Billy Markus, an IT engineer who created the most popular meme crypto, DOGE, together with Jackson Palmer in 2013 as a parody on Bitcoin, has tweeted what he, apparently, believes to be the main reason why interest of large amounts of investors in Dogecoin has substantially dropped since summer 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, whereas in June last year, mass interest in Dogecoin reached the 100 mark, by May 2022 it has collapsed below 25—that is about 3x. The high level of interest reached by DOGE last year was caused by the all-time high the meme coin reached 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.
crypto is only interesting to the masses when number go up— Shibetoshi Nakamoto (@BillyM2k) June 6, 2022
always has been always will be pic.twitter.com/522uiLWQKa
At the time of this writing, Dogecoin is down 5.11% over the past 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).
Back then, he discussed the meme coin with actors on the show, telling viewers about it 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, as per data provided by CoinMarketCap.