Here’s what a survey says
Generation Z are investing in cryptocurrencies, with 23% of them actively purchasing meme coins such as Shiba Inu and Dogecoin, according to Block-Builders.net. This comes as the popularity of digital currencies grows.
In the last 12 months, the price of Dogecoin has increased. The trend is likely to continue if investors in the US have their way. 23% of investors foresee the increase in the cryptocurrency pricing beyond the 1-USD mark at least before the end of the year. Currently, the price of Dogecoin is under USD 0.50.
There is also a close shave between the popularity and hype around Dogecoin and Elon Musk, Tesla CEO. A significant number of people estimated at one in every five first learnt of Dogecoin through Musk. In a recent query to his Twitter followers on whether Dogecoin should be accepted as a means of payment in Tesla, 78.2% of the participants voted in favour.
Despite this, not everyone approved of the meme cryptocurrency. The unequal distribution of the currency is a major problem since 66.33% of the currency’s total supply is held by the 100 largest Dogecoin addresses.
Google’s search volume for ‘buy dogecoin’ is currently at the highest possible value, indicating a high search volume. Even with the high risk involved, investment firms and market experts claim that Dogecoin should not be disregarded.
We’ve reported that MoneyGram now lets customers buy and sell Bitcoin.