The power of memes is not to be sneezed at. According to Grayscale’s third annual Bitcoin Investor Study, Dogecoin is the most recognized altcoin. 74% of respondents have heard of the same coin, compared to only 56% who have heard of Ethereum.
Bitcoin is still king, however, recognized by 99% of investors.
Awareness Around Altcoins
Grayscale’s end-of-year study examines investor “perspectives and attitudes” around Bitcoin. However, it also covers some comparative sentiments surrounding the numerous other cryptocurrencies that have risen next to it.
Not only is Dogecoin highly recognized, but even jointly owned. Apparently, 44% of Bitcoin owners also own DOGEs, just under the 46% who own Ether. This is especially surprising given that Ether is required to transact in any other crypto token on the Ethereum blockchain, including common stablecoins like USDC and Tether (USDT).
Crypto popularity rapidly declines after that. Only about 25% of investors are aware of Litecoin, Cardano, or Tether. Ownership of each asset among Bitcoin investors rests at just 26%, 15%, and 9% respectively. Overall, 87% of Bitcoin investors have at least one altcoin.
Since Doge is already a popular internet meme, the mere existence of Dogecoin already had the foundation for gaining traction online. Additionally, the coin has been repeatedly promoted by Tesla CEO Elon Musk, whose simple tweets have repeatedly pumped it up.
However, even Dogecoin’s creator – who designed the cryptocurrency as a joke – is baffled by how much value it has accrued. Its market cap is now over $21 billion, trading at $0.16 per coin.
Other results of the study
Grayscale’s report says 26% of Americans now own Bitcoin – up from just 23% last year. Additionally, more than half of current Bitcoin investors have started investing in the past 12 months, proving its adoption is accelerating.
They aren’t weak hands either: Two-third of those that bought Bitcoin 12 months ago are still holding it today – a wise decision, given its rapid climb throughout 2021.
77% of investors said they would be more likely to invest if a Bitcoin ETF existed. Although a Bitcoin Futures ETF was launched in the United States in October, regulators remain opposed to a spot ETF, which the Bitcoin community would generally prefer.
