In an interesting turn of events, Dogecoin (DOGE) has flipped Bitcoin (BTC) as the most-discussed digital asset in February. Other coins that trailed behind DOGE are Ethereum (ETH), Cardano (ADA), and Ripple (XRP), among others.
This outcome follows several major events for DOGE in recent weeks. Like Tesla CEO Elon Musk’s statements on Twitter in support of it, the WallStreetBets hype, and its momentary ascent to the top 10 coins with the biggest market capitalization, as listed on CoinMarketCap.
DOGE Rises in Popularity
It may have come as a surprise to many that the token made as a commentary to the rises and falls of digital assets flipped flagship projects such as Bitcoin (BTC) and Ether (ETH) in terms of Twitter mentions. After all, DOGE was initially designed with no other use case than to tip other content creators on social media.
According to the data released by ICO Analytics, DOGE enjoyed a 10.4% share on total Twitter mentions in February 2021. BTC followed only by a margin away from DOGE. BTC with 10.1% of total mentions, and ETH with an 8.9% share. The data collected by ICO Analytics looked at the top 150 cryptocurrency projects based on market capitalization.
Several factors that could have contributed to this score are Musk’s tweets in support of DOGE. Very recently, Musk posted another DOGE-related tweet saying that it has a “meme shield” that protects its value from dropping. Other famous figures that rallied their support behind DOGE through their tweets include Snoop Dogg and Kiss artist Gene Simmons.
Dogecoin Network Introduces a Long-Awaited Update
The last major upgrade that DOGE had on its network was way back in June 2019. But thanks to the increased interest in the token, DOGE’s developers worked on new updates that aimed at increasing it’s scalability.
Recently, DOGE announced the rollout of their new network upgrade named Dogecoin Core 1.14.3. Some unique attributes that the update features include an improved synchronization speed and reduced default mempool expiry time.
These developments aim to improve the speed by which nodes upload blocks to the chain and reduce the default time set for the caching of transactions in the mempool to only 24 hours. More technical details about the network upgrade are available on Github.
According to Maximillian Keller, one of DOGE’s developers, the development is anchored on the Bitcoin model.
“Since March 2014, Dogecoin Core has always been based on Bitcoin,” Keller says.