US Survey Reveals Dogecoin’s Name Recognition is Stronger than XRP

More Americans have heard about Dogecoin than Ripple-affiliated XRP, according to a survey conducted by data analytics firm, Echelon Insights. 

As per the survey’s results, the dog-themed currency ranked second in terms of name recognition, right behind the largest cryptocurrency — Bitcoin. The analytics firm had interviewed 1,001 registered voters in the US, out of which 33% had heard about Dogecoin.

Dogecoin Is the Second Most Widely Known Cryptocurrency According to US Survey

The meme-currency has had a phenomenal year so far. By April, its prices had climbed by 19,723% against the US dollar during the span of a year. In addition, the digital asset garnered significant attention on social media with frequent assistance from Tesla CEO Elon Musk and its jaw-dropping rallies. Therefore, it’s only obvious that it has catapulted into mainstream consciousness, surpassing even the second-largest crypto Ethereum, which stands at third place.

Ethereum is followed by Litecoin, which is recognized by 8% of the participants. Both Tether and Binance Coin tied for the 5th position with 4% name recognition.

However, Ripple Network’s XRP and Polkadot were only recognized by 3% of the people. Both are seen as upcoming major assets by their ardent followers in the crypto community.

Interestingly, only 8% of the survey’s participants indicated that they were holding digital assets, while 17% suggested that cryptocurrencies were a great wealth-building instrument.

Dogecoin Surges By 25% Post Hoskinson’s Endorsement

Meanwhile, DOGE prices surged by 25% on Friday as eight out top ten digital tokens recorded considerable gains. At the time of writing, the meme currency was trading in the green at $0.28. 

Like Elon Musk, Ethereum co-founder, Charles Hoskinson has extended support for Dogecoin. He said the token had real potential and “is a reasonable target for someone to fix it up and make it an interesting cryptocurrency.” He also predicted that in another two or three years, DOGE would function as a modern cryptocurrency.

Presently, Dogecoin is the sixth-largest cryptocurrency with a  market capitalization of $32 billion. Despite plummeting by 70% after Elon Musk’s SNL appearance, DOGE has gone up 5,194% this year.