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Dogecoin tops the list for most-Googled cryptocurrencies in the US, according to research. Analysis of the Google Trends data revealed that Dogecoin had the highest number of states wanting to invest in the crypto coin with a total of 23 states, including Illinois, Florida, Hawaii, and New Jersey. The rise in interest can be partially attributed to the endorsement of Tesla CEO Elon Musk who has been a staunch promoter of both Dogecoin and its rival meme coin, Shiba Inu.
The study, conducted by The Advisor Coach financial research firm was done throughout the US to establish the cryptocurrency that each state wants to invest in based on searches. In fact, there was an average of 7 million searches for content about Dogecoin in the month of October 2021. The level of interest in DOGE far exceeds the combined averages for Bitcoin and Ether.
Bitcoin was the second most popular, with 10 states looking to invest in Bitcoin more than any other cryptocurrency, including Connecticut, Alaska, Mississippi, and New Hampshire.
A total of eight states want to invest in Ether the most, the third-highest number in the research. States seeking to invest in Ethereum the most include Georgia, Louisiana, Virginia, and Ohio.
Shiba Inu, the meme coin that debuted just over 15 months ago has seen astronomical growth over the past year, rising more than 14,000,000 percent. This makes it the most searched for cryptocurrency in seven US states, including California, New York, Texas, and Nevada.
Meanwhile, Lithium was the most popular cryptocurrency in the state of Pennsylvania. Cardano was also the most popular cryptocurrency in only one state — Colorado.
Dogecoin and Shiba Inu have grown so much that they have conquered a spot in the Top 10 of cryptocurrencies with the largest market capitalization. As of right now, Dogecoin is on the 10th spot while Shiba Inu holds on to the number 12 spot.
"With more than 6,500 cryptocurrencies available globally, it is fascinating to see currencies that may not be the most valuable are still the most sought after," said an Advisor Coach spokesperson. The search trends highlight the impact of the hype around the two meme coins that have outshined historical assets that have remained prominent in the digital currency space for years.
Besides celebrity endorsement, the meteoric rise of meme coins growth can also be tied to increasing use cases and listing on the popular trading platform. For Dogecoin, listing on the retail investment app, Robinhood was considered a key driver in 2021. At the same time, the SHIB Army is pushing for the token to be listed on Robinhood. Additionally, the tokens are recording increased utilisation for retail transactions.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.