Dogecoin has been the talk of the crypto-town over the past day, thanks to its self-proclaimed father—Elon Musk—for re-igniting an old conversation.
On Wednesday, ‘dogesupporteam’ replied to Musk, under Joe Biden’s thread on Twitter, via a meme about a dog trying to persuade businesses new to crypto to begin accepting DOGE. For his part, Musk tagged fast-food giant McDonald’s.
For context, back in January the Dogefather had proclaimed on Twitter that he would eat a happy meal on television if McD started accepting DOGE as a payment method.
Additionally, Ukraine starting to accept the meme-token as donations, and AMC revealing the date from when they’ll start accepting DOGE as a payment method were other two contributing factors to DOGE’s elevated social traction.
DOGE says zoom out!
Despite the aforementioned developments shaping up on Wednesday, Dogecoin managed to maintain its relevancy on social media even on Thursday. With over 2472 tweets, #dogearmy was trending on Twitter at the time of press. Additionally, over 390 tweets for #Dogecoin and #DOGE had been made over the past hour.
However, when viewed on the macro-frame, the social volumes have been sticking to a downtrend for more than 3 weeks. The current numbers are quite distant from what was registered during the initial weeks of February.
Social volume peaks have corresponded with local price peaks for this meme token for quite some time. The said trend has amplified over the past few months. So, only when these numbers climb back again Doge’s rally can be expected. Else, with not much crowd euphoria, the token’s price is set to remain stagnated.
Trading at $0.13 at the time of press, DOGE was already down by 1% in the day’s trade.