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
IMAGE CREDIT
Featured image via Unsplash