- Based on a survey conducted by Huobi, Bitcoin, Ethereum, Shiba Inu, and Dogecoin are the top cryptocurrencies.
- According to survey findings, Investors turn to cryptocurrencies for long-term investment potential.
- Meme coins Shiba Inu and Dogecoin are among the socially dominant cryptocurrencies among US investors.
Meme coins became mainstream among US investors in 2021 based on survey findings from Seychelles-based cryptocurrency exchange Huobi. The largest cryptocurrencies by market capitalization continued dominating conversations on social media.
Bitcoin, Ethereum, Shiba-Inu-themed cryptos enjoy social dominance
Seychelles-based cryptocurrency exchange, Huobi recently published its “Crypto Perception Report.” The exchange was first founded in China, and since then, it has amassed investors worldwide.
Huobi surveyed over 3000 participants (18 years old or over) from the US to identify the top cryptocurrencies and their perceptions among investors.
The report reveals that Bitcoin, Ethereum, Shiba Inu and Dogecoin rank among the top cryptocurrencies. The social dominance of meme coins like Shiba Inu and Dogecoin made cryptocurrency mainstream in 2021. Institutional and retail investors have continued to pour capital into Bitcoin, Ethereum, Shiba Inu and Dogecoin throughout the past year.
Shiba Inu witnessed a spike in users as Ethereum whales continued accumulating the meme coin. 40% of surveyed participants turned to cryptocurrencies for their long-term investment potential.
Reasons why people invest in crypto.
Interestingly, a recent report by Fidelity researchers revealed that there is competition between countries (early adopters) of Bitcoin and others on an international level. According to analysts, countries that are early Bitcoin adopters could be better off in the long run.
The report reads:
If Bitcoin adoption increases, the countries that secure some Bitcoin today will be better off competitively than their peers.
@Hayess5178, a crypto analyst and trader, explained why Bitcoin dominance is key to price trends across altcoins and layer-1 scaling solutions in a recent tweet. @Hayess5178 shows that as the dominance of the top cryptocurrency increases, historically, altcoins lose value.
#Bitcoin Dominance $BTC.d
— Simon Hayes (@Hayess5178) January 17, 2022
Take note that #Bitcoin #Dominance is bouncing from trend line support on the daily chart.
It's possible #AltCoin's will struggle if dominance continues to rise.
Be vigilant with #Alts ♥️#ethereum #doge #crypto #cryptocurrency $dot $link#dogecoin https://t.co/bDUp96Yffg pic.twitter.com/ZPCFY5bOmi
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.