Dogecoin set to become the new Bitcoin? The wacky idea of one in four Americans
A slightly bullish pro-Dogecoin quarter - While Bitcoin seems quite timid lately, its price still remains above $ 50,000, which allows it to keep its throne calmly. However, a study has just put forward a serious competitor to the star of digital assets: Dogecoin (DOGE). Does the friendly crypto-doggie really have shoulders broad enough to dethrone the king?
Buy DOGE to enrich yourself
According to a recent survey by entertainment site Gamblers Pick of a sample of 1,000 individuals, 25% of Americans consider Dogecoin to be the successor to the king of cryptocurrencies.
The figures are to be interpreted with a margin of error of 3% and a confidence interval of 95%. 5.9% of respondents are Generation Z, 60.8% are Millennials, 22.6% are Generation X, and 10.7% are Baby Boomers.
54% of those polled consider that investing in DOGE is an opportunity to get rich. They invest small amounts, with an average investment of $ 227. 46% invest in Dogecoin "just for fun".
In 5 years, Dogecoin has recorded an increase of 700,000%, making it the fourth cryptocurrency in terms of market capitalization today and with a number of DOGE millionaires that has even doubled recently. Data from BitInfoCharts as of May 4, 2021 also indicates that approximately 2,866 DOGE portfolios are valued at $ 1 million or more each - up from 1,321 as of April 23, 2021 - representing a growth of 116% in that interval.
However, DOGE is not unanimous. 40% of those polled said they “regretted investing” in the shiba token - a normal reaction for investors who bought DOGEs during recent spikes.
A real fake Bitcoin twin?
Much like Bitcoin, Dogecoin has seen significant growth, ridiculing the gains of traditional assets. Moreover, the old crypto-joke is backed by stars, like Elon Musk, Gene Simmons or Mia Khalifa. And as one would expect the detractors of the 2 assets can criticize the fact that they are not backed by anything concrete. For very different reasons, the original creators of DOGE and BTC withdrew from the project and may not have anticipated the curve of their work.
These commonalities are superficial, however, as Bitcoin was created as a deflationary currency - limited supply, periodic halving. Its rarity increases over time, with many HODLers in no rush to part with their BTCs. The star digital currency has thus acquired the status of a hedging asset against inflation of fiat currencies among retail investors and institutional investors, quite the opposite of a DOGE whose production is virtually unlimited and of which millions of new units are created every day.
So yes, Dogecoin is a cryptocurrency with high potential for obvious reasons. But the fact that Bitcoin was the first to enter the market is a game-changer. Indeed, a BTC is currently worth more than $ 50,000, while the DOGE struggles to row far below the $ 1 mark. If the shiba token were to really succeed the number 1 in cryptoassets, it would still be in the distant future.
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