A new survey by gaming and entertainment site Gamblers Pick found that 1/4 of Americans think emoji cryptocurrency dogcoin will become the “next bitcoin.
Some may think this is the result of a combination of a general lack of investment knowledge – especially about cryptocurrencies – and Shakeology bandwagoning. But out of 1,000 respondents, 1 in 4 are considering investing in dogcoin.
The study has a 95% confidence level and a margin of error of about 3% above and below.
5.9% of respondents were Gen Z, 60.8% were Gen Y, 22.6% were Gen X, and 10.7% were Baby Boomers.
The Past Life of Dogcoin
For those unfamiliar with Dogcoin, Dogcoin was just a joke made by Jackson Palmer in 2013 – he wanted to make a payment system that was instant, fun, and without bank fees.
The network has a block-out time of 1 minute, which means that it generates and rewards miners with more than 10,000 coins per minute (equivalent to $6,000 today).
Palmer himself exited the project and the crypto space in 2015. However, the stagnation in development did not curb the enthusiasm of people using dogcoins in large numbers.
Many people learned about dogcoin from Twitter, Facebook, Instagram and other social media. And for more than 18% of people, Tesla CEO Elon Musk filled the role of bandwagoner.
Over the past year, Musk has posted countless tweets about dogcoin and claims to have even purchased some for his youngest child.
Other celebrities such as bassist Gene Simmons and webcam model Mia Khalifa have also recommended dogcoin to their millions of followers, all of whom have been instrumental in dogcoin reaching a market cap of $88 billion.
The survey found that 43 percent of respondents approved of dogcoin, 41 percent remained neutral and only 15.2 percent disliked it.
The way to riches?
Shockingly – a whopping 54% of respondents see investing in dogcoin as a way to get rich, while 46% see investing in dogcoin as just entertainment.
People want to make a lot of money for a small investment – the average dogcoin investor’s investment is only $227, which could have made someone rich if they had invested in the token five years ago. But with dogcoin’s market cap reaching $88 billion, the door to dogcoin’s wealth appears to have closed.
As of May 7th, Dogcoin was trading at over $0.77 with a market cap of $90 billion.
Dogcoin’s market cap is larger than that of the National Australia Bank, U.S. beer maker Heineken, Japanese game maker Nintendo, German car maker BMW and Indian information technology giant InfoSys.
Dogcoin ranks 170th among the world’s most valuable equity assets. That’s pretty good for a cryptocurrency, not to mention that Dogcoin isn’t fully developed for any particular purpose.
But dogcoin brings more than joy. 40% of respondents said they “regret” investing in dogcoin – probably because they bought it at the peak of the cryptocurrency’s price.
The views and opinions expressed in this article are those of the author and do not constitute any investment advice.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/survey-shows-1-in-4-americans-think-dogcoin-is-the-next-bitcoin/
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