33% of Americans have heard about Dogecoin, far ahead of Ethereum, XRP or Binance Coin in popularity
In a recent survey of US users from Echelon Insights, the results recorded a surprising number as 33% of Americans have heard of Dogecoin. This coin meme is only behind Bitcoin in popularity, higher than Ethereum, Litecoin, or CZ’s darling Binance Coin (BNB).
Dogecoin records out-performing Ethereum, BNB, Cardano, and XRP survey results
If a year ago someone told you that a meme-coin could compete with Ethereum, you would think that was crazy. But, the crypto ecosystem is inherently crazy and what surprised everyone including the developers by this madness was Dogecoin.
The support of billionaire Tesla Elon Musk has brought Dogecoin to the top when it recorded 33% popularity in the US. The joke-coin was second in terms of name recognition or popularity preceded only by the king coin, Bitcoin. Ethereum, the largest altcoin by market cap was in a distant third place with 13% votes, followed by Litecoin with 8%, Tether by 4%, and Binance Coin(BNB) by 4%.
Source: Echelon Insights
The data analytics company shared a Tweet stating that three out of four voters have heard of Bitcoin and one-third of voters have heard of Dogecoin. What is surprising is that the PR gimmicks surrounding the Ripple-SEC incident were not able to make XRP as popular as tech moguls Elon Musk and Dogearmy did for Dogecoin. XRP is 30% behind Doge in popularity.
Likewise, some of the top 10 alts like Cardano and Polkadot have the popularity of 2% and 3% respectively. Cardano, the 5th-ranked coin on CoinMarketCap with a market cap dominance of 3.04%, ranks alongside Safemoon, which isn’t even in the top 200.
Search volume for the keyword “Dogecoin” on Google Trends was at an ATH of 100 between May 2 and 8, at the time of Musk’s SNL appearance. Since then, it has dropped nearly 77%.
Source: Google analytics
However, it seems that Americans have taken a liking to this coin. A recent survey by Binance US found that 69% of Americans want to be paid in Doge. This was shared by Doge developer Billy Markus. He had recently revealed on Twitter that he bought into DOGE after 8 years of vowing never to buy cryptocurrency again.
For many DOGE fans, the Dogecoin fever is still high, however, the market price is not as expected. The coin meme is currently trading at $0.255, still a long way from reaching the all-time high of $0.63. It was down 65.74% from its ATH in May. The altcoin saw considerable drops since then and had a 7-day price fall of 18.21% and a 24-hour drop of 5.58%. Musk’s recent attempts at pumping the alt, too, have gone into vain.
While social media volumes for Doge vs Ethereum were high in May, more recent data shows that social media volumes for both alts are roughly similar. Also, the occasional high number of social networks for Doge didn’t have much of an impact on its price following its appearance on SNL on May 8.
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