A recent study highlights the accuracy of the growing popularity of meme cryptocurrencies in 2021, showing that they are the most sought-after altcoins in the United States. Dogecoin (DOGE) and Shiba Inu (SHIB) are the most searched tokens on Google in 30 US states, according to research conducted by The Advisor Coach and acquired by Business Insider.
Founded in 2013, Dogecoin has ranked top in 23 states, including Florida, Illinois, and Michigan. This increase can be attributed to the token’s significant returns in 2021, along with endorsements by celebrities, including Tesla CEO Elon Musk. SHIB was the most sought-after cryptocurrency in seven states, including California and Nevada. Similarly, the increase in SHIB’s value can be attributed to the token’s impressive returns since its launch last year. The value of crypto money, which is in the fourth place in general, has increased significantly.
Interestingly, Bitcoin was the most sought-after asset in only 10 US states, including Connecticut, Alaska, and Mississippi, and ranked second overall. Ethereum ranked third as the most sought-after cryptocurrency in eight states. It’s worth noting that both Bitcoin and Ethereum searches are cumulatively low when compared to Dogecoin.
The searches highlight the impact of the hype around two meme cryptocurrencies that have overshadowed historical assets that have stood out in the digital currency space for years.
Aside from the support of celebrities, the growth of meme coins can also be attributed to increasing use cases and being listed on the popular trading platform. For Dogecoin, for example, Robinhood was recognized as a key driver in 2021.
At the same time, the SHIB Army is pushing for the coin to be listed on Robinhood.