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Dogecoin outshines Ethereum, BNB, Cardano, and XRP under this condition!

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Source: Pixabay

If a year ago someone told you that a meme-coin, practically a shitcoin could be the most popular cryptocurrency competing with Ethereum, you would think it is possible only in a mad world. Well, the crypto ecosystem isn’t short of any insanity and takes everyone including the Dogecoin creators by surprise. 

In a recent survey conducted on registered US voters, it was revealed that 33% of Americans have heard about Dogecoin. The joke-coin was second in terms of name recognition or popularity preceded only by the king coin, Bitcoin. Ethereum, the largest altcoin by market cap was in a distant third place with 13% votes, followed by Litecoin with 8%, Tether by 4%, and Binance Coin(BNB) by 4%.

The data analytics firm shared a Tweet saying that three out of four voters had heard about Bitcoin, and one-third of voters had heard about Dogecoin. Surprisingly enough, the PR surrounding the Ripple-SEC case couldn’t build XRP’s fame like the tech tycoon Elon Musk and Dogearmy did for Dogecoin. XRP was 30% behind Doge in terms of popularity. 

Likewise, some of the top 10 alts like Cardano and Polkadot had 2% and 3% popularity respectively. Cardano, the 5th ranked coin on CoinMarketCap with a market cap dominance of 3.04% was ranked alongside Safemoon which is not even in the top 200 coins. 

The Doge-fever still high? 

For a lot of Doge fans, the Doge fever is still high, however, the market tells a different story. The joke-coin enjoyed incessant news coverage in the month of April-May which were accompanied by the coin’s massive rallies largely fueled by Musk’s tweets. 

The search query for “dogecoin” on Google Trends (GT) was at an ATH of 100 from May 2-8, at the time of Musk’s SNL appearance. Since then it has slid by almost 77%.

However, seems like Americans have taken a liking towards the coin. A recent survey by Binance US showed that 69% of Americans wanted to get paid in Doge. This was shared by Doge developer Billy Markus. He had recently revealed on Twitter that he bought into DOGE “after 8 years of vowing never to buy digital assets again.”

Dogecoin traded at $0.20 at press time and was down 65.74% from its ATH in May. The alt saw considerable drops since then and had a 7-day price fall of  18.21% and a 24-hour drop of 5.58%. Musk’s recent attempts at pumping the alt, too, have gone into vain. 

While social volumes for Doge in comparison to Ethereum were high in May, more recent data showed that social volume for both alts were almost similar. Additionally, occasional high social volumes for Doge didn’t do much for its price after the May 8 SNL stunt. 

Source: Santiment

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Varuni is a full-time journalist with AMBCrypto. She is interested in covering the socio-political aspects of U.S and South-Asian crypto markets. She is a post-graduate in mass communication with a specialization in Journalism and she has a keen eye for market trends.