Since starting as an internet parody back in 2014, Dogecoin (DOGE) started garnered worldwide interest and adoption. Initially, the coin was principally used to reward quality content on Reddit and Twitter—possibly leading to its current massive online following.
DOGE currently ranks 12th by market capitalization, according to data from Coingecko. Although trade volumes have dropped compared to 2021, the coin still holds a significant market share.
A new survey by the research firm Chainalysis indicates that DOGE adoption is attaining new levels not seen since 2017. However, the report states that 82% of the coin supply is currently consolidated by 535 entities. These entities each hold more than 10 million DOGE.
Analysis from the report shows that there are 4 million on-chain owners. The listing of DOGE on renowned crypto providers like eToro, Coinbase, and Binance has spurred adoption.
CoinFlip, a renowned crypto ATM operator, recently listed DOGE in its 1,800 ATM terminals. This has made it easier for non-technical users to buy and sell DOGE.
Dogecoin is America's Favourite Meme Coin
The rate of adoption of DOGE in the US is almost double the rest of the world, according to a survey by Finder in December 2021.
Nearly a third of crypto owners in the US own Dogecoin. A report by The Advisor coach shows that DOGE is one of the most searched cryptocurrencies on Google in 23 states in the US.
It ranked top in states like Illinois, Michigan, and Florida. The interest and adoption appear to primarily stem from significant returns seen in 2021.
According to a survey by GamblerPick in 2021, one in four Americans believed Dogecoin was the future of cryptocurrencies. The respondents see the coin as a chance to get rich.
The survey recorded that the average investor in the US invested $227 worth into DOGE. Many of these DOGE owners believed that they’d get rich once the price of DOGE hits $1.
Celebrities' Influence on the Adoption of Dogecoin
The price movement of DOGE cannot be disassociated from celebrity influence. CEOs, YouTube stars, and other celebrities have tried to influence its price by using social media.
The volume of tweets and Tik Tok videos endorsing DOGE has increased massively from 2020. For instance, following Tesla’s CEO Elon Musk's tweet in February of 2021, the prices of the meme coin surged by 37%.
In another instance, the billionaire posted a picture of a dog from a magazine named “Dogue,” which led to a massive increase in DOGE prices. A recent survey by Gamblerpick suggested that 43.6% of their respondents in the US approved Dogecoin’s promotion by Musk.
Snoop Dogg and Gene Simmons have also tweeted about DOGE. Other celebrities from the world who’ve supported DOGE include Alison Wonderland, an Australian DJ, YouTube stars Ben Philips and KEEMstar.
These celebrities command massive online following and their tweets and endorsements have has a great influence on their fans. Cumulatively, they command tens of millions of followers on their social media platforms. Their influence is evidenced by the spike in prices of DOGE and retail activity once they send out messages online.
Merchants Accepting Dogecoin
Initially, the DOGE was just a “joke” coin without any real-world utility. However, there is a constant increase in the number of merchants accepting DOGE, which has helped increase its adoption.
A report by CryptWerk estimated DOGE popularity stands at 23.78%. Additionally, Dogecoin owners can now spend their coins on 1,704 shops in the US, according to the survey conducted in September 2021.
This represented a 41% increase from January 2021, at 1,200 merchants.
Some of the notable enterprises that accept DOGE include the Dallas Mavericks organization headed by Mark Cuban. The team fans can now purchase merchandise and tickets from the organization using DOGE. Other prominent firms include Redswan and AirBaltic.
The survey also provides an analysis of service providers who accept DOGE as a form of payment.
Shops and markets, internet service, and crypto service providers led the way in accepting DOGE as a form of payment. Shops and markets dominated this segment by 40.78%.
Adoption rates by merchants are likely to rise due to the listing of DOGE by Bitpay, a cryptocurrency merchant service provider.
With the US being the leader in Dogecoin adoption, the CyberWerk survey asked respondents which retailers they’d want to accept Dogecoin for payments.
The survey also reported the leading countries by the number of businesses that accepted DOGE as a form of payment. As expected, the US leads in this area.
Top 10 Countries Leading in Dogecoin Adoption
Dogecoin Adoption in Europe and Asia
The Finder report showed a healthy uptake of DOGE in Asia. Countries such as the Philipines, Indonesia, and India made the top 10 countries with DOGE ownership.
Most owners in these countries primarily hold DOGE as an investment tool. Although Bitcoin and Ethereum still dominate adoption levels, countries such as Malaysia and Singapore recorded rates close to the global average.
European countries showed lethargic adoption levels for DOGE by comparison, preferring Bitcoin and Ethereum. However, Norway, Ireland, and Sweden led the way with adoption levels higher than the global average.
Top 5 Ways Potential Owners Hear About Dogecoin
Various forms of media coverage are certainly at the heart of any crypto success or failure. Generally, positive coverage leads to the coin performing well.
According to the Gamblerpick, here are the top five ways people hear about Dogecoin.
Next for Dogecoin in 2022
DOGE saw a whopping 3500% increase in 2021. However, like every other cryptocurrency, the meme coin has experienced high levels of volatility. The coin is currently retailing at $0.14, far below its all-time high price of $0.7 almost ten months ago.
To aid the success of DOGE, the Dogecoin Foundation published a trail map in December 2021. Top among the list of changes will be a redesign of the Dogecoin website, a Gigawallet for easy integration to exchanges, and the development of technical standards to spur more innovation.
Musk also announced that Tesla would accept DOGE payments for merchandise in 2022. AMC theatres also made a similar announcement with the company expected to accept payments in March 2022. This is likely to drive adoption this year.
However, there are possible issues that could affect the dog-themed meme coin. New meme coins are being released almost daily and this may wane the influence DOGE carries. For instance, Shiba-Inu which was created to be a Dogecoin Killer is also making moves in the crypto market.
Another serious issue is the trademark registration, which the Dogecoin Foundation doesn’t own at the moment. Legal ownership of the name Dogecoin may affect the coin negatively.