In brief:
- Dogecoin search volume on Baidu has increased to 10x the levels witnessed in 2017
- The high search volume is associated with Elon Musk being popular in China
- Snoop Dogg and Gene Simmons are the recent celebrities to become fans of DOGE
- Mark Cuban sees Dogecoin as a means of teaching the economics of supply and demand
The search volume of Dogecoin (DOGE) on Baidu has seen an explosion since Elon Musk started tweeting about the meme-coin. According to data by the team at LongHash, Dogecoin’s search volume on the popular Chinese search engine has surpassed 2017 levels by a factor of ten.
The team at Longhash shared their observation of Dogecoin via the following statement and accompanying chart.
Dogecoin fever has spread to China. Following Elon Musk’s tweets Dogecoin (狗狗币) search volume on Baidu reached its highest level ever, 10 times that of the 2017 bull market. #DOGE
Snoop Dogg and Gene Simmons Become Fans of Dogecoin
Elon Musk’s fascination with Dogecoin has been at the core of DOGE gaining popularity amongst traders and Hollywood celebrities. In the case of the latter category, Snoop Dogg and Gene Simmons are now fans of the meme-coin.
Both Snoop Dogg and Gene Simmons shared their passion for Dogecoin on Twitter with Elon Musk summarizing their passion for DOGE via the following tweet.
So … it’s finally come to this … pic.twitter.com/Gf0Rg2QOaF
— Elon Musk, the 2nd (@elonmusk) February 7, 2021
Mark Cuban: Dogecoin is Good for Teaching Basic Supply and Demand
Popular Shark Tank judge and Dallas Mavericks owner, Mark Cuban, also chimed in on Dogecoin’s popularity via an interview with Forbes. According to Mr. Cuban, Dogecoin is ideal for teaching the economics of supply and demand and introducing people to crypto assets. He explained:
[Dogecoin] is not a bad look. Dogecoin is less than a dime. You can buy $1 worth or $10 worth and have fun watching it all day every day…it’s the best entertainment bang for your buck available.
I bought a few dollars worth for my son and we watch it and discuss all its price movements and why they occur. It’s fun, it’s exciting and educational for him…
That’s not to say it has any intrinsic value. It doesn’t. But so what. It gives you a better chance of winning than a lottery ticket while teaching the economics of supply and demand and introducing people to crypto assets.