|

Bitcoin, Ethereum, Shiba Inu and Dogecoin rank amongst the most popular cryptos

  • 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

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. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

XRP grinds lower despite Ripple securing final OCC approval for National Trust Bank

Ripple is rising above $1.30 on Tuesday, while still largely constrained by technical hurdles. The token is down roughly 16% from its October high of $1.56, and 21% from the September peak of $1.66, reflecting weeks of persistent headwinds and risk-off sentiment.

Crypto Today: Bitcoin, Ethereum and XRP on edge as sell-side pressure intensifies

Cryptocurrency prices are broadly correcting on Tuesday, led by Bitcoin edging lower below the pivotal $80,000 level. Ethereum mirrors Bitcoin’s neutral-to-bearish outlook, while Ripple hovers around $1.30.

Top Altcoins Price Forecast: Ripple, Cardano, Solana extend losses amid persistent selling pressure

Top altcoins, including Ripple, Cardano, and Solana, face intense selling pressure, extending losses from the previous week. XRP tests the $1.2941 support floor, while ADA risks deeper losses and SOL struggles near the $100 mark.

Bitcoin consolidates below $80,000 as Middle East tensions, tech earnings loom

Bitcoin trades below $80,000 on Tuesday, failing to close above the 50-day EMA near $80,765 the previous day. Spot BTC ETFs recorded modest inflows of $110.34 million on Monday, while Strategy made no BTC purchases last week and Strive added 6,182 BTC.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.