February was a very eventful month for the crypto industry. Bitcoin (BTC) hit a new all-time high, and so did Ethereum (ETH). Surprisingly, however, so did Dogecoin, a meme-based cryptocurrency that is, coincidentally, also the favorite coin of the world’s richest man, Elon Musk. But, while DOGE did surprise the world by hitting an all-time high, it was even more surprising that it managed to beat Bitcoin on Twitter.
Dogecoin dominates Twitter
In February, Dogecoin’s Twitter mentions exceeded Bitcoin’s, which is the first time in the history of crypto that this has happened. In fact, no other cryptocurrency has ever been referenced more on Twitter than Bitcoin itself.
The data claiming that DOGE has outperformed Bitcoin in Twitter mentions was collected, analyzed, and presented by a crypto tracker ICO Analytics, which reported that Dogecoin commanded 10.4% of all crypto mentions on the popular social media website.
In February it was inevitable… $Doge has flipped $BTC as the most discussed digital asset in Feb 2021. In the chart below you can find a share of mentions of each coin among top 150 by marketcap.$eth $ada $xrp $link $pols $bnb $dot $egld $ltc $cake $vet $trx $algo $nano $usdt pic.twitter.com/Zdav3WvA8p
— ICO Analytics (@ICO_Analytics) March 3, 2021
Bitcoin, on the other hand, held 10.1% of mentions, which is not a huge difference, but enough for Bitcoin to officially lose the popularity contest to DOGE.
DOGE becomes the crypto world’s most popular coin
Dogecoin’s mentions exceeded those of Uniswap — one of the world’s largest DEXes — by ten times, which may come as surprise to some, considering that the coin was founded as a joke currency back in 2013. Even its founder decided to step away from the project soon after, thus leaving it rudderless for years to come.
It is safe to say that nobody expected much from DOGE at the time. These days, however, the coin has a market cap of $6.5 billion, and it is one of the most popular cryptocurrencies in the market. It is a favorite among celebrities and tech entrepreneurs alike. Elon Musk, who is a bit of both, constantly reference it on Twitter, often in a joking manner. Even so, Musk has been pointing towards DOGE for months, and eventually, the popularity started to catch on.
If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.
— Elon Musk (@elonmusk) February 14, 2021
DOGE also saw a major burst of popularity on another social network, TikTok. Back in 2020, a ‘Dogecoin Challenge’ emerged on the platform, causing the coin’s price to increase. In total, DOGE went from below $0.002 in January 2020 to $0.083 in February 2021, which is a 4050% increase.