
Dogecoin’s value jumped 19% after Elon Musk confirmed on Friday that a new payment feature is being rolled out on his X (formerly Twitter) platform.
It comes after a 180-week peak for worldwide Google searches for “Dogecoin” in the week when US president elect Donald Trump announced that Elon Musk would head a new agency, called the Department of Government Efficiency, or “DOGE” for short.
This is according to a new analysis from Cases.gg, which observed Dogecoin’s value via eToro on November 23rd and worldwide search tendencies for “Dogecoin” via Google Trends’s Glimpse immediately after the news of Musk heading DOGE emerged.
Worldwide Google searches for “Dogecoin” hit 6.5 million in the week the news of Musk heading Trump’s DOGE agency emerged. This is the first time in nearly 3.5 years when global searches for “Dogecoin” had reached such a high level.
Last Friday, at 16:51 (GMT), Elon Musk reacted to an X user Nima Owji’s suggestion that a new dollar sign symbol that appeared next to usernames on the X platform might be for “sending money to someone as a part of X payments”. In response, Musk simply wrote “True”.
Six minutes earlier, eToro put Dogecoin’s value at 0.39642. Though this new X feature may not be directly linked to Dogecoin, the cryptocurrency does seem to be heavily influenced by Elon Musk’s activities.
As the news travelled among the crypto community, by 11:05 the next morning, Dogecoin had peaked at 0.47218, representing a 19.11% increase. The momentum calmed down in the following hours, but remains promising.
What sparked Dogecoin’s rise?
The Associated Pressed called the presidency at 5.35 (ET) or 10.35 (GMT), on November 6th, predicting Donald Trump would return to the White House for a second term. Dogecoin’s value at that point was at 0.20033, having climbed overnight from 0.16553 at 21.00. Its value kept rising steadily until a major surge happened a week later.
Worldwide Google searches for Dogecoin, Elon Musk’s favorite cryptocurrency, reached 667,410 on Tuesday, November 12th, a 777% increase compared to the daily average four weeks prior. By the end of November 12th, there were 667,410 searches already for “Dogecoin” via Google.
Four weeks prior, these searches averaged only 76,141 per day, meaning interest in Dogecoin increased by 776.55% after Musk shared Trump’s statement about the Tesla CEO heading the DOGE department.
There was indeed another surge in searches for “Dogecoin” on November 6th, when Trump emerged as the projected winner of the US presidential race. That day, there were 244,403 online inquiries about “Dogecoin” worldwide.
This, however, slumped immediately to 131,602 searches the very next day, before picking up the pace again on November 10th to 300,804 inquiries that day. The surge continued the following day to 432,406 searches, reaching 667,410 on November 12th.
The US is the top country where searches for Dogecoin came from in the past month, with an estimated 1.5 million searches over the past month. Germany and Brazil follow in second and third place, with around 458,000 searches each.
The United Kingdom is the fourth most interested in “Dogecoin”, with 253,000 searches within 30 days. The Netherlands searched for it 205,000 times during the same period.
The next most interested countries in “Dogecoin”, as far as Google Trends can reflect, are Canada, France, Italy, Belgium and Spain.
“Dogecoin” searches this week so far counted 1.4 million. Only two days into the week, they have already reached the highest point since the week of June 20th, 2021, when they were at 1.8 million per week.
Global searches for “Dogecoin price” and “Buy Dogecoin” also increased on November 12th, generally following along the same trajectory as those for “Dogecoin” in the past month.
“Dogecoin price” reached 419,056 searches on Tuesday, compared to an average daily volume of 47,190 four weeks prior.
This represents a 788.01% increase. As for “Buy Dogecoin”, this generally has fewer searches, but the surge was sharper on Tuesday compared to the other two keywords.
Its daily average in the past month was 2,666 searches, which rose to 27,272 on November 12th – a 922.83% overnight increase.
“Europe woke up that morning to the news of Musk heading Trump’s so-called DOGE agency and did not waste any time making the connection with Dogecoin,” said a spokesperson for Cases.gg. “Be very cautious though before you rush to pour all your funds into Dogecoin, as the world prepares for a Trump administration full of surprises with an endless supply of unpredictability especially for Europe.”
Elon Musk shared a screenshot of the US president-elect’s statement at 1:02 (GMT) on his X (formerly Twitter) account, wherein Trump announces his new role in the upcoming DOGE agency, alongside biotech investor Vivek Ramaswamy.
According to the statement published by Musk, DOGE’s aim would be to “dismantle Government Bureaucracy” by providing “advice and guidance from outside of Government” and partnering with “the White House and Office of Management & Budget to drive large scale structural reform”.
The statement was also published the following morning on Donald Trump’s X account at 11:21 AM (GMT) on November 13th.
A few minutes before Elon Musk published Trump’s announcement about Musk’s new DOGE leadership, Dogecoin’s market value traded at $0.41056 at 0:50 AM (GMT) on November 13th.
[Featured Image Credit]
