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More Investors Know Doge coin ($DOGE), But Not Ethereum ($ETH)

Photo by Executium on Unsplash

Although Ethereum is currently the second-largest cryptocurrency in terms of valuation. And the home of the far majority of today’s non-fungible tokens. The meme token known as Dogecoin is the more famous coin among the two. 

This finding comes via a survey conducted and published by Grayscale Investments that studied investors with the primary or shared responsibility of making financial decisions. According to the study, Bitcoin still remains the number one cryptocurrency in terms of popularity. With 99% of the respondents saying they are aware of the token. Up to 68% of them also said they had enough knowledge of the token to be “familiar” with Bitcoin. 

Doge Cryptocurrency

But the coin that would take second place in popularity and familiarity wasn’t Ethereum. The second-largest crypto investment currently hovers at around $4,000 in value per unit. Instead, the second most popular coin is Dogecoin ($Doge). Nearly three-quarters or 74% of respondents in the same study said they had heard of Dogecoin. Alternatively, only 56% had heard about Ethereum. 

But in terms of how many had invested in these coins, Ethereum would still take precedence. Forty-six percent (46%) of the respondents said that they had money invested in Ethereum, while only 44% had invested in the altcoin based on the meme, $Doge. Bitcoin ownership also trumped all else, with 87% of the respondents saying they had the cryptocurrency. 

Doge Cryptocurrency Ownership

Over the past few years, cryptocurrency ownership has become more mainstream than ever. Based on a blockchain-based technology that depends on peer-to-peer authentication instead of traditional institution-based verification. Most of the top cryptocurrencies’ values have been going up for the most part. Cryptocurrency also became part of political headlines after top crypto executives testified before the House of Financial Services Committee earlier this month (December 2021). 

The hearing came after a request from Rep. Maxine Waters, D-Calif, to better understand cryptocurrencies and discuss potential regulations. “Because of their nascent stage of development and unique underlying technology. Digital assets trade in markets that are fundamentally different from traditional financial markets,” Alesia Haas, Coinbase’s chief financial officer, shared in a testimony. “As a result, existing regulatory regimes often do not accommodate this new technology.”

In the same Grayscale study, respondents revealed concerns over Doge

“permanent track record.In an attitude that the study called “consistent with the theme of Bitcoin as a long-term investment.” Still, cryptocurrency’s popularity has risen significantly over the past few years. Today, however, fewer people see cryptocurrency—Bitcoin specifically—as a medium for storing long-term value. Only 46% of the participants said that they believe Bitcoin can serve this function versus 46% in 2020 and 54% in 2019.

The other most well-known altcoins are Litecoin, Cardano, and Tether’s USDT stablecoin.

Each had awareness levels at around 25% for these alternative assets. $DOGE started back in 2013 as a joke. But quickly blew up after the community started spreading like wildfire on social media and social news aggregation sites like Reddit. Since then, the crypto community has mounted charitable programs and efforts. In 2014, Dogecoin raised well over $25,000 for the Jamaican bobsleigh team to fund their attendance in the Sochi Winter Olympics.

Opinions expressed by Coin Week contributors are their own.