An internet poll of 1,000 US investors with ages ranging from 25 to 64 was undertaken by participants in the demographics of 25 and 64. Those polled had main or joint accountability for home economic decisions, at least $10,000 in investible domestic assets, and at minimum $50,000 in family income.
As per the “Grayscale Bitcoin Investor Study 2021,” while Bitcoin maintains the most famous cryptocurrency, there is increasing knowledge of alternative crypto assets, or “altcoins.” While 99 percent of investors said they were acquainted with Bitcoin, DOGE and Ethereum are at the top of investors’ radar, with much more than half stating they were conscious of them. Investors, on the other hand, appear to be more conscious of the dog-themed coin than Ethereum.
Nearly three-quarters (74 percent) of investors had known of Dogecoin, exceeding Ethereum’s level of knowledge (56 percent).
Although demand for Bitcoin has increased significantly, with much more than a quarter (26%) of investors polled currently owning Bitcoin (BTC), investors also have expanded into alternative cryptocurrencies, often known as “altcoins.” 46 percent and 44 percent of this set of investors also had Ethereum (ETH) and Dogecoin (DOGE) in their portfolios, correspondingly.
The Emergence of Dogecoin
Meme currencies dominated the roost in 2021, thanks to a tremendous increase in crypto adoption. In 2013, DOGE was the inaugural spoof currency, motivated by a famous dog meme centered on the Japanese Shiba Inu dog.
In 2021, Dogecoin soared approximately 15,000 percent in the first half of the year, reaching a peak of $0.76 on May 8, owing to press from Tesla CEO Elon Musk.
Dogecoin also witnessed an increase in usage as the famous meme-based cryptocurrency was formally accepted by the U.S.-based cinema’s chain AMC Theatres and digital technology shop Newegg.
DOGE is now ranked 10th in terms of market capitalization, with a price of $0.195 as of the date of posting, as per coinmarketcap statistics.