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12/2/2022 | Finbold

Demand for Dogecoin on Google in the U.S. skyrockets by 600%

Demand for Dogecoin on Google in the U.S. skyrockets by 600%

Meme cryptocurrency Dogecoin (DOGE) is witnessing increased interest among potential U.S. investors at a period when the token has recorded minor gains.

In particular, data retrieved by Finbold on December 2 indicates that interest in the keyword ‘Buy Dogecoin’ in the United States spiked 625% in three months on Google Trends. For the week ending November 28, the search had a popularity score of 58. During the week of September 5, the search had a popularity score of 8.

A breakdown of the search term concentration indicates that Idaho leads the U.S. states with the highest score of 100, followed by West Virginia at 97, while Louisiana is third at 86. Maryland is fourth with a score of 80, while California ranks fifth at 78.

Drivers of Digecoin’s increasing interest

The interest has correlated with a period when DOGE has sustained increased buying pressure partly triggered by Elon Musk’s acquisition of Twitter. Notably, the Tesla (NASDAQ: TSLA) CEO’s purchase of the social media giants resulted in speculation that DOGE might be incorporated as a payment option.

In this line, the impact of the buying pressure is highlighted in a Finbold report which indicates that Dogecoin had attracted an inflow of about $5 billion within five weeks amid a skyrocketing trading volume.

Furthermore, the interest in DOGE is validated by the fact that despite the market correction, about 60% of the asset’s holders were still in profit as of November 28. Interestingly, by factoring that 69% of the holders have held the token for over a year, the community has high prospects for DOGE’s future potential.

However, as 2022 nears an end, DOGE’s technical analysis is bearish, with the asset projected to trade at $0.065 on December 25. Interestingly, Dogecoin did record steady year-on-year (YoY) growth over the last three Christmases.

What next for DOGE?

Notably, the bearish projection comes as the asset attempts to sustain recent gains despite the general crypto market reeling from the FTX crypto exchange collapse and the prevailing macroeconomic factors.

Indeed, the Dogecoin community has several projects to look out for that are likely to trigger a price rally. For instance, Musk, a vocal Dogecoin supporter, is reportedly planning to collaborate with Ethereum (ETH) co-founder Vitalik Buterin to develop the network further.

By press time, DOGE was trading at $0.1, dropping by almost 3% in the 24 hours.

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