New data by Subreddit Stats have shown that the Dogecoin sub-Reddit has added 145,859 weekly subscriptions, with interest in the community continuing to improve.
Dogecoin Chatter Continues on Reddit
Dogecoin’s popularity continues to ebb and flow. Originally triggered by Tesla CEO Elon Musk’s Twitter antics, the soaring price of Bitcoin, and demand for the next best thing in the cryptocurrency sector, the price of Dogecoin has been on an upward trajectory. Not just that, but earlier this year, the /r/WallStreetBets sub-Reddit rhetorically asked whether Dogecoin could hit $1 in net valuation per coin.
That statement was followed by an immediate frenzy that spurred $DOGE’s value and interest in the currency, refreshing development interest as it did. Now, the /r/Dogecoin community has seen a new spike in subscribers as 145,859 weekly subs have joined the community, according to Subreddit Stats.
Returns for $DOGE have hit 5,000%, more so than Bitcoin, but the currency’s value still stands at $0.336 at the time of reporting. However, Dogecoin is most likely in for another bumpy ride in the short-term as the meme coin, and Internet sensation is still figuring out its bearings and position in the cryptocurrency ecosystem.
Choppy Short-Term for Dogecoin
Ethereum has spawned a number of actionable solutions around its blockchain network, and Bitcoin is now synonymous with wealth storage. That leaves Dogecoin a little practical application for the time being.
While the headiness of Bitcoin’s bullish run is still holding, the cryptocurrency market has lost $386 billion on Sunday, precisely because BTC’s value took a nosedive after hitting an all-time high of $64,000 last Monday.
$DOGE is still riding a wave of popularity, but this is mostly limited to the United States. A recent tweet by Google Trends showed that search interest in Dogecoin originated chiefly from the US, with most other countries favoring Bitcoin outright.
As is the case with cryptocurrencies, Dogecoin’s value remains dependent on how it’s perceived by the broader public. Social chatter is proving a driving factor. Until there is a firmer foothold for $DOGE, the coin’s reputation and exposure will be a deciding factor in how much it trades for.