Dogecoin was been knocked out of the top ten most valuable cryptocurrencies by Avalanche. According to data, Doge remains the most popular cryptocurrency, beating both Bitcoin and Ethereum as the most-searched cryptocurrency on the internet.
To give you some context, Dogecoin began as an online joke about cryptocurrency. The cryptocurrency was created by software programmers Billy Markus and Jackson Palmers, who was inspired by a Shiba Inu meme picture. Many investors, ironically, joined in on the joke until Dogecoin was widely purchased and utilized enough to be recognized as a real and successful market.
Even more unexpected, Dogecoin got backing from a number of well-known personalities, including Tesla CEO Elon Musk.
Predictions on Dogecoin’s Price: The Most Popular Cryptocurrency
Musk, the self-proclaimed Dogefather, is well-known for his clout in the Dogecoin market. This is due to Musk’s frequent usage of Dogecoin in his tweets. He also mentioned utilising Doge as a payment method for his company’s electric automobiles in one of his posts.
Regardless of the substance, Musk’s tweets propelled Dogecoin to new heights of fame. According to Market Insider, researchers from The Advisor Coach revealed their results on the most-searched cryptocurrency.
More than 23 states searched Dogecoin, according to academics. This is due to the public interest in the meaning of “Dogecoin” and its success in the cryptocurrency market. Bitcoin, on the other hand, came in second with just ten states seeking information about it. Ethereum came in third, with eight states searching for it.
Shiba Inu, a cryptocurrency, was the fourth most-searched cryptocurrency in New York. Despite the fact that their markets are totally independent, the Shiba Inu meme design was certainly influenced by Dogecoin, adding to the notion that Doge is the most popular cryptocurrency on the internet.
Regrettably, online popularity does not always correspond to market performance.
Avalanche Takes Over the Market: Doge Value Drops
According to Cointelegraph, the market valuation of Avalanche (AVAX) has surpassed $30.32 billion, surpassing Dogecoin’s $30.30 billion. As a result of this event, Avalanche is now the tenth-largest cryptocurrency in terms of market valuation.
It’s worth mentioning that in the previous ten days, AVAX has outperformed both Bitcoin and Ethereum. Bitcoin has lost over 20% of its value since peaking at $69,000, while Ethereum has lost 19% of its value since peaking at $4,867. AVAX, on the other hand, has gained more than 64% in the same era.
Deloitte’s choice to employ AVAX as their disaster relief platform has enabled this growth. Avalanche might help Deloitte streamline “disaster compensation applications for victims of natural disasters, by collecting and evaluating the paperwork necessary for financing,” according to a recent news release.
Several investors saw Avalanche’s clear market potential and rallied to support its continuing expansion. Market expert Seq said on the internet that Avalanche’s worth may continue to rise in the coming months.