Lunar Crush shows increased activity on social media corresponding to the increase in DogeCoin prices.
Although created as a „joke“, DogeCoin has high profile supporters on the internet, such as Elon Musk.
Lunar Crush is a social media aggregator and cryptocurrency analysis platform
Lunar Crush, a social media aggregator and real-time cryptocurrency analytics platform, has found a strong correlation between cryptocurrency social media activity and changes in asset prices.
Referring to DogeCoin, Lunar Crush tweeted, “Wow. With a booming social activity, a still high price and a well-trained Shiba Inu, Doge is the number 1 altcoins according to AltRank ”. AltRank is an exclusive formula created by Lunar Crush. It “combines the performance of altcoin prices against Bitcoin Legacy and indicators of social activity”.
The tweet continues to dive into statistics. He says DOGE jumped 58.8% in terms of social mentions, 23.1% in social engagement and 14.6% in price.
Diving into the social analysis of Lunar Crush on DogeCoin, it’s easy to see the correlation between its AltRank trend and its price. Looking at the 24 hour chart, we see that DOGE’s AltRank is hovering between 40 and 60 with little price movement. As of 10 am today, we see spikes in DOGE’s AltRank and price that take it to # 1 AltRank. At the same time, the price rises by 15%.
Social networks aren’t the only factor that can determine a course change. However, we can see a well-established correlation between an increased social media presence and an increase in asset prices. Going forward, cryptocurrency social media analysis can be an important tool in determining fundamental views around the asset.
What is DogeCoin?
DogeCoin, also known as DOGE, is a cryptocurrency based on the popular Internet meme „doge“ featuring the dog breed Shiba Inu. The DOGE team initially created it as a joke crypto. However, fans on the internet quickly adopted her.
Currently, it has a market capitalization of over $ 550 million. This makes it one of the 50 largest cryptocurrencies by market cap.
DogeCoin doesn’t offer much more utility than any other cryptocurrency focused on storing and transferring value. However, its status has grown tremendously in the crypto arena. Even billionaire Elon Musk sarcastically escaped the inevitability of DogeCoin as a financial standard in the global financial system. He even once crowned himself “CEO of DogeCoin” in his Twitter bio.
It is up to the users to decide if they want to get involved in the DogeCoin ecosystem . However, when analyzing the movement of cryptocurrency prices, using social media statistics is a great way to help assess the movement of an asset’s price.