Cryptocurrency

Dogecoin (DOGE) Popularity Surges in Mamoru’s Flagship Country — Turkey

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A recent study by CryptoManiaks analyzed the popularity of cryptocurrencies in different countries based on the number of internet searches for selected cryptocurrencies as a percentage of the population. The results of the study showed that the Netherlands and Turkey took the top two spots, with 8.2% and 5.5% of the population, respectively, searching for crypto-related terms. Turkey, in particular, accounted for 4.7 million searches related to crypto assets.

In the past year, one particular cryptocurrency has seen incredible demand in Turkey. Dogecoin (DOGE) has quickly become one of the top coins that Turkish investors want. Dogecoin was the most popular crypto in Turkey, with 812,000 monthly searches, across all internet search engines. This number is nearly double that of Ether (ETH), the country's third most searched crypto. The study also found that Dogecoin's popularity has surpassed the popularity of Ethereum in many countries, with nearly 2 million more monthly searches worldwide.

Other cryptocurrencies included in the search terms were Bitcoin (BTC), Solana (SOL) and Binance Coin (BNB), among others. 

Following the Netherlands and Turkey in the rankings were Germany, Canada, and the Czech Republic. Although the United States and the United Kingdom are major players in the global cryptocurrency industry, neither ranked in the top 10, due to the number of searches equivalent to their population sizes. The US ranked 15th with 1.9% of the population searching for these terms, while the UK took the 12th spot with 2.6%.

Why is DOGE so Popular in Turkey?

There are several reasons why Dogecoin’s popularity keeps growing, specifically in Turkey. Low-cost is a large contributor to DOGE’s success. It is much more affordable for the average retail investor compared to other coins in the top ten. With its low barrier to entry, currently trading at around 0.093 USD, many investors can afford to buy a substantial amount of DOGE.

Dogecoin is truly decentralized

Cyber Capital's Chief Investment Officer, Justin Bons, recently shared his views on the decentralization of digital assets. Out of the top 50 cryptocurrencies available today; only 32 are technically decentralized, according to him—including Dogecoin (DOGE). He does however encourage investors to be mindful that while a currency may theoretically meet certain criteria for being deemed ‘decentralized’ it could still lack transparency or structure in practice.

Dogecoin is innovating

Forexsuggest's latest report shows just how fast Dogecoin is steering its carbon footprint in the right direction. In 2022 alone, it decreased emissions by a staggering 25%. This shows that the Dogecoin community wants to continue to innovate and make DOGE one of the more eco-friendly solutions on the market.

Staying power

DOGE has staying power in the crypto market. It was first created as a lighthearted alternative to cryptocurrencies like Bitcoin in 2013. Not only is Dogecoin still very active today, but it has outlived many other cryptocurrencies from its era. According to a recent study by CoinKickoff, 91% of digital assets created in 2013 have gone extinct due to waning interest. 

The power of memes

Dogecoin is inspired by the popular internet meme featuring the Shiba Inu dog. Its humorous origins, can probably be most contributed to why it has gained a significant following and become as popular as it is. The power of memes in shaping public perception and driving mainstream adoption. Dogecoin has become a symbol of the impact that internet culture can have on the financial world. The community behind Dogecoin has embraced the meme-inspired identity of the currency, and has used it to raise funds for charitable causes, further showcasing the potential for memes to drive real-world impact.

Conclusion

Bitcoin & crypto has become a savior to many in Turkey, offering freedom from inflation, national currency and the constraints of corporate life. The same study that ranked Turkey in second place for crypto-related searches worldwide and first place for Dogecoin-related searches — also found that 54 percent of crypto users in Turkey continue to buy or sell digital currencies at least once a month. This makes Turkey second-highest rated crypto trading country globally. This is despite what some have called “crypto winter”— a period of decreased activity in the cryptocurrency market. 

Dogecoin's rise in popularity is a testament to the impact that low cost, decentralization, innovation, and a strong community can have in the cryptocurrency world. Despite its humorous origins, Dogecoin has proven to have staying power, and continues to drive mainstream adoption through its meme-inspired identity. As the crypto market continues to evolve, Dogecoin's continued success serves as a reminder of the importance of accessibility, decentralization, and community in shaping the future of digital assets.



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