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.
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.