While there is no denying that the entire cryptocurrency space has been booming in 2021, two of the coins that have made significant gains are none other than Dogecoin and Shiba Inu, which are also referred to as meme coins. These are currently being ranked as two of the top cryptocurrencies in the market and have also been listed on leading exchanges and platforms.
It appears that the gains that these two meme coins have experienced in a short span of time has attracted the attention of American investors. This is evident from the fact that Shiba Inu and Dogecoin were the two most searched cryptocurrencies in the month of November on search engine Google.
The Advisory Coach recently issued a report showing that Dogecoin has turned out to be the most searched cryptocurrency in 2021. The searches related to this meme coin last month had amounted to a whopping 7 million. This is actually higher than the number of searches done for both Bitcoin as well as Ethereum. Business Insider also expounded the findings of this study and said that the gains that were seen in Dogecoin could be attributed to Elon Musk, the chief executive of Tesla.
Earlier this year, Elon Musk had seemingly given his endorsement for the meme coin when he announced that Tesla would be ready to accept Dogecoin as a means of payment, which contributed to the rise in interest. Musk has taken great interest in this coin and has pushed for its evolvement from just a meme coin to be used to benefit from its hype into a coin that would have some real-world usage.
According to the recent report, Dogecoin appeared to be the most popular cryptocurrency in almost 23 US states. Some of the states where the coin had proven to be immensely popular included New Jersey, Florida, Arizona and Hawaii.
The launch of Shiba Inu had prompted many people to speculate that it would end up being the Dogecoin killer. In October, it seemed that the meme coin had actually lived up to its reputation because it managed to surpass the market capitalization of Dogecoin. Since then, Shiba Inu has retreated significantly from its high value of $0.000086, but its popularity still remains on the high side. When it comes to searches on Google, it seems that Shiba Inu is certainly not lagging behind Dogecoin.
This is because the data shows that this meme coin appears to have dominated in states like Washington, California, New York, Wyoming, Nevada and North Carolina. This gain is considered quite significant, considering that both Bitcoin and Ethereum are reigning in 10 and 8 states, respectively.
The reason that these meme coins have managed to become so popular and made significant gains is because of the community support they have received. There have been strong rallies in Shiba Inu, Dogecoin as well as Floki Inu because of the hype that has been created about these meme coins on various social media platforms and it continues to occur routinely.