Dogecoin Has More Crypto Holders Than Bitcoin or Ether in the US: Study

Dogecoin's adoption in the US is almost double the global average adoption rate.

By Shomik Sen Bhattacharjee | Updated: 25 October 2021 17:44 IST

Dogecoin Has More Crypto Holders Than Bitcoin or Ether in the US: Study

Dogecoin started off as a meme-based cryptocurrency but gained traction slowly

Highlights

DOGE adoption has skyrocketed in North America over 2021
Dogecoin adoption rates are higher than Bitcoin, Ether in the US
Dogecoin isn't as popular in Asia as Bitcoin or Ether

Dogecoin is the most popular memecoin around and although the cryptocurrency did begin as a joke back in 2013, its growth in the US — especially over the past year and a half — certainly isn't to be scoffed at. A recent study that was conducted across 22 countries by an Australian cryptocurrency survey agency, found Dogecoin's (DOGE) adoption rate in the US surpass that of Bitcoin and Ether — to a point where its adoption is almost twice as much as the global average.

The agency in question, Finder, claims in its study that 30.6 percent of cryptocurrency owners in the US surveyed as part of the study, stated that they personally own Dogecoin. In sheer numbers, that is 1.6 times the global adoption level of 19.2 percent.

The survey did, however, find that DOGE isn't as popular in Asia as Bitcoin, Ether, and Binance Coin. While more than three-quarters of the cryptocurrency holders own Bitcoin in Japan, Singaporean cryptocurrency holders prefer Ether. In Indonesia, though, digital assets holders prefer owning Binance Coin.

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But Dogecoin's rise in popularity isn't making headlines for the first time. Back in August, blockchain analytics firm Chainalysis confirmed that new investors are flocking to DOGE at levels that have not been seen in nearly four years. But a significant percentage of memecoin's supply remains in the hands of a few large holders, which shows that it's not as decentralised as some of the other crypto assets.

Meanwhile, Cardano is another popular altcoin that witnesses mainstream adoption than some of the better-known crypto assets. According to the survey, Cardano enjoys the highest popularity in Australia. More than a quarter of the nation's adult cryptocurrency holders own the native crypto coin — ADA of the Cardano ecosystem.

Based on a sample size of over 41,000 people across 22 countries, Finder's survey reveals that at least one in ten people have cryptocurrencies globally, showing that crypto adoption, is on the rise.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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