The Australian Central Bank Believes Dogecoin’s Adoption Is Over Exaggerated

Finder’s Cryptocurrency Adoption study reported that Dogecoin (DOGE) is Australia’s fourth most popular crypto.

Meme coins have gained massive attention in 2021. The first meme coin, Dogecoin (DOGE), became popular among investors due to support from billionaire Elon Musk and hype from its community.

In October, Finder’s Cryptocurrency Adoption study reported that Dogecoin (DOGE) is Australia’s fourth most popular crypto. In addition, the study revealed that 4.1% of the Australian population holds Dogecoin. In the United States, the DOGE adoption rate is as high as 30.6% among crypto owners.

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Doge Isn’t All That Popular

Despite being in the top 10 largest cryptos, a Reserve Bank of Australia official believes that the Dogecoin popularity and adoption rate in Australia is over-exaggerated.

He pointed out that Dogecoin, “a cryptocurrency that was started as a joke in late 2013,” had hit a market cap as high as $88 billion in June only to be valued at $30.5 billion today, which he thinks says a lot about the crypto market.

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Dr. Richards, head of payments at the RBA, explained that such findings are implausible, with online surveys missing out on important population segments. 

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He further explained that these findings could be wrong because they miss out on older people, those who live in regional areas, and those who do not regularly access the internet. 

As of 2019, 33.6% of Australia’s population were aged 50 and above. And, with the internet penetration at 89% in Australia, it leaves a significant portion of the nation’s population unaccounted for.

Why You Should Care?

Surveys, especially those conducted online, cannot be entirely relied upon as facts. Because of their limited scope, the results of online surveys are best regarded as tentative.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia