For the first time, more people globally are searching for news surrounding the meme cryptocurrency Dogecoin than Bitcoin.
Global public interest in Dogecoin (DOGE), as measured by internet search statistics, has exceeded that of Bitcoin (BTC) for the first time. According to data from Google Trends, values assigned to each cryptocurrency for May 2–8 stand at 56/100 points for DOGE versus 48/100 for BTC.
As the chart below shows, search interest in DOGE over the past 12 months has often closely correlated with peaks and troughs in public interest in Bitcoin, although the interest in the two coins has previously diverged. This week, however, shows not only a strong non-correlation but a higher level of interest in DOGE in absolute terms.
As previously reported, DOGE has had nothing if not a dramatic 2021. In mid-April, the coin gained 80% in value in just one day to cap 5,000% in year-to-date returns. As a quintessential meme cryptocurrency, much of the asset’s dizzying price hikes have been fueled by social media sentiment and, arguably, its frequent, if jocular, endorsement by Tesla CEO Elon Musk.
Blockstream’s Adam Back has recently observed that its meme logic translates into a high-stakes, volatile “pump and dump casino rug-pull” grounded in the widespread perception that the asset lacks inherent value but can be rallied around and shorted for a potential profit.
As data from Google Trends shows, this “casino market logic,” in Back’s words, remains at its strongest in the United States, followed by the U.S. Virgin Islands and Turkey. On the month, DOGE remains up by over 600%, but has traded horizontally with a 0.6% decline in value on the week, and a 1.6% gain on the day.
China’s e-payment giant will allow some users to link their accounts to the country’s digital yuan app.
Alipay, the mobile payment platform owned by Ant Group, is set to allow some of its users to participate in the emerging digital yuan commerce ecosystem.
According to a report by China Securities Journal on Monday, this new feature is a result of MYbank’s participation in the country’s expanded digital currency electronic payment testing protocols.
The news further cements Ant Group’s participation in China’s central bank digital currency project. Indeed, the conglomerate owns a majority stake in MYbank — one of the largest internet-only banks in the country.
In a statement quoted by CNBC, Ant Group confirmed its involvement in the digital yuan trials, adding:
“As one of the participants in the trial of the e-CNY, Ant Group’s associate MYbank will steadily advance the trial pursuant to the overall arrangement of the People’s Bank of China. Ant Group, together with MYbank, will also continue to support the research, development and trial of PBOC’s e-CNY.”
As previously reported by Cointelegraph, Ant Group has been collaborating with the PBoC on digital currencies since 2017. China’s central bank is reportedly using the firm’s mobile app development environment to create digital yuan-linked apps.
While MYbank is moving towards allowing users to interact with the digital currency, Tencent-backed digital bank WeBank is reportedly yet to activate any bridge for customers to the digital yuan. Both online banks were announced as the first private financial institutions to join the digital yuan testing ecosystem back in February.
The PBoC continues to promote the digital yuan’s utilization via a litany of airdrops and lotteries in several cities. These adoption events often target shopping festivals with merchants encouraged to accept the currency as a payment means.