Dogecoin (DOGE) has been in the news lately due to its significant price movements and increasing popularity among investors and cryptocurrency enthusiasts. One of the most recent events that contributed to the coin’s price surge was Burger King UK’s tweet about “BiteCoin,” which got the attention of the Dogecoin community and resulted in a surge in the price of the memecoin.
Burger King’s interest in Dogecoin is not new, as the fast-food giant’s Brazil branch announced in 2021 that its Dogpper dog snack would be available for purchase with the cryptocurrency. The company even promoted the product across the country through an advertisement, bringing further exposure to Dogecoin. Later that same year, Burger King and Robinhood collaborated to offer US customers a crypto giveaway that included 20 Bitcoins, 200 Ether, and 2 million Dogecoins.
Despite these crypto-friendly initiatives, it is uncertain whether Burger King UK plans to enable customers to buy meals with Dogecoin at its restaurants. However, the recent tweets have generated a lot of excitement among Dogecoin enthusiasts, who are hoping that the fast-food chain will start accepting their preferred digital currency.
Dogecoin’s recent surge in value is also linked to social media platforms. Recently, Twitter users noticed that their home buttons had been replaced with the beloved Doge meme, which caused a remarkable surge in Dogecoin’s value. In just a week, DOGE jumped by an impressive 35%, indicating the level of influence social media platforms can have on the market.
According to LunarCrush, a social analytics platform, it was an eventful week for Dogecoin, with its average hourly social dominance surging to 7.54%, representing a significant increase of 212%. Furthermore, the average unique hourly social contributors rose by an impressive 381%, while the total social engagements skyrocketed to 1.97 billion, an increase of 990%. Given the positive response from Twitter users, analysts are confident that the latest turn of events will have a significant impact on Dogecoin’s growth trajectory. Many are predicting that DOGE will reach an all-time high before the end of the year, making it an exciting time for the Dogecoin community.
However, as with any investment, it is crucial to approach DOGE with caution and to conduct thorough research before investing any money. Dogecoin’s price movements are highly volatile, and investors should be prepared to stomach significant price fluctuations. Moreover, Dogecoin is a memecoin and does not have the same level of institutional support and backing as other more established cryptocurrencies like Bitcoin and Ethereum.