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Survey: 1 in 4 Americans consider Dogecoin the ‘new Bitcoin’

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A recent survey by gaming entertainment site Gamblers Pick found that 25% of American individuals consider meme cryptocurrency Dogecoin (DOGE) to be the ‘next Bitcoin.’

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.

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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.

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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.

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That said, the survey found that a similar percentage of respondents approved of (43%) or remained neutral (41%) Musk’s Dogecoin tweets.

Get rich

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.

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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.

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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?

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Elon Musk Will Always Have Support of DOGE Community: Major Dogecoin Account

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Owner of one of major Dogecoin Twitter accounts has promised that Elon Musk’s support to Dogecoin and its community will be mutually beneficial

Dogecoin account @itsALLrisky with over 183,000 followers has tweeted that the support given to Dogecoin by the Tesla CEO Elon Musk will not go unnoticed by the community.

The Twitter user referred to it as “a mutually beneficial relationship” and has promised that the community of the most popular meme coin will always support Elon Musk.

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He posted a picture of Boris Vallejo featuring Atlantis holding the Earth. The titan has Elon Musk’s face and there’s a Shiba Inu Doge character standing behind, offering his help.

Earlier this week, Elon Musk stressed the importance of making DOGE fees drop and supported the idea of the AMC cinema giant adopting Dogecoin for payments.

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Mapping how Dogecoin can make it in the big leagues

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While Dogecoin is still considered a meme coin by many, the premise of that joke is the apparent lack of use cases. Even so, yesterday’s news did fuel some sort of hope for Dogecoin fans.

Could this be the moment that puts DOGE on the map in the big leagues? Might this be the moment Dogecoin, the “joke crypto,” finally grows up and makes it big? 

DOGEing its way up

A few days ago, AMC Theatres CRO Adam Aron conducted a poll to discuss the possibility of the theatre chain accepting DOGE for payments. Not surprisingly, 77% of the 140k voters were in support. Additionally, the DOGEfather pitched in as well and said that DOGE needs to reduce the transaction fees for the system to be viable. 

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This is true since the average fee right now is around $0.5 and even peaked at $1.3, earlier last month. The transaction fees, at the moment, are higher than the price of 1 DOGE itself, trading at $0.2.

Dogecoin average transaction fees | Source: BitcoinInfoCharts

What’s more, even though the network is capable of processing 40 transactions per second and conducts transactions worth more than $1 billion every day, it’s lacking in participation. Presently, less than 6.5% of all the addresses hold any balance. 

Dogecoin total addresses vs those with balance |

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Source: Intotheblock – AMBCrypto

Plus, a rise in investors is observed usually when DOGE is in the news or hyped because of some reason or the other. However, it soon loses that traction.

This is apparent when the UTXOs are looked at. This week alone, UTXOs for less than a day rose from 0.45% to 5.94%. On the contrary, the same for between 1 day to 1 month fell by 7.5%.

Dogecoin UTXO age bands | Source: Intotheblock – AMBCrypto

Is this behavior common?

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As a matter of fact, it is. As previously mentioned, DOGE picks up strength in moments of hype. And, this can be observed from the data obtained from social behavior as well. Social volumes were low until the AMC announcement, following which, they suddenly spiked on the charts.

Similarly, Twitter users spiked to a 2 month-high over the same period, before eventually dropping once again. 

Dogecoin social users | Source: Santiment – AMBCrypto

Ergo, for some real value to pump in, this pattern needs to be changed.

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Of late, DOGE has also seen an increase in long-term holders. That is good for the crypto’s price. However, its velocity needs to increase as well to support daily use, especially since it has been dormant since the end of July.

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Webcams Site, BongaCams, Becomes Next Major Player to Accept Dogecoin

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The success and popularity of the cryptocurrency asset, Dogecoin, continues to trend upward as BongaCams has just become the next on a growing list of market-leading companies announcing their adoption of the digital currency as a payment option. Dogecoin, now the world’s 8th largest digital asset, is surging once again and continues to enjoy support from investors and celebrities alike, including Tesla CEO Elon Musk, who has tweeted favorable comments about the currency on multiple occasions, even calling Dogecoin the “future currency of Earth.” 

BongaCams, the biggest webcam site on the web, and recipient of multiple industry awards, has formally announced that they will be the next major name to begin accepting Dogecoin. BongaCams has built a reputation for being closely aligned to the needs of their customers and the company has made extensive efforts to provide an accessibility experience that is fast, easy, and comfortable.  When it came to offering payment options that customers wanted BongaCams couldn’t ignore all that DogeCoin had to offer in terms of fast and anonymous payment options for their customers, and broad market acceptance.

And what’s not to love about Dogecoin?  After soaring 15,000% in value and reaching a market cap of $88 billion, the cryptocurrency has built one of the largest and most active communities in the cryptocurrency world and is now considered a great alternative for payment options. Dogecoin’s popularity along with the abundant praise from research analysts who expect the ascent to continue have helped Dogecoin succeed where other cryptocurrency coins have struggled. 

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For those interested in using Dogecoin as a payment option – BongaCams offers wide array of helpful resources and exchange services with instructions on how to easily purchase Dogecoin online.

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