Dogecoin, which became well-known because of Elon Musk, seems to be the most-used cryptocurrency in Turkey. In terms of global crypto searches, it turns out that Turkey is second only to the United States.
CryptoManiaks’ study: curiosity about Dogecoin
Although the cryptocurrency market crash has dealt a major blow to the blockchain industry as a whole, it has not led to a corresponding drop in public interest in digital currencies. CryptoManiaks, an online resource for learning about cryptocurrencies, recently conducted a study that confirmed that many nations continue to troll the web in search of cryptocurrency-related content.
Findings from the study indicate that the top two countries for cryptocurrency-related Google searches are the Netherlands (8.2%) and Turkey (5.5%). The country that led the pack in terms of raw numbers was Turkey, with 4.7 million searches.
In order to determine what fraction of each country’s population is interested in cryptocurrency, the study looked at the total number of monthly searches for a subset of the most popular cryptocurrencies in each country.
CryptoManiaks reports that interest in Dogecoin has increased dramatically, especially in the past year. In fact, the platform claims that there are nearly two million more monthly searches for Dogecoin than there are for Ethereum worldwide.
Elon Musk’s promotion of DOGE as the “poster cryptocurrency” made it a well-known and widely used digital asset and crypto cultural phenomenon.
What are the other countries with the highest number of searches in crypto terms?
According to CryptoManiaks, Germany, Canada, and the Czech Republic were among the top search countries after the Netherlands and Turkey. The United States and the United Kingdom are two of the world’s leading cryptocurrency markets, but they were not among the top ten.
That’s because the population size correlates directly to the frequency with which people look for things online. In terms of total population, the United States ranked 15th with 1.9% of searches containing these terms, while the United Kingdom ranked 12th with 2.6% of searches containing these terms.
Furthermore, recent reports suggest that even as market conditions worsen, major institutions are still keen on the cryptocurrency space and are willing to invest millions in related projects. In the realm of Web3 and NFT, for instance, established brands like Porsche are beginning to make inroads, and Brazil just passed a law making the use of cryptocurrencies for payment purposes legal throughout the country.
More than 60 VC deals closed in November alone, bringing a total of $800 million to the industry as a whole. So, even though it is difficult to ignore current market conditions, there are still many large-scale projects being built during this period of uncertainty.
Dogecoin and Elon Musk: could this be Twitter’s currency?
Dogecoin, a cryptocurrency, has become notable due to the support of Elon Musk, CEO of Tesla, one of the world’s wealthiest and most powerful men. His backing has been a strong argument for Bitcoin Cash’s legitimacy as a cryptocurrency.
Given that Musk also owns Twitter, there is even more reason to think about Dogecoin as a possible 2023 cryptocurrency. Let us not forget that MemeCoin has come a long way, currently ranking eighth in terms of market capitalization (roughly $14 billion USD) and having recorded one of the market’s highest performances, at +1250% in 2021/22.
Whatever the case may be, Musk’s recent purchase of Twitter is likely to be a contributing factor to Dogecoin’s increased chances of success. Indeed, since Musk bought it, the company’s CEO has referred to Twitter as a “app for everything.”
Some have speculated that this means Dogecoin will soon be usable within the popular app. Although Elon Musk hasn’t made any public comments on the subject, there has been a sudden uptick in DOGE prices:
The value of one bitcoin is currently around $0.10, after a 19.4 percent increase. There has been a lot of speculation as a result, the most notable being that Dogecoin may soon be a payment option within the App.
So, even though Musk didn’t directly say or even hint at any of this, it was enough to get investors interested and bring attention back to the dormant DOGE.
Source: Cointelegraph
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