The Rise of Dogecoin: The Second Most Sought-after Cryptocurrency After Bitcoin in 2023

The Rise of Dogecoin: The Second Most Sought-after Cryptocurrency After Bitcoin in 2023

Dogecoin (DOGE) Ranks Second as a Cryptocurrency Alternative to Bitcoin (BTC) in 2023

A recent study conducted by digital currency specialists at Marketplace Fairness has revealed that Dogecoin (DOGE) is the Second most trending alternative to Bitcoin (BTC) in 2023. The ranking was determined based on the number of Google searches worldwide throughout the year.

According to the study, Ethereum (ETH) takes first place with 3,260,000 monthly searches, followed by Dogecoin (DOGE) with 1,659,000 monthly searches and Ripple with about 1,250,000 monthly searches. This makes Dogecoin (DOGE) the most trending memecoin of 2023.

The fourth and fifth spots are occupied by Shiba Inu (SHIB) with approximately 678,000 searches and Cardano (ADA) with 677,000 monthly Google searches respectively.

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Dogecoin (DOGE) and Elon Musk’s Engagement in the Cryptocurrency Project

Elon Musk’s affinity for Dogecoin (DOGE) has been popular, with the billionaire frequently joking and creating memes about the digital currency. Nonetheless, it has recently been revealed that Musk may have a financial engagement in the development of Dogecoin.

In his biography book about Musk, author Walter Isaacson disclosed that Musk quietly financed the development of Dogecoin (DOGE). Musk himself has expressed his support for Dogecoin (DOGE) on Twitter, stating that it is a friendly place for the digital currency to thrive between user posts and threads.

Dogecoin (DOGE) Price Declines by 17.40% in the Past Month

Looking at the monthly price chart of DOGE, it is evident that the memecoin has experienced a decline of 17.40%, dropping from $0.07423 to its current value of $0.06141. Regardless of this, Dogecoin (DOGE) remains the eighth largest digital currency by market capitalization.

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DOGE’s price trend in the past 30 days is similar to that of Bitcoin (BTC) and other major digital currencies in the market. On August 16, 2023, Bitcoin (BTC) and the rest of the market experienced a decrease in price level of support, with Bitcoin (BTC) dropping from $29,000 to $26,000.

Even Shiba Inu , often referred to as the ” Dogecoin (DOGE) Killer,” has seen a price decline of -30% in the past 30 days, ranking it 17th between cryptocurrencies.

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Hot Take: Dogecoin (DOGE) Maintains Its Popularity Regardless of Price Decline

Regardless of the recent decline in price, Dogecoin (DOGE) continues  to sustain its popularity as one of the top alternative digital currencies to Bitcoin. Its strong presence on social media platforms and the support of influential figures like Elon Musk (Tesla & SpaceX CEO) have contributed to its widespread recognition.

Although while market trends may impact its price in the short term, Dogecoin’s position as a memecoin and its dedicated community of supporters make it a unique player in the cryptocurrency space. Whether its popularity will translate into long-term success remains to be seen, but for now, Dogecoin (DOGE) remains a prominent name in the world of cryptocurrencies.

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Leo Nomist emerges as a maestro harmonizing the roles of crypto analyst, tenacious researcher, and editorial virtuoso, creating an unparalleled symphony of insight. Amidst the intricate world of digital currencies, Leo’s perspectives resonate like finely tuned chords, capturing the attention of curious minds from diverse horizons. His talent for deciphering complex threads of crypto intricacies blends seamlessly with his editorial finesse, translating intricacy into a captivating composition of understanding.

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