Dogecoin Creator Points Out Strong Correlation With This Unusual Indicator
Dogecoin creator Billy Markus, also known as Shibetoshi Nakamoto, has pointed out his creation's correlation with search engine trends, which surprised the majority of the community and not in a good way.
According to charts provided by Markus, Dogecoin tends to follow trends of the popular search engines, which quite often reflect the social performance of various cryptocurrencies on the market.
Lately, Dogecoin has not been showing positive performance on the market by losing more than 45% from the local top due to the absence of any buying power coming from investors and traders. Doge also has not shown any signs of retracing like small rallies, volume spikes or whale-tier transactions.
According to search trends, users have also lost the majority of existing interest in the memecoin. One of the possible reasons for such a drop in interest is the aforementioned market performance since Doge does not provide any fundamental value. It has almost no use cases, unlike coins like Ethereum, Solana and others.
In addition to questionable market performance, Dogecoin was overthrown by another memecoin—Shiba Inu—that showed a strong 1,000% rally back at the end of October, which attracted numerous investors from all over the industry.
According to Twitter social trends, Shiba Inu remained at the top of social volume since October, and even after losing more than 60% of its value, SHIB was still overperforming Dogecoin in terms of social volume and general sentiment.
At press time, Dogecoin trades at $0.16 and shows a 25% loss since the beginning of the month. The coin has also missed the recovery rally that appeared on numerous altcoins, like Ethereum and Solana totaling 10-15% growth after losing up to 40% of their values.Source