More investors are aware of the meme-inspired cryptocurrency Dogecoin ($DOGE) than of the second-largest cryptocurrency by market capitalization Ethereum ($ETH), according to a survey of 1,000 U.S. investors aged between 25 and 64.
According to a report published by Grayscale Investments, the survey targeted investors with primary or shared responsibility for household financial decision-making and with at least 10,000 in investible household assets, along with a household income of $50,000.
It found that Bitcoin is the most popular cryptocurrency, with 99% of surveyed investors saying they are aware of it and 68% saying they have enough knowledge to be “familiar” with BTC. Altcoins, nevertheless, gained popularity with Dogecoin rising to surpass Ethereum.
Nearly three-quarters of respondents, 74%, revealed they have heard of Dogecoin, while around 56% revealed they have heard of the second-largest cryptocurrency by market capitalization. Behind these two altcoins came Litecoin, Cardano, and Tether’s USDT stablecoin, with awareness levels hovering above 25% for these assets.
Respondents revealed they are concerned with Bitcoin’s “permanent track record,” in an attitude Grayscale dubbed “consistent with the theme of Bitcoin as a long-term investment.” Around 42% attributed emphasis on Bitcoin being a store of value, down from 46% in 2020 and 54% in 2019.
Grayscale«’s survey found that while more investors had heard of Dogecoin than Ethereum, around 46% have invested in the second-largest cryptocurrency by market capitalization, while 44% had invested in the meme-inspired cryptocurrency. Around 87% of respondents owned Bitcoin.
As CryptoGlobe reported, search interest for Dogecoin exploded during the cryptocurrency’s massive 10,000% price rally this year, going from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.
Dogecoin was created back in 2013 as a joke. The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Featured image via Unsplash
