Dogecoin is more popular than Ethereum, Grayscale study reveals
Ironically, the power of memes is no joke. According to Grayscale’s third annual investor study, Dogecoin is the most popular altcoin. 74% of respondents have heard of the meme currency, compared to just 56% who have heard of Ethereum.
But Bitcoin is still king, recognized by 99% of investors.
Grayscale’s year-end study examines investors’ “perspectives and attitudes” toward Bitcoin. However, he also covers some comparative sentiments around the numerous other cryptocurrencies that came after him.
Dogecoin is not only highly recognized, it is also purchased. Apparently, 44% of Bitcoin investors also have some DOGE, very close to the 46% who have Ether (ETH).
- Jordan Belfort, “The Wolf of Wall Street,” believes XRP will hit $10
- “China was right to ban cryptocurrencies”, says billionaire and Warren Buffett partner Charlie Munger
- Nassim Taleb takes advantage of the fall to criticize Bitcoin: “It’s not for protection, it’s not a currency, it’s nothing”
This is especially surprising given that ETH is required to transact on any other token on the Ethereum blockchain, including common stablecoins like USDC and Tether (USDT).
The popularity of other altcoins is significantly less. Only about 25% of investors are aware of Litecoin, Cardano or Tether. Of Bitcoin investors, only 26%, 15% and 9%, respectively, buy these other assets. Overall, 87% of Bitcoin investors have at least some altcoin.
Given that doge was already a popular internet meme, the mere existence of Dogecoin already provided the basis for gaining traction online. Furthermore, the coin was repeatedly promoted by Tesla CEO Elon Musk, whose mere tweets caused it to skyrocket in price.
However, even the creator of Dogecoin – who designed the cryptocurrency as a joke – was surprised by the value it amassed. Its market capitalization is now over US$20 billion, trading at R$0.88 per currency.