Dogecoin Price Prediction: Doge Crashes Out of Top 10 Cryptos, But Still Most Popular?

Dogecoin Price Prediction: Doge Crashes Out of Top 10 Cryptos, But Still Most Popular?
Avalanche recently pushed Dogecoin out of the top 10 largest cryptocurrencies by market capitalization. However, research shows that Doge is still the most popular cryptocurrency. Photo : Executium / Unsplash

Avalanche recently pushed Dogecoin out of the top 10 largest cryptocurrencies by market capitalization. However, research shows that Doge is still the most popular cryptocurrency, outperforming both Bitcoin and Ethereum as the most-searched crypto coin on the internet.

For reference, Dogecoin started out as an internet joke about cryptocurrencies. Software engineers Billy Markus and Jackson Palmers used the meme image of a Shiba Inu as their inspiration for the altcoin. Ironically, many investors joined in on the joke until Dogecoin has been bought and used enough to be recognized as a viable and profitable market.

Even more surprising, Dogecoin received support from several iconic figures, one of them being the Tesla chief executive Elon Musk.

Dogecoin Price Prediction: Top Searched Cryptocurrency

The self-proclaimed Dogefather, Musk, is infamously known for his influence in the Dogecoin market. This is because Musk tweets various contents featuring Dogecoin. He even posted about using Doge as a payment option for his company's electric vehicles.

Regardless of the content, Musk's tweets boosted Dogecoin's popularity to record-breaking heights. Researchers from The Advisor Coach reported their findings of this most-searched crypto coin, per Market Insider.

According to researchers, Dogecoin was googled by more than 23 states. This is because people got curious about the meaning behind "Dogecoin" and how it progressed in the cryptocurrency market. In comparison, Bitcoin ranked second with just 10 states searching about it. Ethereum ranked third, being searched in eight states.

Interestingly, cryptocurrency Shiba Inu ranked fourth as the most-searched crypto coin in New York. Although they have completely separate markets, the Shiba Inu meme design was undoubtedly inspired by Dogecoin, further supporting the idea that Doge is the most popular crypto on the internet.

Unfortunately, internet popularity does not directly correlate with overall market performance.

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Doge Value Drops: Avalanche Takes Over the Market

According to Cointelegraph, Avalanche (AVAX) market cap recently reached $30.32 billion, ranking it above Dogecoin's $30.30 billion. This development puts Avalanche as the 10th-largest cryptocurrency by market capitalization.

It is worth noting that AVAX outperformed both Bitcoin and Ethereum in these last 10 days. Bitcoin dropped by nearly 20 percent from its $69,000 trading marker, while Ethereum dropped by 19 percent from its $4,867 trades. In comparison, AVAX rallied more than 64 percent in the same timeframe.

This development is possible thanks to Deloitte's decision to use AVAX as its disaster relief platform. In a recent press release, Deloitte said Avalanche could help them simplify "disaster reimbursement applications for victims of natural disaster, by aggregating and validating the documentation required for funding."

Several investors saw the undeniable market potential and rallied over to support Avalanche's continued growth. Online, the market analyst Seq emphasized that Avalanche may continue to grow in value in these coming months and years if the support increases.


Related Article: Is Ethereum a Good Investment While It's Still below $4500? Price Prediction, Pros and Cons

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