Benzinga - Every week, Benzinga conducts a survey to collect sentiment on what traders are most excited about, interested in or thinking about as they manage and build their personal portfolios.
This week, we asked over 1,000 Benzinga visitors which cryptocurrencies they were familiar with, and included a list of 14 different coins, including the original cryptocurrency, Bitcoin (CRYPTO: BTC).
Of the 1,000 responses, 926 Benzinga visitors have heard of Bitcoin, while 419 visitors knew about Dogecoin (CRYPTO: DOGE), with 374 having heard of Ethereum (CRYPTO: ETH). Also, among the top cryptos listed were Litecoin (CRYPTO: LTC) with 175, Tether (CRYPTO: USDT) had 151, and XRP (CRYPTO: XRP) with 107.
Also Read: Crypto Analyst Who Predicted Bitcoin's Collapse Pegs New Price Target (NYSE:TGT): 'When It Breaks Below 16k…'
Dogecoin Is More Popular Than Ethereum...Really?
Yes, and the number of people who own Doge towers over Ethereum as well.
A survey issued by Finder shows that 66.7% of cryptocurrency investors own Bitcoin, compared to 28.6% owning Dogecoin and 23.9% investing in Ethereum.
Popularized by Elon Musk in 2019, with continued endorsement through 2022, Dogecoin was originally established as a parody token in 2013 by Jackson Palmer, an Adobe (NASDAQ:ADBE) Product Marketing Manager, and Billy Markus, a software developer.
Musk played a key role in the price of Dogecoin rising to a peak of $0.73 during the WallStreetBets stock market craze that engulfed the conventional financial markets in January 2021 after tweeting an image of a dog on the cover of a "Dogue" magazine.
The "Elon effect" was further illustrated by Musk on April 15 when he tweeted a second image of the well-known artwork "Dog Barking at the Moon" with the phrase "Doge Barking at the Moon." The price of Dogecoin was instantly affected by this, rising 260% in four days to a new record high at the time of $0.45.
So, how did Dogecoin get so well-known? In summary, it appears that the community, the project's jocular beginnings, and the real-world utility were the main factors in the Shiba Inu-themed token's meteoric rise in the cryptocurrency market.
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