From 12:00 on January 28 to 12:00 on January 19, the cryptocurrency Doge coin (Dogecoin DOGE) soared from $0.007856 to $0.08384, a 10-fold increase in 24 hours. Dogecoin became a global hot search overnight.

The number of tweets about Dogecoin has hit a record high again. Among these 254,100 tweets, Elon Musk, who wants to go to Mars, is included.

From the chart, we found an interesting thing. This is not the first time that the volume of Dogecoin tweets has skyrocketed. Since June 2020, this phenomenon has occurred 3 times, and every time there are tweets about Dogecoin During the surge, the price of Dogecoin has risen sharply. There was Trump Tiwtter who ruled the country before, but the current "dog village" Tiwtter pulls the market? In the figure below, we penetrate the causal relationship between Dogecoin tweets and the highest price in detail. For more Dogecoin data, check out KingData. https://ikingdata.com/#/home

From the compiled charts, we can easily find that the increasing number of tweets has led more people to pay attention to Dogecoin, and some of them even poured real money into the "carnival dance floor". But another data rule is very scary. The time when the price of Dogecoin reaches the highest occurs on the day with the highest tweet volume or the day after. This shows that carnivals usually come and go in a hurry, and "carnival day" is likely to be "harvest day".

Let's observe whether Dogecoin can be tracked from more data dimensions

Dogecoin once again experienced the phenomenon of huge blocks, and the number of transactions on the chain also increased significantly during the same period, hitting a new high since July 8, 2020. The data reflects that Dogecoin investors are highly excited, but the data also tells us that the excitement is short-lived, and the price of Dogecoin also reached its highest point around this period.

In contrast to the situation of Dogecoin miners, the current block generation time has increased to 74.89 seconds, setting a new high within one year. During the same period, the mining difficulty and computing power showed a significant double drop phenomenon. The current computing power is about 1/500,000 of Bitcoin's computing power. Where are the miners? What have you been doing?

The number of new addresses on the Dogecoin chain has increased significantly during the same period of time when the currency price has soared, and the number of active addresses has also hit a new high in the near future. However, compared with the price increase, the growth rate of the number of new addresses and the number of active addresses is much less. Either there are relatively few new investors, or the number of coins held by a single address of new investors is relatively high.

From the Dogecoin rich list, the top ten addresses hold 43%, of which the first richest address holds 23.52%, which is equal to the sum of the coins held by the 200 or more addresses and higher than the sum of the coins held by the 11-50 addresses , which is higher than the sum of the coins held by 51-200 addresses.

Dogecoin is a highly concentrated cryptocurrency.

I will look at this Dogecoin incident. The cause is that Wall Street "does not talk about martial arts". Brokers led by Robin Hood raided retail investors and restricted retail investors from doing long transactions. The "monster stocks" that are popular among retail investors have collectively plummeted. As of Thursday's close, GameStop and BlackBerry fell more than 40%, and AMC and Express fell more than 50%. This hot money, which has nowhere to be placed, has its eyes on the assets such as silver and Dogecoin mentioned on the Reddit forum (a gathering of American retail investors). Retail investors angrily denounced brokerages as accomplices of short sellers, and a well-known blogger appealed to buy Dogecoin, which came out as a joke, making him a hit. This move or a mockery of "Wall Street" completely set off a short-squeeze battle between "a group of mobs" and "Wall Street hedge funds." It can be seen that the current round of rise is the detonation of events, the temporary favor of hot money, internal factors do not support long-term bullishness, and strong speculative sentiment.

To see more Dogecoin data, go to KingData.https://ikingdata.com/#/home