When it comes to cryptocurrency, it’s nearly impossible to ignore the fact that both bitcoin and Ethereum are the two largest examples out there, with bitcoin taking the number one spot and Ethereum in second place. However, this is just in terms of market cap. Regarding popularity, there is evidence suggesting Dogecoin takes the number one spot.
The Popularity of Dogecoin Has Shot Through the Roof
Dogecoin has arguably become one of the biggest cryptocurrencies in history. Coming about in the year 2013 as a joke at the hands of Jackson Palmer and Billy Markus, the asset has risen to the top of the financial ladder in a relatively short period, having – at one point – even surpassed Ripple’s XRP token to become the fourth largest cryptocurrency by market cap.
While it has since lost that position, the currency is still raking in attention from people all around the world to the point that “Shark Tank” investor Mark Cuban stated he enjoys trading it with his son.
According to data from The Advisor Coach, a financial advising platform, the coin is the most searched cryptocurrency in 2021, and is the most Googled digital currency in approximately 23 separate states including Florida, Illinois, and Michigan.
Much of the attention directed towards Dogecoin as of late is because it’s been getting a lot of praise from South African billionaire Elon Musk, the man behind companies such as SpaceX and Tesla. Musk has consistently been a fan of the cryptocurrency, even recently referring to it as the “people’s currency.”
It has been confirmed that Musk also holds several Dogecoin units, and that he is even considering accepting Doge as a form of payment for his electric vehicles. In a note, the Advisor Coach explained:
The rise in interest can be partially attributed to the endorsement of Elon Musk, who stated earlier in the year that Tesla would accept Dogecoin as a form of payment.
Dogecoin has gained nearly 5,000 percent this year alone. The asset initially began 2021 trading for around $0.007, but later shot up to roughly seven cents per unit after it caught the attention of many Reddit users, who began talking about it vigorously. The payment comment from Elon Musk then sent the currency closer to about 70 cents, though it has since died down some and is presently trading for around 24 cents per unit.
So Many Cousins Have Come About
Since then, Dogecoin has also enjoyed many spinoff tokens including Shiba Inu coin – which has hurled itself into the spotlight and is getting tons of attention as of late from traders – and Floki, which is a digital asset utilizing the name of Elon Musk’s dog.
Comparing BTC search patterns with those of Doge, bitcoin was only the top-searched currency in about ten states – considerably less than Doge’s impressive 23.