Do people have no idea what ‘market cap’ means?
You can probably blame the general lack of crypto education and the rise of TikTok as an investment tool for such judgment, but that hasn’t stopped 1 in 4 people participating in the survey (a total of 1,000 individuals were surveyed) from saying that Dogecoin was their investment pick for this year.
The study itself was deemed to have a 3% margin of error on a 95% confidence interval. 5.9% of respondents were Gen Zers, 60.8% millennials, 22.6% Gen Xers, and 10.7% baby boomers.
Doge today, Doge tomorrow
For the uninitiated, Dogecoin was created as a joke in 2013 by Jackson Palmer, who wanted to make a payment system that was instant, fun, and free from traditional banking fees.
The network was a block time of 1 minute, meaning over 10,000 DOGE ($6,000 as of today) are produced and rewarded to miners each minute. Palmer himself stepped back from the project (and the crypto space) in 2015, and sporadic development continues to occur on the cryptocurrency.
But the lack of development hasn’t stopped people from piling in on the approachable crypto. For most people, social media mentions were the primary source of learning about Dogecoin, while for over 18% of individuals, it was Tesla CEO Elon Musk who served as a source.
Musk has, over the past year, tweeted about Dogecoin numerous times and claims to have even accumulated some for his youngest child. Other celebrities, such as bassist Gene Simmons and webcam model Mia Khalifa, have shilled Dogecoin to their millions of followers as such—their actions aiding the meme coin to an $88 billion market cap.That said, the survey found that a similar percentage of respondents approved of (43%) or remained neutral (41%) Musk’s Dogecoin tweets.