The Dogecoin creator has stated cryptocurrency investors’ attitude toward the nascent asset class.
Billy Marcus, the co-founder of the popular meme coin Dogecoin (DOGE), has noted that people only show interest in cryptocurrencies when prices are high. However, the same cannot be said when the nascent asset class prices are low.
In one of his many Twitter sessions, Marcus said: “crypto is only interesting to the masses when numbers go up. Always has been, always will be.”
crypto is only interesting to the masses when number go up
always has been always will be pic.twitter.com/522uiLWQKa
— Shibetoshi Nakamoto (@BillyM2k) June 6, 2022
Investors’ Interest in Dogecoin
He shared data from Google, showing cryptocurrency traders’ interest in his creation – Dogecoin. Per the data, global interest in Dogecoin has plummeted massively in the past year.
Over the past 12 months, interest in DOGE has plummeted from 100 to below 25 from June 2021 to June 2022, thus suggesting a massive decline in interest in the asset class.
The data analyzes interest in the popular meme coin on a scale of 0 to 100, based on the number of times people across various parts of the world have searched about cryptocurrency on the internet.
Basic Point:
The primary point that Marcus is telling us is that people in crypto only care about prices. They don’t see fundamentals like any altcoin team, its mission and vision, the product it’s offering, etc. People jump in every coin where they see they can make money no matter how worse that coin is or how fake its team may be.
The only concern for crypto lovers is to make money without reading or analyzing any project. On this basis, doge founder recently said that 95% of Cryptocurrencies Are Garbage And scams; he also pointed out that Every Project is Made these days to Enrich Creators At the Expense of the Community.
So the crypto dilemma is that both the community and the project makers are behind money, which must change if this industry wants growth.
Dogecoin’s Performance
It is worth noting that Dogecoin’s interest spiked tremendously in June 2021 because the popular meme coin hit an all-time high a month earlier.
Recall that DOGE had soared to an all-time high of $0.73 on May 08, 2021. However, the cryptocurrency has dipped massively by more than 89% ever since, which has resulted in a decline in interest in the coin.
According to the cryptocurrency aggregator platform data, DOGE is trading at $0.079, representing a decline of 4.8% in the last 24 hours.
Global Crypto Market Affected
Meanwhile, aside from a declining interest in Dogecoin, the entire cryptocurrency market has recorded massive capitulation among investors following the unfortunate incident that befell Terra ecosystem tokens.
The incident had a massive impact on the entire cryptocurrency market, causing all digital currencies, including Bitcoin (BTC) and Ethereum (ETH), to embark on free fall.
With the crash of the crypto market and the massive price swing recorded since the beginning of the year, many investors have chosen to stay away from digital currencies to avoid incurring more losses.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
