fbpx

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

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.

 

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.

On The Flipside

  • Despite questioning the popularity of cryptocurrencies in Australia, Tony Richards confesses to having his own cryptocurrency wallet

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

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.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

    You can always unsubscribe with just 1 click.

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

    Rate This Article
    In order to improve, we give you the opportunity to rate DailyCoin content
    Author

    Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.