Updated: Sep 22
Fact truly is sometimes more unbelievable than fiction, as even a decade ago the general population would’ve found it quite a stretch to imagine a day when there would be worldwide currencies based on memes. Yet recent studies and market trends indeed show meme currencies are here to stay, very popular, and making headlines nearly daily. One recent study by Coin Insider making news globally highlights how DOGEcoin and Ethereum made the top 10 of Google Trends’ 2021 Most-Searched list, beating out Bitcoin- the original digital currency.
A recent Forbes article explains the phenomenon of DOGEcoin by stating “In the unconventional world of cryptocurrency investments, where prices fluctuate wildly and regulation is largely non-existent, one coin manages to stand out as an underdog of sorts.”
Established in 2013, the DOGEcoin was the first ever meme coin to surface. The DOGEcoin was “the primary reason the crypto market began to take meme currencies seriously,” and it’s well known in cryptocurrency crowds and the general public alike (Source). The coin itself has a Twitter, and in its bio it states “Dogecoin is an open source peer-to-peer digital currency, favored (sic) by Shiba Inus worldwide. Elon Musk thinks we’re pretty cool.”
Ethereum, on the other hand, does not carry as much public fame as DOGEcoin, but the crypto world is paying attention as the Ethereum price has recently exceeded $4k. Ethereum blockchain is a decentralized, open-source blockchain that utilizes smart contract functionality. Ether is the native token of the Ethereum platform.
“According to the Ethereum founder, Vitalik Buterin, the Layer 2 scaling solutions on the Ethereum (ETH) network will revolutionize the crypto sphere by facilitating the safest and most sustainable way to scale Ethereum while preserving decentralization” (Source).
Some industries and companies, like AMC movie theaters, are embracing modern cryptocurrency exchange. They have begun accepting DOGEcoin, hoping to cash in on the meme coin and digital asset hype.
Search data shows these cryptocurrency searches are skyrocketing nationwide, with DOGEcoin, Bitcoin (BTC), Cardano, Ethereum, Lithium Coin, and Shiba Inu (SHIB) topping the charts. In 23 states, DOGEcoin reigns supreme as the most searched cryptocurrency in 2022. Bitcoin maintains a close second and continues to be the largest cryptocurrency by market cap.
Coin Insider commented that “This study offers incredible insight into where these investments are coming from across the US, with Dogecoin surpassing Bitcoin as the most popular cryptocurrency on the internet. With more than 6,500 cryptocurrencies available globally, it is fascinating to see currencies that may not be the most valuable are still the most sought after.”
The Current Hype in This Current Market
As recently as July 2022, Forbes reported “DOGEcoin is just as volatile as every other type of cryptocurrency, reaching an all-time high of 73 cents in May 2021, before plummeting 78% lower a mere year later.
At the time of this writing, dogecoin (DOGE) was trading for around 6 cents US currency. So what should investors be thinking about cryptocurrency right now? On one hand, “Dogecoin founder Jackson Palmer is no longer a fan of crypto, claiming in a recent interview that the asset class is ‘parasitic’ and a haven for grifters,” so some investors have become wary of how stable and reliable the crypto market can be when they are looking into investing in cryptocurrency.
On the other hand, there is no shortage of global interest in this market, and it continues to draw new investors and interest to its market daily. Using DOGEcoin as our example, consider the growing list of all the places accepting and encouraging this form of payment. You can pay with DOGE on most decentralized applications and for a variety of online services. This can include purchasing computer games, traveling, & buying clothes, to buying cars, and even houses.
Elon Musk recently announced his Boring Company will accept Dogecoin as payment for rides on its Las Vegas transit system, Loop. Currently there is no charge to use The Loop, but when charges are implemented, passengers will be able to pay using either crypto or their credit cards.
You can already fill up a Tesla using Dogecoin at select supercharging stations.” Certainly, considering the Coin Insider study, 2021 Google Trends results, and growing industry surrounding cryptocurrency, there is no doubt that the market itself is here to stay, even if top-rank itself is always up for grabs.
Below lists the most searched cryptocurrency on google today by state: