23% of Generation Z are actively investing in meme coins such as Dogecoin and Shiba Inu. A similar picture emerges at the social trading broker eToro: although the platform only launched Dogecoin trading in May 2021, 24.95% of users are already invested in this trendy coin. This is revealed in a new infographic from Block-Builders.net
The price of Dogecoin has risen by 13,494% in the last 12 months. And there is still a long way to go, at least If US investors have their way. 23% believe that the cryptocurrency will surpass the 1-dollar mark before the end of the year. The digital currency is currently trading at just under $0.50.
Meanwhile, the infographic illustrates the close link between the hype and Tesla CEO Elon Musk. Almost one in five people first became aware of Dogecoin through Musk. He recently asked his followers on Twitter whether Tesla should accept Dogecoin as a means of payment. The result was unambiguous: 78.2% voted in favour.
Do you want Tesla to accept Doge?
— Elon Musk (@elonmusk) May 11, 2021
Meanwhile, its clear that not everyone approves of the meme cryptocurrency. Some criticise the unequal distribution of assets: the 100 largest Dogecoin addresses hold 66.33% of the cryptocurrency’s total supply. But Elon Musk is not upset by this fact. He explains that the largest addresses are linked to crypto exchanges, which hold the assets of numerous investors.
The Google search volume for the search term pair “buy dogecoin” currently stands at the highest possible value of one hundred. This value is an indicator of the relative search volume. While investors should be aware of the high risk, more and more market experts and investment firms are nevertheless coming to the conclusion that “Dogecoin should not be ignored” – including, for example, Galaxy Digital.
To see the infographic in full, click here.
