- 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
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