- Elon Musk likes to tweet about Dogecoin.
- When he does, the cryptocurrency often will get a lift in Google curiosity.
- Correlation doesn’t indicate causation, however Musk implies Doge is superior.
On December 20, 2020, Tesla CEO Elon Musk shared an eloquent and pressing message along with his Twitter followers.
“One phrase: DOGE.”
That phrase captivated a nation, nay, a complete world. The plenty rushed to their keyboards, desirous to know extra about this coin known as Doge.
Search volumes for —created as a substitute cost system to banks or in 2013—rose to a document excessive by the week of January 3-9. After driving a bull market, Dogecoin is now nearly value a complete penny!
Dogecoin is a little bit of a operating joke (coin) with Musk, who has been intermittently tweeting about it for 2 years.
On April 2, 2019, Musk shared a satirical article from The Onion about Bitcoin value volatility and added: “Dogecoin worth could differ.”
He then replied to a different remark, claiming, “Dogecoin is perhaps my fav cryptocurrency. It’s fairly cool.”
Look on Google Developments, and also you’ll see a spike in “Dogecoin” searches from March 31 to April 6, the best stage of curiosity within the time period in six months. Was it Elon’s doing? May very well be!
Over a 12 months later, on April 25, 2020, the South African businessman reacted to his personal esoteric meme about GPUs (possibly) with “Dogecoin Mode.”
Was it a reference to the Mannequin 3? Who is aware of! However individuals have been curious to seek out out. Perhaps. Dogecoin searches doubled within the week of April 26 to Might 2.
He wasn’t accomplished. On July 17 of that 12 months Musk responded to an ostensibly irate YouTuber who needed some Bitcoin with: “Excuse me, I solely promote Doge!”
And curiosity in Dogecoin went…down? Sure. Dogecoin was already on the downswing of a search surge that month after a TikToker urged his followers to purchase $25 of Doge. “Let’s all get wealthy!” he mentioned. “Dogecoin is virtually nugatory. There are 800 million TikTok customers. As soon as it hits $1, you will have $10,000. Inform everybody you recognize!” (Spoiler alert: Doge didn’t go to $1.00, and nobody received wealthy.)
Musk had extra cryptic feedback left in him, tweeting concerning the cryptocurrency on November 17 in reference to a Tesla supercomputer.
Was there a spike in Google searches? Just a few days later there was a tiny blip, so we’re counting it!
Which brings us to December 20. Within the aftermath of Musk’s single-syllable endorsement, search queries went greater than ever.
Nicely, that’s one narrative, anyway. Really, different cryptocurrency search phrases hit data throughout that interval, together with Ethereum, as a result of costs have been rising. Bitcoin queries went up as effectively, too, although not as excessive as in the course of the December 2017 bull run. In spite of everything, the least somebody can do earlier than throwing their cash at speculative property for the primary time is to run a Google search.
Or they might simply take Musk’s phrase for it.