New research has delved into the peak moments of popularity for some of the most well-known cryptocurrencies, including Bitcoin and Ethereum.
The study, conducted by experts in the cryptocurrency field, analyzed historical Google Trends data to identify the periods when interest in the top ten most searched cryptocurrencies reached its zenith and the reasons behind these peaks.
Bitcoin experienced its highest surge in popularity in December 2017, with a remarkable 625% increase in Google searches during the latter half of that month. This surge was attributed to Bitcoin's price hitting an all-time high of $19,783.21 on the 17th of the same month, generating headlines globally and introducing countless individuals to Bitcoin and the cryptocurrency realm. Despite Bitcoin's subsequent surge to over $60,000 in October 2021, search interest has never again reached that pinnacle.
In mid-May 2021, Dogecoin witnessed an astonishing 2419% spike in searches. This surge was linked to the coin's price volatility, which began the month at $0.68, and the significant influence of billionaire Elon Musk. One noteworthy example from this period was when the coin's value rose leading up to Musk's appearance on Saturday Night Live, only to plummet after he described the cryptocurrency as a 'hustle' during the show.
XRP experienced its most substantial surge in July 2023, with searches for the cryptocurrency skyrocketing by 1,996% during the middle of that month. The surge followed a U.S. judge's ruling on July 13, 2023, which determined that the sale of XRP tokens on exchanges did not constitute investment contracts. This ruling prompted a 96% increase in XRP's value, reaching as high as $0.93.
October 2021 marked the peak of interest in Shiba Inu Coin, with searches for the 'meme coin' surging by an astonishing 3,178% compared to its previous historical levels. During that month, the coin's value unexpectedly soared by 240% in just one week, reaching a record value of $0.0000455 at the time. This surge attracted numerous crypto enthusiasts hoping for further value increases or for Shiba Inu to surpass Dogecoin, which had been its primary source of inspiration.
Cardano also experienced its greatest surge in popularity in May 2021, similar to Dogecoin. The cryptocurrency saw a 1,539% increase in Google searches during that period. Elon Musk's concerns about the environmental impact of Bitcoin, coupled with Cardano's reputation as an eco-friendly cryptocurrency, likely contributed to this surge. As a result, Cardano's value surged to $2.12. Furthermore, China's announcement of crypto mining bans toward the end of the same month added to the price fluctuations.
A spokesperson emphasized the importance of staying informed about both cryptocurrency-related news and breaking headlines, especially for those holding or considering investments in specific cryptocurrencies. Interestingly, some cryptocurrencies experienced heightened search popularity due to increased value, while others saw a value increase driven by a surge in searches.
Felix is the founder of Society of Speed, an automotive journal covering the unique lifestyle of supercar owners. Alongside automotive journalism, Felix recently graduated from university with a finance degree and enjoys helping students and other young founders grow their projects.