• Because of Elon Musk’s endorsement, Dogecoin has surpassed Bitcoin in popularity in the United States

  • Citizens in the majority of US states are eager to invest in cryptocurrencies. Although Bitcoin is the most well-known cryptocurrency, Dogecoin has recently surpassed it in popularity.

    Dogecoin is the most searched cryptocurrency in 23 US states, including Florida, Hawaii, Illinois, and New Jersey, according to research conducted by financial advisory firm The Advisor Coach. Google Trends analysis was used to obtain the data.

    Bitcoin was the most searched cryptocurrency in just ten states, including Alaska, Connecticut, and New Hampshire, putting it second only to DOGE. Ethereum and Shiba Inu are two other popular cryptocurrencies.

    Following Elon Musk’s lead

    Dogecoin’s popularity is most likely due to Elon Musk’s endorsement. Every time Tesla CEO Elon Musk tweets about the altcoin, its price skyrockets, attracting an increasing amount of attention from users and investors.

    The most recent tweet was sent on October 18 and drove the price of DOGE up 13%. Musk, on the other hand, only posted a picture of a dog holding a spacecraft. The community can only speculate as to how this individual is able to manipulate the market.

    This tweet could be a follow-up to the speculation about Dogecoin becoming the official currency of Mars. As CoinIdol, a global blockchain news outlet, reported two days prior to this tweet, the community was ecstatic about the prospect of bringing DOGE to Musk’s future Mars colony.

    In fact, the Tesla CEOs may have contributed to the popularity of Shiba Inu, another altcoin. The altcoin gained popularity after Musk shared a photo of his new puppy of the eponymous breed in a tweet. In just 30 days, the cryptocurrency grew by more than 400%. However, it crashed after Elon announced that he has no stake in Shiba Inu.

    Still the undisputed leader

    Regardless of whether Elon Musk has influenced Bitcoin’s leadership in the United States, the global situation remains unchanged. BTC remains the most searched cryptocurrency in 2021, according to Google Search data, with 24.7 million monthly queries worldwide. Dogecoin is the second most valuable cryptocurrency, followed by Ethereum and Shiba Inu.

    This demonstrates that the flagship cryptocurrency’s popularity is not waning. Furthermore, according to Forbes Advisor, Bitcoin will be the best investment in 2021. This means it has achieved a level of popularity that cannot be easily surpassed.

    What's your reaction?