Saturday, December 4

Shiba Inu and dogecoin outperform Bitcoin’s biggest update

Key facts:
  • The attention that the “memecoin-mania” has overshadowed the activation of Taproot on the Bitcoin network.

  • The low level of searches reflects ignorance about the importance of the update.

The interest that the Internet public has in Dogecoin (DOGE) and Shiba Inu (SHIB) exceeds that of Taproot, the largest update in years made on the Bitcoin (BTC) network, as reflected by data from Google Trends.

The tool that allows you to follow the evolution of the most searched words through the popular Google browser, reveals that the values ​​assigned to «Shiba Inu» are situated at 44/100 points and 14/100 for «dogecoin», vs. 7/100 for “Taproot”, during the last seven days.

As the chart below shows, search interest on the Bitcoin Taproot update in the past 12 months has generally been inferior to the attention paid to meme-based cryptocurrencies.

In the last 12 months, interest in DOGE (in yellow) AND SHIBA (in blue) has been above that of Taproot (in red). Source: Google Trends.

It even causes surprise that over time the interest deposited on Shiba Inu is greater than that of Taproot in absolute terms with high peaks in recent weeks.

However, this high level of interest in “dog assets” may be a reflection of the arrival of the masses into the ecosystem. Many may not have taken the time to know in detail what could have the greatest value for the ecosystem regarding technology development.

As previously reported by CriptoNoticias, meme cryptocurrencies are often used for schemes pump and dump (in Spanish “inflate and discard”) or the scam that inflates their prices.

It is because these projects, generally without some novel technological feature or some value proposition comparable to those that Bitcoin has had, tend to capture the attention of those who prefer to use their influence to persuade others in order to obtain their own benefits.

Taproot, a giant unknown to the masses?

The low level of Internet search on Taproot indicates that the masses are unaware of the importance of this proposal activated on the network to improve the Bitcoin protocol.

Taproot is the most anticipated Bitcoin update in recent years, and it was finally activated in the protocol during the early hours of this Sunday, November 14, at the height of block 709,632. Thanks to that, the network now has better tools to make more private transactions, efficient, less expensive and also to make your smart contracts more flexible and advanced.

All in all, Taproot brings many improvements and also potential extensions to the software package surrounding Bitcoin, including cheaper multisig wallets, more uniformity in the blockchain, possible improvements for the Lightning network and also more options in the hands of developers.

Just as SegWit started the Lightning revolution that was launched four years ago and recently reached 80% adoption, Taproot will also be a long-term upgrade. Therefore, not being aware of the new possibilities that will be available, may leave many without being able to enjoy them, when using wallets or platforms that do not support this update.

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