Dogecoin has seen explosive growth within a very short period. Whether a meme-token or not, it appears people are making a fortune from dogecoin’s rally. Over the past year, the coin is up by nearly 25,000 percent. A recent report shows that DOGE mentions on Twitter have surged by nearly 140 percent in two weeks.
The coin has garnered attention ahead of Musk’s appearance on Saturday Night Live Show on May 8. Although he frequently endorses the coin, Musk shared a tweet today warning investors to invest with caution and not put their life savings in crypto.
However, with the rising global acceptance, many still believe Dogecoin is a speculative asset with no true utility. According to Meltern Demirors, Coinshares’ Chief Strategy Officer, Dogecoin is a “classic sort of bubble and mania.”
The mainstream’s attention has lately been drawn to the altcoin, according to a study conducted by LunarCrush and Coin98 Analytics. The study shows that DOGE mentions on Twitter have surged to 216,000 posts.
Google trend shared similar data, revealing that the number of searches for Dogecoin surged to all-time highs in April and have been projected to hit that level again.
According to an earlier report, the largest crypto exchange in India WazirX has crashed following the exponential rise in demand. Also, many have linked the crash of Robinhood’s trading app yesterday to the surging demand for the coin.