More People Familiar With Dogecoin Than Ethereum, Says Grayscale Study

The energy of memes is nothing to scoff at. According to Grayscale’s third annual Bitcoin Investor Study, Dogecoin is essentially the most well-recognized altcoin. 74% of these surveyed have heard of the meme coin, in comparison with simply 56% which have heard of Ethereum.

Bitcoin continues to be king, nevertheless, acknowledged by 99% of buyers.

Awareness Around Altcoins

Grayscale’s end-of-year research examines investor “perspectives and attitudes” round Bitcoin. However, it additionally covers some comparative sentiments surrounding the quite a few different cryptocurrencies which have risen subsequent to it.

Not solely is Dogecoin extremely acknowledged, however even generally owned. Apparently, 44% of Bitcoin homeowners additionally personal some DOGE, barely shy of the 46% that personal Ether. This is particularly shocking on condition that Ether is required for transacting in every other crypto token on the Ethereum blockchain, together with frequent stablecoins like USDC and Tether (USDT).

Crypto recognition quickly declines after that. Only about 25% of buyers are conscious of Litecoin, Cardano, or Tether. Ownership of every asset amongst Bitcoin buyers rests at simply 26%, 15%, and 9% respectively. Overall, 87% of Bitcoin buyers have at the very least one altcoin.

Given that Doge is already a well-liked web meme, Dogecoin’s mere existence already possessed the groundwork to achieve on-line traction. Furthermore, the coin has repeatedly been promoted by Tesla CEO Elon Musk, whose mere tweets have triggered it to pump quite a few instances.

However, even Dogecoin’s creator – who designed the cryptocurrency as a joke – is baffled by how a lot worth it has accrued. Its market cap is now over $21 billion, buying and selling at $0.16 per coin.

Other Results Of The Study

Grayscale’s report states that 26% of Americans now personal Bitcoin – up from simply 23% final 12 months. Furthermore, greater than half of Bitcoin’s present buyers began investing inside the previous 12 months, proving its accelerating adoption.

They aren’t weak fingers both: Two-third of people who purchased Bitcoin 12 months in the past are nonetheless holding it at this time – a sensible choice, given its speedy climb all through 2021.

77% of buyers stated they’d be extra prone to make investments if a Bitcoin ETF existed. Though a Bitcoin Futures ETF launched within the United States this October, regulators stay against a spot-based ETF, which the Bitcoin group would typically favor.