Survey: 1 in 4 Americans consider Dogecoin the ‘new Bitcoin’
Do people have no idea what ‘market cap’ means?
You can probably blame the general lack of crypto education and the rise of TikTok as an investment tool for such judgment, but that hasn’t stopped 1 in 4 people participating in the survey (a total of 1,000 individuals were surveyed) from saying that Dogecoin was their investment pick for this year.
The study itself was deemed to have a 3% margin of error on a 95% confidence interval. 5.9% of respondents were Gen Zers, 60.8% millennials, 22.6% Gen Xers, and 10.7% baby boomers.
Doge today, Doge tomorrow
For the uninitiated, Dogecoin was created as a joke in 2013 by Jackson Palmer, who wanted to make a payment system that was instant, fun, and free from traditional banking fees.
The network was a block time of 1 minute, meaning over 10,000 DOGE ($6,000 as of today) are produced and rewarded to miners each minute. Palmer himself stepped back from the project (and the crypto space) in 2015, and sporadic development continues to occur on the cryptocurrency.
But the lack of development hasn’t stopped people from piling in on the approachable crypto. For most people, social media mentions were the primary source of learning about Dogecoin, while for over 18% of individuals, it was Tesla CEO Elon Musk who served as a source.
SpaceX is going to put a literal Dogecoin on the literal moon
— Elon Musk (@elonmusk) April 1, 2021
Musk has, over the past year, tweeted about Dogecoin numerous times and claims to have even accumulated some for his youngest child. Other celebrities, such as bassist Gene Simmons and webcam model Mia Khalifa, have shilled Dogecoin to their millions of followers as such—their actions aiding the meme coin to an $88 billion market cap.
That said, the survey found that a similar percentage of respondents approved of (43%) or remained neutral (41%) Musk’s Dogecoin tweets.
Answers to the actual investment part were borderline shocking. Of those surveyed, a staggering 54% of respondents saw Dogecoin investing as a legit “opportunity to get rich,” compared to 46% who viewed punting on the token as “just for fun.”
People are expecting to gain wealth with a small stack as well: The average investment of those looking to get rich off Dogecoin was a paltry $227. That could have worked should someone had invested in the token five years ago (it has risen over 700,000% since). But with a market cap of $88 billion today—Doge riches are not likely.
The meme token trades at over $0.77 at press time, reaching a market cap of as high as $90 billion.
For reference, that’s bigger than the National Bank of Australia, American beer maker Heineken, Japanese game maker Nintendo, German carmaker BMW, and Indian information technology giant InfoSys.
In fact, Dogecoin is the world’s 170th most valued equity asset as per this list. Not bad for a joke cryptocurrency that doesn’t see active development and has no particular use case other than merely existing.
Meanwhile, it isn’t all fun and games in Dogeland either. 40% of surveyed individuals said they “regretted investing” in Dogecoin….perhaps a case of buying the top?