- According to a survey conducted by Huobi, Bitcoin, Ethereum, Shiba Inu, and Dogecoin are the top cryptocurrencies.
- According to the survey results, investors are turning to cryptocurrencies for their long-term investment potential.
- The Meme Shiba Inu and Dogecoin coins are among the socially dominant cryptocurrencies among US investors.
Meme coins have become mainstream among US investors in 2021 according to the results of a survey conducted by Seychelles-based cryptocurrency exchange Huobi. The largest cryptocurrencies by market cap continued to dominate conversations on social media.
Bitcoin, Ethereum, Shiba-Inu Themed Cryptocurrencies Enjoy Social Domination
Huobi, a Seychelles-based cryptocurrency exchange, recently released its “Crypto Insights Report.” The exchange was first founded in China and has since brought together investors from all over the world.
Huobi surveyed over 3,000 participants (18+) from the United States to identify the top cryptocurrencies and their perceptions among investors.
The report reveals that Bitcoin, Ethereum, Shiba Inu, and Dogecoin are among the top cryptocurrencies. The social dominance of meme coins like Shiba Inu and Dogecoin saw cryptocurrencies go mainstream in 2021. Institutional and retail investors continued to pump capital into Bitcoin, Ethereum, Shiba Inu and Dogecoin over the past year.
Shiba Inu witnessed a surge in users as Ethereum whales continued to accumulate meme coins. 40% of surveyed participants have turned to cryptocurrencies for their long-term investment potential.
Reasons why people invest in cryptocurrencies.
Interestingly, a recent report by researchers at Fidelity revealed that there is competition between countries (early adopters) of Bitcoin and others internationally. Analysts say that countries that are early adopters of Bitcoin may be better off in the long run.
The report says:
If Bitcoin adoption increases, countries that get some Bitcoin today will be more competitive than their peers.
Cryptocurrency analyst and trader @Haiess5178 explained why Bitcoin dominance is key to altcoin price trends and Layer 1 scaling solutions in a recent tweet. @Haiess5178 shows that as the dominance of major cryptocurrencies increases, altcoins historically lose value.
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