Dogecoin Records Massive Spike Amid Diminishing Public Interest Trend
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
According to new reports, public interest in Dogecoin (DOGE) has taken a beating due to the recent market crash. Google Trends (GT) data shows that search queries for “dogecoin” and “doge” are at significant lows. The same decline in interest trend is seen in other cryptocurrencies as well.
In the first week of May, the term “dogecoin” recorded its highest score on GT with a record 100, while “doge” recorded a high of 29. However, the figures for query score now come in at only 6 for “dogecoin” and 3 for the term “doge.”
Interestingly, DOGE recorded a significant jump last weekend and currently floats by about 22% from last week’s low.
Additionally, the seventh-largest cryptocurrency has outperformed most of the crypto industry over the past twelve months. Reports show that DOGE is up more than 6,800% over the past twelve months.
Meanwhile, Into the Block statistics reports that the concentration of large DOGE holders (whales) holds around 63% of all coins. According to Bitinfocharts, the mysterious Dogecoin address, DH5, now controls a total of 36 billion DOGE.
This year, speculations arose that the mysterious DH5 wallet belonged to the giant trading platform Robinhood. Nonetheless, DH5 now holds 28% of the total DOGE supply.
Key Dogecoin Levels to Watch — August 9
After its explosive rally to the upper-$0.2800 level on Saturday, DOGE has come under some bearish pressure, triggering a correction towards the $0.2250 support. Given that the cryptocurrency has crossed into overbought territory based on our MACD Indicator, we could see a bearish continuation or consolidation until trading conditions become neutral.
That said, the possible bearish target is the $0.2150 – $0.2000 (200 and 50 SMAs) support area. Nonetheless, there still exists the possibility of a rebound from the $0.2250 support line over the coming hours.
Meanwhile, our resistance levels are $0.2500, $0.2750, and $0.3000, and our support levels are $0.2250, $0.2150, and $0.2000.
Total Market Capitalization: $1.76 trillion
Dogecoin Market Capitalization: $31.6 billion
Dogecoin Dominance: 1.79%
Market Rank: #7
