As per recent research by CoinGecko, the residents of the United States seem to be most interested in memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), Floki Inu (FLOKI), and Pepe Coin (PEPE). India and the United Kingdom follow, ranking second and third, respectively. Despite being the first memecoin, DOGE has lost its leading position in several countries. The only nation in the top 10 where Elon Musk’s favorite digital asset captured the most interest is Morocco.
The memecoin market has seen dramatic growth this year, with a surge of interest in this emerging niche within the cryptocurrency space. CoinGecko’s study estimates that over 23% of the global interest in memecoins comes from the USA. The most popular memecoin for locals in the US is Shiba Inu, accounting for 60.7% of interest, followed by Pepe Coin (11.8%), Bonk, and Volt Inu.
Indian citizens are also avid memecoin enthusiasts, making up 20.3% of the overall interest in this market. Shiba Inu is once again the most popular token, followed by Baby Doge Coin in second place. The United Kingdom, the only representative from Europe in the top 10, ranks third, generating approximately 16% of the global interest in memecoins.
Although CoinGecko did not outline which specific memecoins are most appealing to the British audience, several memecoins have gained interest among various nations. Floki Inu, which has seen an increase of over 300% YTD, is the most popular in the Philippines and Nigeria. Canada’s recent sensation in the crypto sector, Pepe Coin, accounts for nearly 27% of local interest.
Dogecoin, the cryptocurrency created as a joke in 2013, seems to have lost some steam this year. It receives 61.1% of the interest in Morocco, making the African nation the only one where Musk’s favorite token tops the leaderboard.
Despite the diminishing interest in Dogecoin, it remains a fundamental part of the memecoin pack. Its price has gone up by 11% YTD, and it continues to hold a place among the top 10 largest cryptocurrencies by market cap.
Elon Musk has been a frequent player on the DOGE scene, leveraging his influence to promote the digital asset on several occasions. The South African entrepreneur, who acquired Twitter for $44 billion last year, temporarily changed the logo of the social media platform to a picture of the infamous “Doge” meme last month. This move triggered a 25% increase in the digital asset’s price within hours.
Considering Musk’s plans to eventually integrate DOGE payments on Twitter, it won’t be a surprise if Dogecoin’s popularity and value surge in the future.
In summary, with a growing interest in memecoins from countries such as the United States, India, and the United Kingdom, it is evident that this market is rapidly expanding, even though the popularity of specific meme-based digital assets may shift over time. While Dogecoin is no longer the leading memecoin in many countries, it continues to maintain a strong position in the market due to its early inception and prominent supporters like Elon Musk. As the memecoin landscape evolves, it will be interesting to observe how market dynamics shift and if new digital assets take the place of current favorites. Whether or not memecoins sustain their current momentum remains to be seen, but for now, their popularity continues to soar.