Dogecoin is More Popular Among Americans Than Ethereum: A Harris Poll Survey

Founded in 2016, Ethereum (ETH) is an open-source, blockchain-based, decentralized software platform used for its own cryptocurrency- Ether which runs smart contracts. Since its establishment, the platform has introduced other features like DeFi (decentralized finance), NFTs (non-fungible tokens), and yield farming. It is currently the second-largest blockchain project by market capitalization after Bitcoin. 

On the other hand, Dogecoin (DOGE) was created as a meme-currency in 2013 by IBM engineers Billy Markus and Jackson Palmer. Even though the company has not provided enough innovations in the crypto industry, it has gained immense popularity. It has been the talk of the town since last year, mainly because of billionaire Elon Musk. But When it comes to Dogecoin’s supply, there is no upper limit to it. After all, Dogecoin was nothing but a meme coin.

So it is obviously natural for everyone to expect an average person to be more familiar with Ethereum than with Dogecoin. But according to the results of a survey conducted by Harris Poll, in coordination with CouponCabin, an online coupon resource company that provides printable, freebie, local, and grocery coupons for thousands of merchants, more people in the United States know Dogecoin than Ethereum. The Harris Poll is a market research and analytics company. They are a reputable pollster and provide public opinion polling services to media, policymakers, among others. 

The Research

More than 2,000 adults in the United States were polled and asked to provide their thoughts on cryptocurrencies. Interestingly, 29% of Americans surveyed said they were familiar with Dogecoin, while just 21% said they were familiar with Ethereum. 

When queried on if they have at least heard of cryptocurrency, of the total 2,063 respondents, 89% of survey respondents admitted they had at least heard of cryptocurrency. Among all cryptocurrencies, Bitcoin was known to a majority (71%) of respondents. Dogecoin was next on the list as it was the second most well-known cryptocurrency. It is considerably shocking for crypto enthusiasts as Ethereum is among the top-most cryptocurrencies with real-world use cases. On the other hand, Dogecoin prices are rising because of speculation, party fueled by Elon Musk’s tweets on Dogecoin. 

Apart from Bitcoin, Dogecoin, and Ethereum, other digital currencies that U.S. adults admitted to being familiar with included the stablecoin launched by Coinbase and Circle, USD Coin (USDC), of which 21% of people said they are familiar with the coin. About 18% of survey respondents admitted they were familiar with Litecoin (LTC), and 10% said Stellar (XLM) was known to them.

Additionally, the survey respondents were asked whether they believed cryptocurrencies would become the future of money. In response, 31% of them responded positively. Another 30% replied that they thought of crypto as “innovative.” Moreover, 23% of the survey respondents said they regarded cryptocurrency as a get-quick-rich scheme, while 19% of respondents characterized the technology as shady or wicked. Among the respondents, about 44 percent of them admitted they’d be open to receiving cryptocurrency as part of an online cashback rewards program.

Elon Musk & Dogecoin 

Over the last year, Musk has sparked a wave of interest in Dogecoin- the meme cryptocurrency, after he sent a series of tweets about it as a joke. Since then, this digital coin has gained immense popularity and witnessed a dramatic increase in its value. 

Musk, who more often talks and tweets about Dogecoin, said earlier in May that he was also working with developers to improve the cryptocurrency. He has also said its value was largely speculative at this point.

However, many investors including Musk himself, have said that the investors must be cautious about their investments while buying cryptocurrencies. When it comes to Dogecoin, the risks are even higher as it is among the most speculated cryptocurrency today. Many leading investors have cautioned about investing in Dogecoin, arguing that extreme interest in the digital asset could lead to a bubble in the cryptocurrency market. 

Some investors also feel that Dogecoin’s rise is a classic example of greater fool theory at play. It means that though everyone is buying Dogecoin now, the bubble will eventually burst one day. At that time, investors may be left short-changed if they don’t get out in time. But, given the current scenario, it is almost impossible to predict when that will happen.