Whoever thinks that meme cryptocurrencies are useless at this point might want to revise their expectations. A recent study suggests that in much of the United States, people are more interested in puppy-themed meme coins like Dogecoin or Shiba Inu than in the big serious projects that claim to be a financial revolution.
Although Bitcoin and Ether occupy more than 60% of the total marketcap of all cryptocurrencies, during 2021, Dogecoin and Shiba Inu have won the hearts of Americans, trending in 30 of the 50 United States.
Dogecoin Conquers Almost Half Of The United States
According to a study by research firm The Advisor Coach covered by Business Insider, there was an average of 7 million searches for content about Dogecoin last month. Such a level of interest exceeds the averages for Bitcoin and Ethereum combined. According to Business Insider, such spike cand be linked to the Dogefather’s influence:
“The rise in interest can be partially attributed to the endorsement of Elon Musk who stated earlier in the year that Tesla would accept dogecoin as a form of payment,”
And although the popular financial publication The Motley Fool catalogs Dogecoin as a “hyped token with virtually no real-world utility,” it seems that things could change in the near future with a series of capital investments and Elon Musk’s interest in improving Doge’s code to adapt it to global usability standards.
Dogecoin is the most popular currency in 23 American states, including Florida, Hawaii, New Jersey, and Arizona. In fact, the United States is the country with the most overall searches for Dogecoin, with 97 points out of 100 in Google Trends, second only to Turkey – which has a fraction of the population.
Interest in Dogecoin. Image: Google
Shiba Inu Wants To Be The Alpha Dog
Shiba Inu is not far behind. The Dogecoin spin-off already dominates searches in California (the U.S. tech hub), Washington, Nevada, Wyoming, Texas, North Carolina, and New York.
Just as a contrast, Bitcoin reigns in 10 states and Ethereum in 8. Cardano is Colorado’s favorite.
Most searched cryptocurrencies in the United States. Image: Business Insider
The market for meme cryptocurrencies emerged as a sort of social phenomenon during the coronavirus pandemic. Cryptocurrencies like Dogecoin, Shiba Inu, Floki Inu, and others benefited from several pumps in social media despite not having significant fundamentals.
However, Dogecoin and Shiba Inu have grown so much that they have conquered a spot in the Top 10 of cryptocurrencies with the largest market capitalization. As of right now, Dogecoin is on the 10th spot and Shiba Inu on number 12.
And considering that the main component of money (its value and acceptance) is purely subjective, perhaps it is time to reconsider views and take memecoins more seriously.
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Tags: Altcoins Dogecoin Shiba Inu (SHIB)