Despite Media Attention Dying Down, DOGE is Still Performing Well

What started as a joke is now one of the most valuable crypto assets today. When writing this article, Dogecoin was number 8 in CMC rankings, with a market cap of over $32 billion. Indeed, the coin has been performing very well in the markets.

Social media attention has for years been the primary factor behind Dogecoin’s market performance. However, recently the media attention has been reduced. So, what is driving Doge’s success today? Keep reading to understand how media affects Doge and what is propelling the coin’s recent performance.

Dogecoin Thrives with Media Attention

Increased social media attention drives the prices of meme tokens like Doge. Social media is the home of memes. Thus, it’s only right that meme tokens flourish in social networks.

When Doge gets high media attention, it always thrives and increases its value. The most recent price hype in Doge is the best illustration of how media support affects the meme coin.

A simple tweet from Elon Musk drove Doge’s prices up by over 50%. Immediately after Elon’s Tweet, hashtags like #dogecointothemoon and #dogetothemoon gained momentum in the media.

Investors got renewed confidence in the coin, and the trade volumes began increasing. Elon’s is the main driver of Doge’s success since May.

Other celebrities including Snoop Dogg, Angella White, and Kevin Jonas, also endorsed Doge. Their endorsement of Doge had a massive impact on the coin’s prices. Indeed, social media attention has been the main propelling factor on Doge’s prices.

However, Doge has not been trending much in social networks in several weeks, maybe months now. Yet, it’s still performing very well in the markets. In fact, experts have hopes that this coin could reach $1 by the end of 2021. So, with lacking media attention, what is propelling the current Doge performance?

Factors Driving Doge’s Current Performance

There are a number of factors driving Doge’s current performance.

Increased Support from Industry Leaders

One factor driving the Doge’s excellent performance is the support from industry leaders. Several KOLs in the financial world have been showing support for Doge. Among them include;

  • Elon Musk. After his Tweets, Elon continuously supported Dogecoin and also invested in the coin. His continuous support of Dogecoin bolsters investor confidence in the coin.
  • Mark Cuban. Mr. Cuban is another billionaire showing support for Doge. He stated that Doge is the best crypto to use as a medium of exchange. Elon Musk later backed Mr. Cuban’s claim.
  • Vitalik Buterin. The young Ethereum CEO is another KOL showing support for Doge. He has been very active on the Doge project.

The support from KOL in the crypto and financial industry breeds more investor trust. As investors increase trust in the coin, the activities increase, and, so do the prices.

More Businesses Accept Payments in Doge

Fundamentally, for a crypto asset to truly grow, it must have a real use case. Doge has always had one primary use case, a medium of exchange. This coin helps in payment for purchased goods and services.

Several non-crypto institutions showed interest in using Doge as a payment alternative. In fact, around 48 institutions have been using Doge as a payment alternative. Others have been adopting the use case in 2021. Among them include;

  • Dallas Mavericks. The Basketball team is one project recently associated with using Doge as a payment alternative. Generally, the coin can help users to purchase tickets.
  • The Kessler Collection. This network which manages a chain of hotels announced plans to use Doge as a payment alternative.
  • Other institutions, restaurants, grocers, and web hosting services already receive payments in Doge.

The continued acceptance of Doge as a payment currency in businesses is strengthening its prices.

Doge Recent News and Developments

Dogecoin has been a stagnant project for quite a long time. Nothing has been going on in project development for several years. However, recently, the Dogecoin network began making big business and development moves.

One of the biggest development moves Doge made in 2021 was the return of the Dogecoin Foundation. Dogecoin originally established the foundation in early 2014. However, they halted operations over time.

Recently, Dogecoin announced the foundation’s return but with a new focus, development. To speed development, the foundation works with the Ethereum network.

Vitalik Buterin and Birchall are among the top members of the foundation. Mr. Buterin proposed that Doge migrates from PoW to PoS. Such a move would open Dogecoin to more use cases in the future. The ongoing anticipation of upcoming developments is another propeller for Doge’s prices.

Dogecoin’s Loyal Community

Dogecoin as an asset has one of the most loyal user bases in the crypto world. Even after the coin plunged from its peak values, the trading volumes were still very high. Investors maintained their high hopes of Doge going to the moon.

Even today, Dogecoin’s trading volumes are pretty high. The loyalty of the community is another force behind Dogecoin’s excellent performance.

Final Word

Recently, Doge has been performing quite well despite the vast reduction in media attention. That left investors wondering, what is driving the coin’s success?

Some major KOLs have been showing support for Doge. In fact, some of them have investments in Doge. Moreover, new businesses have been adopting Doge as the primary payment currency.

Furthermore, due to recent Dogecoin news and developments, there is increased trust in the coin. The community behind Doge is so loyal, even during price plummets. Dogecoin will possibly continue performing well as it aims to hit $1.

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