Both Dogecoin (DOGE) and SafeMoon (SAFEMOON) have recently hit their all-time highs as social media and search volumes continue to soar.
These coins are considered “meme coins” because they currently have minimal intrinsic and utility value. Their value is purely speculative with people buying in expecting to sell at a higher price.
DOGE Reaches 1 Million Followers on Twitter
A massive milestone just achieved for Dogecoin reaching 1 Million followers on Twitter. While Safemoon’s following is also booming as it reaches over 450k followers on Twitter – growing on average +13,370 per day.
Safemoon, the next Dogecoin?
Hype coin Safemoon is a new project that has entered the space and is similarly using the power of popularity on social media to push their agenda online through word of mouth promotion. The very clever and deliberate choice of name alone shows Safemoon’s well thought out PR strategy, targeting the meme crypto culture perfectly and appealing directly to the specific type of investor they are trying to attract: Integrating the most popular emoji in cryptocurrency; the Rocket, so seamlessly, as if it was made just for them.
Safemoon positions themselves as the people’s crypto, adopting a deflationary model like the King of all Coins; Bitcoin, while also being cheap and accessible like Dogecoin. Safemoon encourages buyers to HODL by rewarding holders 5% of the cash earned from sellers; while discouraging sellers by penalising those who cash out 10%. Safemoon have carefully created their supply with built in marketing. Token burns, decrease the supply and ultimately shoot up the price, increasing the popularity and therefore the value of the coin. Safemoon is currently the #1 most searched cryptocurrency on CoinMarketCap, surpassing Dogecoin, which has been bumped to #2.
Elon Tweets DOGE Again
As news keeps coming and Elon keeps Tweeting, waves of people FOMO in hoping for a moonshot. People flock like sheep to buy more Dogecoin, as once again the coin gains momentum, turning the charts green as it heads back up towards it’s all time high.
On April 28 Elon Tweeted “The Dogefather SNL May 8”, referring to his upcoming hosting spot airing on “Saturday Night Live”. The tweet has already received over 330K Likes! As could be expected this has resulted in Dogecoin pumping as traders bet on a price surge of the meme-based crypto after mass television audience attention.
Caitlin Carey – Crypto News Guest Author
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