23% of Generation Z are actively investing in meme coins such as Dogecoin and Shiba Inu. At social trading platform eToro you can see a similar picture: even though the platform only launched Dogecoin trading in May 2021, 24.95% of investors on the site are already invested in the trendy coin. This is shown in a new infographic from Block-Builders.de.
Within the last 12 months, the price of Dogecoin has risen by 13,494%. And it still has a long way to go, at least if US investors have their way. 23% of them are convinced that the cryptocurrency will break the 1-dollar mark before the end of the year. The digital currency is currently trading at just under $0.50 US.
Meanwhile, the infographic demonstrates 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, and the verdict could hardly have been clearer: 78.2% voted in favour.
More and More Looking to Buy Dogecoin
Yet the report also reveals 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, as shown in data from Bitinfocharts. Yet Elon Musk is not put off by these facts. He says that the largest addresses are actually held by crypto exchanges, which hold the assets of numerous investors.
The Google search volume for the search term pair “buy dogecoin” currently stands at the highest possible value of one hundred. This figure is an indicator of 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” – including, for example, Galaxy Digital.