Currency is an interesting thing — you put your trust in something that isn’t tangible, yet so many people care deeply about it. If you take your time to think about it, currency is actually quite fascinating.
Today, the majority of people use what could be argued as an inferior form of currency — fiat money (USD, etc.). The reason why it’s “inferior” is because it has no intrinsic value. It only has value because the government says it has value.
This is the reason why people are so drawn to cryptocurrencies — because they’re not limited by borders, governments, or rules.
But, this year, Bitcoin nor Ethereum were not the only ones that caught everyone’s attention. In a new survey, it was found that Dogecoin, also called as the meme coin, became the most-searched cryptocurrency for the past year. Here’s how it happened.
Dogecoin in 2021
According to research by The Advisor Coach, cited by Business Insider, Dogecoin, which was created as a joke by software designers Billy Markus and Jackson Palmers in 2013, is the most-searched-for cryptocurrency in the largest number of states thus far this year.
In addition, the coin was the most searched in 23 states, including Florida, Illinois, and Michigan, as a result of its connection to an internet meme of a Japanese Shiba Inu dog.
It was relatively obscure until this year when it skyrocketed in popularity thanks to Tesla CEO Elon Musk’s support for the currency on Twitter, which he uses to promote Bitcoin and Ether. In May of this year, Musk went so far as to state that his firm’s electric vehicles might be paid for using Dogecoin.
“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,” The Advisor Coach note said.
Why Elon Musk loves Dogecoin
Elon Musk was so enamored with the idea of cryptocurrency that he even tweeted about it. In January, Musk tweeted about Dogecoin, telling his followers “Dogecoin might be my fav cryptocurrency. It’s pretty cool.”
He also retweeted two Dogecoin-based Elon Musk dogecoin posters at the time.
But, the richest man in the world wasn’t done there – Elon Musk took it one step further and actually started accepting payments in Dogecoins for both tesla motors and SpaceX. In most reports, the billionaire seemed to be dead serious about Dogecoins, he even brought them to the launch of Elon Musk’s most recent spacecraft.
Other cryptocurrencies joined the list
Going back to the list, in contrast, Bitcoin, which is the most popular and original cryptocurrency, was the most-searched-for in just 10 states, placing it second overall.
Then, the most popular search terms in each state were as follows: Ether was the most searched in eight states, followed by Shiba Inu. Shiba Inu was also the most searched for cryptocurrency in New York, home to Wall Street and the country’s most powerful financial institutions.
Which of these cryptocurrencies do you hold right now? Will this survey affect the market today?