The price of the meme-inspired cryptocurrency Dogecoin ($DOGE) could keep rallying in the near future, even after moving up more than 120% over the last few days after Tesla and Space X CEO Elon Musk acquired the microblogging platform Twitter.
According to on-chain cryptocurrency analytics firm Santiment, DOGE appears to have “room for more growth” in the near future based on search volume on Google and on the cryptocurrency’s social dominance.
In a post, the platform noted that the search volume for Dogecoin on search giant Google hasn’t risen to levels that are anywhere comparable to those seen back in May 2021, when the cryptocurrency’s price hit an all-time high above the $0.70 mark.
As CryptoGlobe reported, search interest for DOGE exploded ahead of a 10,000% price rally last year, with influencers associated with the WallStreetBets subreddit calling for the meme-inspired to cryptocurrency to surge to $1 being part of the reason for the search explosion, along with jokes made by Tesla CEO Elon Musk around the cryptocurrency.
Looking at Dogecoin’s social dominance, Santiment noted that the cryptocurrency’s dominance back in May 2021 was a “whopping 40%” while right now it’s at only 14%, suggesting there’s significantly more room for growth.
As the cryptocurrency has been “holding top 5 of our social trends for the last 4-5 days,” this could be interpreted as an “indicator of incoming price decline.” As reported, DOGE’s price surged earlier this week after Elon Musk’s Twitter takeover, as speculation has been abound as to how, and if, Musk will implement DOGE-related features on the microblogging platform.
Notably, leading cryptocurrency exchange Binance has recently launched a ‘Bluebird Index’, which is a cryptocurrency index that tracks the performance of its own native token, $BNB, as well as that of Dogecoin ($DOGE) and a little-known cryptocurrency called Mask Network ($MARK). The name and constituents of the index drew attention on social media, with several users claiming Binance is hinting at the coins that will be a part of a future Twitter integration into Web3.
During a press conference at the 2022 Web Summit in Lisbon, Binance’s CEO detailed that the firm is a “minority investor” that wants to be “as supportive as possible” with Twitter. CZ added that in talks with Musk, he mentioned using Dogecoin on the microblogging platform.
Featured Image via Unsplash