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One in four gen z invests in meme crypto

Friday 28 May 2021 09:26 CET | News

23% of Generation Z are actively investing in meme coins such as Dogecoin and Shiba Inu, as survey conducted by Block-Builders.net finds.

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, as of May 2021. 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-USD mark before the end of the year. The digital currency is currently trading at just under USD 0.50.

Meanwhile, the survey 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.

Meanwhile, the survey shows that by no means 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.

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.

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Keywords: cryptocurrency, digital assets, investment, survey
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: United States
This article is part of category

Blockchain & Cryptocurrencies