25% of American crypto investors see Dogecoin as the new Bitcoin: Survey

  • A recent survey revealed that 1 out of 4 Americans sees Dogecoin as the future of cryptocurrency.
  • Researchers also discovered that 23 percent of investors expect Dogecoin to hit $1 in 2021.

In the last three months, Dogecoin has appreciated from $0.004 to a current price of $0.62 after years of “joke” tag. The asset has witnessed an incredible trading volume after months of Elon Musk hyping it on Twitter. It appears that a sizeable number of American investors are following Musk into Doge-mania.

To back the recent retail interest in the coin with facts, Gamblers Pick, a gaming entertainment website conducted a survey to understand the public perception of Dogecoin. Researchers relied on a sample size of 1000 individuals familiar with the crypto industry in the U.S. The survey had a confidence interval of 95 percent, with a 3 percent margin of error. 10.7 percent of the respondents were baby boomers, 22.6 percent were Gen Xers, 60.8 percent were millennials and 5.9 percent were Gen Zers.

“We knew about Dogecoin from Elon Musk”

According to the survey, 1 out of 4 of the respondents believes that Dogecoin is the new Bitcoin. Also, 23 percent of the respondents strongly believe that Dogecoin will hit $1 by the end of 2021. The average amount of money respondents revealed to invest in the asset is $227. With this high expectation of the digital asset, only 53.6 percent of the respondents invested in Dogecoin to get rich overnight. Interestingly, 46.4 percent of the respondents invested in the asset for fun. 

The survey disclosed that most Dogecoin enthusiasts are strongly rooting for the coin to be accepted as a payment method in some of the popular retail markets. 52.9 percent of respondents wish Amazon accepts Dogecoin as payment, and 29.1 percent want Walmart to make this announcement. 41.1 percent of the respondents had a different opinion as they do not want retailers to make Dogecoin an option of payment method due to its price volatility. 

The research also captured the cryptocurrencies invested in by respondents. Out of the total, 69.5 percent said they have invested in Bitcoin, 39.6 percent have invested in Ethereum, and 29.6 percent have bought Dogecoin. The survey also revealed that 18 percent of the respondents did not know about Dogecoin until Elon Musk mentioned it in a tweet.

In addition, 33.7 percent heard about the coin through social media, and 21.7 percent got to know about it through conversations with family and friends.

Is Robinhood the biggest DOGE whale?

On top of the public interest in Dogecoin, the price was earlier said to have been influenced by a wallet address that had about 36.8 billion Doge, equivalent to $2.1 billion in February 2021, and now worth about $21 billion. Robinhood was rumored to own that wallet. The wallet was created in June 2018, and Robinhood started offering Dogecoin trading in July 2018 causing people to link them to the whale activity.

In a recent report, Robinhood has dismissed the speculations about its ownership of the wallet address. “We don’t have significant positions in any of the coins that we keep on a proprietary basis or anything like that,” Vlad Tenev, CEO of Robinhood stated.

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About Author

John's a cryptocurrency and blockchain writer and researcher with years of experience. He has a lot of interest in emerging startups, tokens, and the invisible forces of demand and supply. He holds a Bachelor's degree in Geography and Economics.

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