One of Dogecoin co-founders has opined on why public interest in his brainchild has been down roughly 3x over last year
Billy Markus, a computer engineer who created the most popular crypto meme, DOGE, with Jackson Palmer in 2013 as a bitcoin parody, tweeted what he apparently believes is the main reason for the interest of a large number of investors for Dogecoin has dropped significantly since the summer of 2021.
“Crypto is only interesting when the price is high”
Markus shared a screenshot that shows a massive decline in search requests on the most popular search engine related to DOGE.
The chart shows that while in June last year mass interest in Dogecoin hit the 100 mark, in May 2022 it fell below 25, or about 3x. The high level of interest DOGE reached last year was caused by the all-time high reached by the coin even in early May.
He tweeted that mass interest in crypto in general rises when the price of the coin(s) is high. When it drops, as is happening now with Doge, Bitcoin, Ethereum and the majority of the cryptocurrency market, the curious ones tend to lose interest in these coins.
As of this writing, Dogecoin is down 5.11% in the last 24 hours.
DOGE down 90% from its all-time high
Dogecoin reached an all-time high on May 8 last year, hitting $0.7376. The main driver for that record peak was Elon Musk’s endorsement of Dogecoin during his debut on the U.S. television on Saturday Night Live (SNL).
At the time, he discussed the meme coin with cast members of the show, talking to viewers and crypto in general.
The price peak of DOGE was suddenly followed by a decline down to the $0.5596 level.
At press time, the canine token is changing hands at $0.0795, according to data provided by CoinMarketCap.
