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DOGE Up 192% in Social Engagement Following Palmer-Musk Feud: LunarCrush

Wed, 06/01/2022 - 12:21
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Gamza Khanzadaev
Palmer-Musk feud results in massive social engagement for DOGE
DOGE Up 192% in Social Engagement Following Palmer-Musk Feud: LunarCrush
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The Twitter controversy between Elon Musk and Jackson Palmer, founder of DOGE, that has erupted in recent days has provoked a massive influx of social engagement to DOGE itself, according to LunarCrush.

Due to data presented by the crypto social intelligence agency, the amount of social engagement with DOGE increased 57% over the past week and 192% on the last day of May. Looking at the monthly stats, which break down periods into days, we can see how social engagement, equal to 81.11 million on May 29, gradually grew in the last days of the month and, as a result, their number increased by almost 4.5 times, reaching 340.42 million on May 31 and 350.89 million on June 1.

Source: LunarCrush

Social engagement characterizes the intensity of a community's interaction on social posts. The metric is calculated from multiple social sources and excludes spam. In total, the following elements are used to calculate the index: favorites and likes, replies and comments, retweets, quotes and shares, number of followers, number of shared URLs and Reddit karma score for individual posts.

Palmer-Musk Feud plays into DOGE's hands

Drawing parallels, we can see that the surge in social interaction began on May 28 just as CryptoLaw founder John Deaton warned Musk that his manipulation of DOGE on Twitter could lead to the U.S. SEC identifying the memecoin as an investment contract. Then, a new boom in social interactions occurred when Jackson Palmer and Elon Musk alternately called each other grifters and argued about the future of Twitter.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.