In a recent post, Grayscale Investments, a trusted expert in the digital currency investing and cryptocurrency market, stated that meme coin DOGE has greater exposure in the investing community than Ethereum.
The New York-based company is a subsidiary of Digital Currency Group that provides insight and investment exposure to the digital currency asset class. Through a survey it authored, the company has revealed that investors are more informed about Dogecoin than they are about Ethereum. The survey report published was titled Grayscale Bitcoin Investor Study 2021.
The Survey Participants
The survey was conducted online for strictly investors through different social media outlets. The survey had 1000 participating investors, with Men and women aged 25 to 64 participating in the poll.
The investors included have the power to make financial decisions in their homes, and they own at least $10,000 WORTH OF liquid assets. According to the survey report, they all earned at least $50,000 annually.
The 2021 Grayscale Bitcoin Investor Study
The Investors study is the publication that reported the survey results described earlier. This report astutely described the state of things in the cryptocurrency global community. It stated that Bitcoin still retains its position as the all-time most exposed cryptocurrency.
The report further delves into the matter, stating that although Bitcoin is taking over 99 percent of the investors’ market space, alternative cryptocurrencies (altcoins) are also making headway in the industry.
Ethereum and Dogecoin, two marginally successful altcoins, are responsible for the remaining 1 percent of the total ration percentile, a fact indicated by the awareness confirmation by more than 50 percent of the interviewed investors.
However, the exposure of Dogecoin and Ethereum is not equal according to the survey results; more investors (about 74%) were in the know and had heard of the meme coin.
The awareness stats does not mean that the exposure of Ethereum is flabby; the opposite is the case as the coin is currently the second most valuable token globally.
The value, however, does not equate to its popularity. Nevertheless, a total of investors that know about the token stands at about 56 percent of the investing populace interviewed.
Demand For Bitcoin And Altcoins
Further analysis of the results showed that the demand for Bitcoin is on the rise, seeing over a quarter of interviewed investors owning various amounts of the crypto asset.
The same group of investors later revealed that they have also foraged into altcoins and own a number of them. The specific stat gathered shows that a significant fraction of said investors jointly own 46% and 44% of the two crypto assets.
When considered a mirror of the real-life situation, the survey shows a fantastic trend that sees altcoins breaking into the ‘Bitcoin market.’
Dogecoin’s Meteoric Rise To Prominence
With the overwhelming level of traction the crypto world has attracted this year; the industry has experienced a significant growth regime.
Meme coins, otherwise known as one-time sensations in the community, have dominated the entire lot, having seen up to a 15,000 percent boost since its inception achieving an all-time high of $0.76.
Since then, it has been on a downward trend, which is peculiar to virtually all existing cryptocurrencies. It trades at $0.161 at press time and is currently the 11th most valuable cryptocurrency globally, with a market capitalization of $21.32 billion, according to Coindesk.