Is Dogecoin The New Bitcoin?
Is Dogecoin The New Bitcoin – For 30% of The US, It is According To A Recent Survey
Dogecoin started as a joke in 2013, and it is the first of the meme Cryptocurrencies. It has seen a meteoric rise in April 2021 and then again in May 2021. After Elon Musk’s regular promotion of this currency, its community and backers have grown substantially. A recent survey from Gamblers Pick asked a number of questions including is Dogecoin the new Bitcoin – and 30% responded yes!
There were many other interesting data points from the survey, but before we run through them, some notable caveats. The survey was run around mid-Apirl 2021 and the data was compiled from 1,001 US respondents with a 3% margin of error on a 95% confidence interval. It is also worth pointing out that 60.8% of respondents were millennials, 22.6% Gen Xs, 10.7% baby boomers, and 5.9% Gen Zs. So a notable skew to millennials.
As high as 45% of respondents had heard about Dogecoin with 27.6% also being investors. Social media has played a large role (as you might expect) in the rise of Dogecoin, with friends or family, and Elon Musk’s statements making up the rest of the top 3 ways people have heard about it. The majority (84.7%) were either indifferent or supportive of Elon Musk’s promotion of Dogecoin.
In addition to the headline statistic of 30% believing Dogecoin is the new Bitcoin, the survey got into more specifics too around the Cryptocurrency and its potential pricepoint this year.
23% saw $1 as a possibility this year, and at the time of writing the price stands at $0.62. One for Dogecoin Exchanges to take note of is the expected investment figures of $227 by prospective or current investors of Dogecoin in 2021.
Despite its rise to new heights, Dogecoin has maintained a good chunk of its fun edge with 46% investing “just for fun.” As prices in the Crypto market altcoin bull run rise more, and people get excited about the Crypto market, the balance may tip more in the “opportunity to get rich” side of the spectrum. It would be interesting to compare these figures to years gone by, where at its launch Dogecoin was aimed to be just light-hearted fun. So 53.6% represents quite a high proportion who now see it as an investment and money-making vehicle.
The desire for Dogecoin as a payment option was most sought after in Amazon. Interestingly, however, 63.8% of people surveyed would invest in an Amazon-specific Cryptocurrency (if it existed). What this would then do to the utility of Dogecoin as a payment option on Amazon vs Amazon’s own; is one to consider though.
Elon Musk presents Saturday Night Live (SNL) on May 8, 2021, and many expect this could be a seminal day for Dogecoin. Elon Musk has played a key role in the rise of Dogecoin and with it being hot in the news right now, we’d be surprised if it did not come up on SNL. Stay tuned on the price charts for $DOGE that day…
Do you agree with the 30% of respondents in the Gamblers Pick survey – Is Dogecoin the new Bitcoin? Do you think Dogecoin has a chance to hit a new all-time high before or after Elon Musk hosts SNL? Let us know in the comments below. If you want to learn more about what Dogecoin is – see our guide here.
In the meantime, if you’re interested in finding the best places to buy Dogecoin in preparation; Complete Crypto has you covered.
Data and graphs courtesy of Gamblers Pick