Dogecoin (DOGE) price follows the general trend in the crypto market and only records sideways movement. Trading volumes in global markets fell due to the holiday season, leading to stagnation in the emerging sector.
As of this writing, Dogecoin is trading at $0.074 with a 1% loss in the last 24 hours. In the last seven days, DOGE has seen some small gains with a 5% gain. Other cryptocurrencies in the top ten by market cap are performing similarly.
DOGE’s price is trending down on the daily chart. Source: DOGEUSDT trade view
Dogecoin shares the spot with Bitcoin and Shiba Inu as the most popular cryptocurrencies
According to a report by DollarGeek, cryptocurrencies remain among the most searched digital financial assets of 2022. According to data from Google, cryptocurrencies total over 7 million monthly searches in the United States and over 40 million searches worldwide.
Despite the ongoing downward trend in its prices and unfavorable macroeconomic conditions, the digital asset class remained popular. The report claims. Bitcoin has retained its place as the most popular cryptocurrency.
Several new sectors have emerged from the crypto industry in the past two years. However, people are still attracted to Bitcoin due to its decentralized nature. 2022 was a year of dwindling trust in a central authority.
In this environment, people are more interested in alternatives like Bitcoin and other cryptocurrencies. The benchmark crypto saw about 4,500,000 monthly searches in the US and 28,400,000 worldwide searches.
Further down the line of popular cryptocurrencies, Dogecoin and Shiba Inu took second and third place respectively. The meme coins continued to take market share from other significant projects.
In the final months of 2022, Dogecoin and Shiba Inu maintained their previous positions in the crypto top 10 by market cap, often competing against each other. In terms of Google searches, SHIBA and DOGE showed mixed results.
According to the report, the meme coin drew around 1,290,000 monthly searches in the US, but in terms of global monthly searches, Dogecoin took the crown. This cryptocurrency saw around 6,000,000 monthly searches compared to SHIBA’s 4,400,000 million.
DOGE sees continued growth in popularity
According to the report, the dominant trends in the crypto industry can be divided into meme coins, represented by Dogecoin and Shiba Inu, non-fungible tokens (NFTs), and innovative contract platforms, represented by Ethereum and Avalanche.
Eventually, people became interested in legacy cryptocurrencies that revamped their ecosystem with new features represented by Cardano and Litecoin. As can be seen in the chart below, Ethereum was the most popular in the group after DOGE and SHIB.
Source: Google via DollarGeek
In this group, Dogecoin has a high chance of maintaining its place in this ranking in 2023. The meme coin could have greater utility if Elon Musk, owner of Twitter, integrates it into this platform.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.