A new survey revealed that Dogecoin has one of the highest adoption rates globally. Elon Musk agreed and tweeted a boost to Doge, calling it the people's crypto.
After an eventful year for cryptocurrencies, researchers recently surveyed its market performance. Experts from Finder created a cryptocurrency adoption index that ranks cryptocurrency growth trends in these last few months.
Cryptocurrency Adoption Index
Finder researched the growth of cryptocurrencies across 41,645 individuals in 22 countries. They used regular surveys to conduct their study.
On average, the surveyed countries had 6.8 percent investors on Bitcoin, 3.2 percent investors on Ethereum, 2.2 percent investors on Cardano, 1.9 percent investors on Binance, and 2.3 percent investors on Dogecoin.
Bitcoin is primarily adopted in Japan with a 76.7 percent adoption rate, followed by South Africa at 72.6 percent and Singapore at 66.7 percent.
Ethereum is primarily adopted in Singapore at 52.4 percent, followed by Australia at 42.1 percent and Canada at 37.6 percent.
Cardano is primarily adopted in Australia with a 26.4 percent adoption rate, followed by Ireland at 25.4 percent and Russia at 23.6 percent. Meanwhile, Binance is mainly adopted in Indonesia with a 26.9 percent rate, followed by Mexico at 24.3 percent and Russia at 23.9 percent.
Dogecoin is widely accepted in the United States with a 30.6 percent adoption rate, followed by New Zealand at 29.5 percent and Indonesia at 28 percent.
Dogecoin Price Prediction: Doge Has the Highest Adoption Rate
A report from Benzinga emphasized the numbers on the Cryptocurrency Adoption Index, particularly with Dogecoin. They said Dogecoin adoption supersedes Bitcoin and Ethereum in the U.S., about 1.6 times more than the global adoption rate of 19.2 percent.
The numbers are surprisingly huge, given that Dogecoin started out as a meme coin on the market. For reference, Dogecoin experienced 10,000 percent growth over the past year and 130,000 percent growth in the past five years. Investors are anxiously anticipating the next Doge hype that could generate quick profits with its massive growth rate.
Aside from profits, Dogecoin fans are also strong supporters for using it as a payment method. Earlier this month, Mark Cuban revealed that his Dallas Mavericks sold "thousands and thousands of dollars" worth of merchandise per month with Dogecoin.
Elon Musk Tweets Dogecoin Value Boost
On Sunday, Twitter user @ProTheDoge posted the Benzinga report with a comment "(Doge) appeal is real." Doge fans were taken by surprise when Elon Musk replied, "(Doge) felt like the people's crypto."
Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.— Elon Musk (@elonmusk) October 24, 2021
Musk came to this conclusion because many of the people he talked to in Tesla and SpaceX also own the meme coin. However, these investors are not financial experts or Silicon Valley technologies. Instead, it was held by the "common people," who also fueled the hype for Doge.
Some of the public shared Musk's sentiments. At the time of writing, Musk's tweet gained 6,466 retweets, 797 quote tweets and over 28,700 likes.
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