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Musk matters: DOGE popularity rise linked to Tesla CEO’s support

By Monte Stewart


Updated

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In this article:
BTC/USD
Bitcoin / USD
16867.55 USD
-166.25 -0.980%
ADA/USD
Cardano / USD
0.30938 USD
-0.00786 -2.480%
DOGE/USD
DogeCoin / USD
0.0963792 USD
-0.0038203 -3.840%
ETH/USD
Ethereum / USD
1236.73 USD
-21.75 -1.730%
LITH/USD
LITH/USD
0.00080 USD
0 0.000%

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Elon musk on the cover of Time Magazine
A Coin Insider analysis shows that Dogecoin is the most searched cryptocurrency in the US. - Photo: Shutterstock

Tesla CEO Elon Musk’s promotion of dogecoin is paying off for the digital token, according to Coin Insider.

But University of Toronto finance professor Andreas Park, who specializes in the blockchain and cryptocurrencyis not impressed.

Coin Insider reported that its analysis of Google Trends data showed that most US investors want to invest in dogecoin (DOGE.) The finding was based on search results.

Dogecoin to US dollar (DOGE/USD)

Park said DOGE’s popularity and price can be attributed to Musk’s influence – and quickly dismissed the results.

“Entirely pointless, doesn’t merit two lines of text if you ask me,” Park told Capital.com. “Detracts from the real innovation in the (crypto) space, (in my opinion).”

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‘Carbon copy of bitcoin’

He called DOGE “an ironic creation which is a carbon copy of bitcoin.”

The Coin Insider analysis showed that DOGE had the highest number of states – 23 – wanting to invest in it. Bitcoin (BTC) and ether (ETH), the Ethereum blockchain token, ranked second and third with 10 and eight states, respectively. Shiba Inu (SHIB) placed fourth with seven, while cardano (ADA) and lithium (LITH) rounded out the field with one apiece.

In a news release, Coin Insider said the rise in interest in DOGE can be “partially attributed” to Musk’s endorsement.

DOGE’s price has often risen and fallen in accordance with Musk’s tweets about it. Earlier this month, DOGE experienced volatility as Musk mused about the possibility of it being used as payment for Twitter's premium Blue service. In February, he said Tesla’s supercharging station in Santa Monica, a suburb of Los Angeles, would accept DOGE as payment. He also announced in January that customers could purchase Tesla merchandise with DOGE.

“With more than 6,500 cryptocurrencies available globally, it is fascinating to see currencies that may not be the most valuable are still the most sought after,” a Coin Insider spokesperson said in the news release.

The states with the highest number of searches for DOGE include Illinois, Florida, Hawaii, and New Jersey.

ETH/USD

1,236.73 Price
-1.730% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 5.00

BTC/USD

16,867.55 Price
-0.980% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 60.00

DOGE/USD

0.10 Price
-3.840% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.0012189

XRP/USD

0.38 Price
-1.670% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.00307

Bitcoin is most popular in Connecticut, Alaska, Mississippi, and New Hampshire, among other states. States putting ethereum first include Georgia, Louisiana, Virginia, and Ohio.

Shiba InuThe Shiba Inu token's name mateches the breed of Tesla CEO Elon Musk's dog. - Photo: Kevin Donovan, Capital.com

Named after Musk’s dog

Shiba Inu, the fourth most popular coin, is named after the breed of Musk’s dog.

SHIB was the most searched cryptocurrency in Washington state, California, New York, Texas – where Tesla is now headquartered, and Nevada, where the EV maker has a lithium-ion battery and automobile component Gigafactory.

University of Washington (UW) applied mathematics professor Tim Leung indicated that he was not surprised by SHIB's popularity in the state.

Shiba Inu token to US dollar (SHIB/USD)

“I don't have really have comments specific to DOGE or Shiba Inu, but I can say this: Innovations tend to catch on early here in Washington,” Leung told Capital.com.

“Through my classes and interactions with the industry, (I’ve noticed that) many (people) have an understanding of cryptocurrencies and many have an interest,” added Leung, who heads the UW’s computational finance and risk management programme.

SHIB’s value has skyrocketed since its debut in 2020, Coin Insider noted in the news release. On April 12, SHIB soared 18% after it was listed on Robinhood (HOOD.)

DOGE and SHIB occasionally experience price surges together, as was the case in January.

 

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The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
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