Benzinga - Dogecoin (CRYPTO: DOGE) saw a significant surge in popularity, outperforming rival Shiba Inu (CRYPTO: SHIB) in Google Trend searches on Monday.
What Happened: This comes even though Shiba Inu has shown stronger price performance, with a 300% increase in value over the past week compared to Dogecoin’s 105% gain in the same timeframe.
Data from Google Trends shows that interest in Dogecoin soared, hitting a score of 76, while interest in Shiba Inu lagged at a score of 30.
Dogecoin Outperforms Shiba Inu on Google Trends. (Screengrab: Google Trends)
The growing interest in Dogecoin comes with its price jumping over $0.10, currently trading at $0.18. Fans and investors of the canine-themed cryptocurrency are now speculating on the possibility of Dogecoin achieving the $1 milestone.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: It should be noted that the recent spike in Dogecoin’s price has occurred independent of public support from entrepreneur Elon Musk.
Historically, Musk's posts have had the power to dramatically sway investor sentiment and market dynamics. When he posts in favor of DOGE, his massive following often reacts, resulting in swift increases in trading volume and sometimes significant price surges.
The CEO of Tesla and SpaceX has not commented on Dogecoin since his last post in April 2023, in which he said he would offer “a million Dogecoin” for evidence related to an alleged emerald mine connected to his family.
Dogecoin’s rally comes with an all-time high in futures open interest, reaching $1.4 billion. This level of open interest reflects an increase in investor optimism, standing much higher than any previous peak.
DOGE is currently sitting at a market capitalization of $26 billion.
Price Action: At the time of writing, DOGE was trading at $0.18, up 15.03% in the last 24 hours, according to Benzinga Pro.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
Photo by Vitalii Stock on Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.