No one knows why the billionaire romance between Elon Musk and Dogecoin is so intense.
Dogecoin did well before the Tesla billionaire started teasing it to his massive audience. However, it indeed got a reputational boost after those tweet-cum-endorsements.
That is why we decided to dive into this budding cryptocurrency, uncovering the numbers that prove it is more than just a hyped-up meme coin.
Top 5 Dogecoin Statistics (Editor’s Pick)
- 8% of Canadians holding cryptocurrencies in 2022 had Dogecoin.
- 40% of US adults who owned cryptocurrency also owned Dogecoin.
- 6% of Norwegian crypto investors in 2022 held Dogecoin.
- As of March 29, 2023, Dogecoin sold for around $0.0755.
- Dogecoin commanded a $10.48 billion market cap as of March 29, 2023.
General Dogecoin Statistics
1. 13% of US adults surveyed in June 2022 expressed willingness to buy some Dogecoin in July.
This was a 3% drop from 16% of surveyed adults in January who planned to buy some of the cryptocurrency in the next month.
2. 42.9% of US crypto enthusiasts made an online payment using Dogecoin between March 2021-March 2022.
A relatively smaller share (31.8%) also paid for stuff in-store with Dogecoin in the same period.
3. As of March 2023, Dogecoin spent an average of 1.9 years in users’ wallets before being transferred.
4. The Dogecoin blockchain consumed 3.8 TWh/year of electricity between 2021-2022.
This put it well behind the Bitcoin blockchain’s consumption (144.9TWh/year) and Ethereum blockchain estimates (93.9TWh/year) in the same period.
5. As of March 29, 2023, there were over 28,000 positive tweets around Dogecoin in the past seven days.
3,610 negative tweets on the coin were published in the same period.
Most tweets on Dogecoin (45.2K+) showed neither positive nor negative sentiments.
Dogecoin Demography Statistics
6. 8% of Canadians holding cryptocurrencies in 2022 had Dogecoin.
This made it third behind Bitcoin (23%) and Ethereum (17%). Coming after Dogecoin to round up the top five were Litecoin (6%) and Cardano (5%).
7. 40% of US adults who owned cryptocurrency also owned Dogecoin.
The 2022 survey shows Dogecoin in third among US adults, bettered by Bitcoin (75% ownership) and Ethereum (49%).
8. As of March 2022, only 2.2% of US crypto users had ever held Dogecoin.
This beat the share that had ever held Bitcoin (1.5%) and trumped those that traded or bought Ethereum (1.6%). In fact, among the selected 11 cryptocurrencies, only Bitcoin Cash (3.1%) performed better than Dogecoin.
9. In 2022, almost 4 in 10 US crypto consumers who never held Dogecoin knew about it.
This was true for 38.6% of the surveyed consumers. Conversely, 74.2% of those who had never held Bitcoin knew about it, almost twice the Dogecoin numbers.
10. Half of US crypto consumers who never held Dogecoin did not know about it either.
Conversely, 5.6% of the surveyed US adults had some Dogecoin in their crypto wallets during the 2022 survey.
11. 3.5% of US adults held Dogecoin between March 2021 and March 2022.
That beat the 3.2% share that held Ethereum in the same window but was behind 4.7% of Bitcoin enthusiasts in the same shoes.
12. 6% of Norwegian crypto investors in 2022 held Dogecoin.
That was over 11x lesser than those who owned Bitcoin (67%) and far from Ethereum investors (42%) in Norway at the time of the survey.
Nonetheless, Dogecoin fared better than BNB (2%), Solana (3%), and USDC (3%), among others in Norway.
Dogecoin Market Statistics
13. As of August 2022, Dogecoin had a $9 billion market cap.
This made it the 10th largest cryptocurrency by market cap in the period but over 45x off the mark of the first (Bitcoin – $411 billion). Likewise, Dogecoin managed a $566 million daily trading average in that period.
14. Dogecoin enjoyed a 4473% growth in 2021 to enter the top 10 growing cryptos of the year.
Bitcoin grew by 99% the same year, while Ethereum saw a 502% jump.
15. Dogecoin-based meme coin, Shiba Inu, experienced over 57,600,000% growth in 2021.
Thus, making it the crypto coin with the highest growth in the year.
16. As of March 29, 2023, Dogecoin sold for around $0.0755.
This is a steep drop from highs of about $0.644 recorded on 9th May 2021.
Likewise, this March 2023 price already dipped from an all-time monthly high of nearly $0.0977.
17. Dogecoin commanded a $10.48 billion market cap as of March 29, 2023.
The meme coin averaged over $478 million on the same day in 24-hour trading volumes.
18. As of March 29, 2023, Dogecoin averaged 24.5K+ daily transactions over the past seven days.
The highest day saw 30,090 transactions, falling to 20,920 on its lowest day.
The King of Meme Coins?
When Dogecoin launched, even its founder did not make much of it.
Thus, it was a surprise when it started gaining traction.
However, does that mean meme coins are here to stay? With big names like Elon Musk teasing that Tesla might accept Dogecoin payments soon, the once-meme coin may quickly become a serious coin.