Americans Lead Memecoin Craze in 2023 (Study)
According to CoinGecko research, US citizens seem most interested in memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), Floki Inu (FLOKI) and Pepe Coin (PEPE). India and the United Kingdom rank second and third respectively.
Despite being the first memecoin, DOGE has lost its leading position in a number of countries. Morocco is the only nation in the top 10 where Elon Musk’s favorite digital asset captured the most interest.
The trends this year
CoinGecko’s study Assumed that over 23% of global interest in memecoins comes from the US. The most popular such asset for locals is the Shiba Inu (60.7%), followed by Pepe Coin (1[ads1]1.8%), Bonk and Volt Inu.
Indians are near the top, accounting for 20.3% of the total mania. Shiba Inu is once again the token generating the most interest, with Baby Doge Coin coming in second.
The UK – the only representative from Europe in the top 10 list – ranks third, accounting for roughly 16% of global interest in memecoins. However, CoinGecko did not outline which assets are most desirable to Britons.
Floki Inu (FLOKI), which is up over 300% YTD, is another coin that people are finding exciting. In fact, it is the most interesting in the Philippines and Nigeria.
PEPE – the recent sensation in the crypto sector – peaks in Canada, accounting for nearly 27% of local interest. It went live in mid-April and its market capitalization approached $1 trillion this week.
Dogecoin – the cryptocurrency created as a joke in 2013 – seems to have lost steam this year. It receives 61.1% of interest in Morocco, making the African nation the only one where Musk’s favorite token is climbing up the charts.
DOGE rises despite waning interest
While investors seem to have new favorite memecoins, DOGE remains a founding member of the pack. Its price has risen by 11% YTD, and it still holds a place among the top 10 cryptocurrencies by market capitalization.
Elon Musk has been a frequent player on the DOGE stage. The South African entrepreneur, who bought Twitter for $44 billion last year, temporarily changed logo of the social media platform to an image of the infamous “Doge” meme last month. The digital asset rose by 25% in the following hours.
It will not be considered a surprise if Dogecoin rises in the future, considering Musk’s plans to eventually integrate DOGE payments on Twitter.