Dogecoin Is Killing Shiba Inu On Google Trends And This Time With No Help From Elon Musk
Portfolio Pulse from Mehab Qureshi
Dogecoin (DOGE) has seen a significant surge in Google Trend searches, outperforming Shiba Inu (SHIB), despite SHIB's stronger price performance. DOGE's interest score reached 76 compared to SHIB's 30. This increase in interest comes as DOGE's price jumped over $0.10, now trading at $0.18, with speculation about reaching the $1 milestone. The price rally occurred without recent public support from Elon Musk, known for influencing DOGE's market dynamics. Dogecoin's futures open interest hit an all-time high of $1.4 billion, indicating increased investor optimism.
March 05, 2024 | 6:58 am
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NEGATIVE IMPACT
Despite Shiba Inu's 300% increase in value over the past week, its Google Trend interest score of 30 lags significantly behind Dogecoin's 76. This discrepancy in search interest, despite SHIB's strong price performance, may indicate a shift in investor focus towards Dogecoin.
Shiba Inu's lower Google Trend score compared to Dogecoin, despite its significant price increase, suggests that investor and public interest may be shifting away from SHIB towards DOGE. This could potentially lead to a short-term negative impact on SHIB's price as investor focus and sentiment play crucial roles in the cryptocurrency market.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
Dogecoin's significant surge in Google Trend searches and its price rally to $0.18, alongside speculation about reaching the $1 milestone, indicate strong investor interest and optimism. The rally occurred without Elon Musk's influence, showcasing organic growth. Futures open interest reaching an all-time high of $1.4 billion further supports the positive outlook.
The increase in Google Trend searches and the price rally, especially without Elon Musk's influence, indicate a strong organic interest in Dogecoin. The all-time high in futures open interest suggests that investors are optimistic about DOGE's future performance, potentially leading to a short-term price increase.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90