However, the recent changes in Dogecoin’s market chart have been vastly exciting. The coin has broken its all-time high several times this year. It hit a unit price of over 85 cents and a total market cap of $70 billion. The recent surge is probably the most exciting in the prices of Dogecoin since its launch.
Moreover, there has always been one thing connected to Dogecoin’s success since its launch, social media. Although social media has been impactful in many other cryptocurrencies, Dogecoin’s survival has been solely based on its social media success.
It actually can be safely assumed that without social media, Dogecoin would never be successful. Why? Keep reading for more on Dogecoin’s social media connection.
Dogecoin’s Price is Connected To Influencer Pressure
Ever since the launch of Dogecoin, the currency’s prices have always been vastly impacted by social media influencer pressure. Recently, a popular crypto enthusiast Elon Musk, the CEO of Tesla, made a series of Tweets that drove Dogecoin’s price high very fast. For instance, on January 16th, the price of Dogecoin was $0.009. A few weeks later, on March 30th, the price climbed to about $0.05.
However, once Elon Musk started tweeting about Dogecoin, the coin’s price surged immensely to about $0.7 somewhere in mid-May 2021. The pressure behind Dogecoin’s price surges continued for some time, with hashtags like Dogecoin to the moon running vastly on the internet.
Therefore, it can be clearly said that Elon Musk’s impact has had an incredible impact on the prices of Dogecoin. Earlier, Snoop Dog’s recognition of Dogecoin also sent the currency to its ATH. The social media trend at that time, in early February, was Snoop Doge.
The pressure connected to social media influencers has vastly influenced the prices of Dogecoin in the past. What if social media did not exist, and influencers had no channel to endorse Dogecoin? The coin would fail miserably.
Dogecoin Has No Use Case
Another reason why Dogecoin would not survive in the market without social networks is the lack of a good use case. Primarily, before investing, the investors want to know how this investment will make money.
Popular and top-performing cryptocurrencies like Bitcoin, Ethereum, Cardano, MIOTA, Polkadot, and many more perform very well because they have use cases. Others have been able to garner more than one use case in a mission to improve their demand and investment prospects.
However, Dogecoin, although in the top ten cryptocurrencies, does not have any real-world investment use case. Therefore, investors who analyze investments seriously will not choose an asset like Dogecoin in their portfolio. It’s very easy to lose everything with Doge because it has no backing in terms of assets or services.
Since it’s already determined that Dogecoin’s price is connected to social media, it will become utterly unattractive if it loses social media. Therefore, once it loses social media pressure, Dogecoins’s price could easily tank to 0.
Recently the prices of Dogecoin tanked, and many investors and crypto enthusiasts blamed the coin’s lack of a real use case as the major cause of the coin’s downfall.
Social Media is The Center of Memes
Another reason Dogecoin is only succeeding on social media is its meme nature. Dogecoin launched as a meme coin to take advantage of meme abilities to tread on social media. The target meme that Dogecoin was focused on was dog-related memes.
Social media is generally the center of memes. People exchange memes daily by visiting social networking platforms like Tiktok, Twitter, and Facebook. A social media platform like Twitter has over 330 million monthly active users, while Tiktok has over 680 million monthly active users, all connected to share memes.
Therefore, social media is the best place for a currency with no use case like Dogecoin to thrive. Dogecoin uses dog memes as a marketing technique; therefore, the success of Dogecoin has always been dependent on the meme world. If there were no social media, there would be no connections to the meme world, thus leading to a failed Dogecoin.
After looking into Dogecoin and social media connections, it’s quite clear that Dogecoin cannot survive without social media pressure. Foremost, influencers and KOLs, whose opinions are trusted by millions of their followers, use social media as their main center of operation. Therefore, if there were no social media, there would be a platform for influencers to market and put pressure on Dogecoin. Thus, the coin would utterly lack users.
Second, Dogecoin has no actual use case; therefore, if it loses the social media pressure, it has nothing for investors, and as such it becomes worthless. Finally, the meme nature of Dogecoin has made social media the best center of Doge marketing.