Americans Lead the Memecoin Craze in 2023 (Study)

According to CoinGecko research, the residents of the United States seem the most interested in memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), Floki Inu (FLOKI), and Pepe Coin (PEPE). India and the United Kingdom rank respectively second and third. 

Despite being the first memecoin, DOGE has lost its leading position in numerous countries. Morocco is the only nation in the top 10 where Elon Musk’s favorite digital asset captured the most interest. 

The Trends This Year

CoinGecko’s study estimated that over 23% of the global interest towards memecoins comes from the USA. The most popular such asset for locals is Shiba Inu (60.7%), followed by Pepe Coin (11.8%), Bonk, and Volt Inu.

Indians are close to the top, accounting for 20.3% of the overall craze. Shiba Inu is once again the token that generates the most interest, whereas Baby Doge Coin comes in second place. 

The United Kingdom – the only representative from Europe on the top 10 list – ranks third, making up about 16% of the global interest in memecoins. However, CoinGecko did not outline which assets are most desirable for Britons.

Floki Inu (FLOKI), which has been up by over 300% YTD, is another coin that people find intriguing. In fact, it is the most interesting one in the Philippines and Nigeria. 

PEPE – the recent sensation in the crypto sector – reaches the top in Canada, accounting for nearly 27% of the local interest. It saw the light of day in the middle of April and its market capitalization neared $1 trillion this week.

Dogecoin – the cryptocurrency created as a joke in 2013 – seems to have lost steam this year. It receives 61.1% of the interest in Morocco, making the African nation the only one where Musk’s favorite token climbs up the leaderboard.

DOGE Rises Despite the Diminishing Interest

While investors appear to have new favorite memecoins, DOGE remains a fundamental member of the pack. Its price has gone up by 11% YTD, and it still has a place among the top 10 largest cryptocurrencies by market cap.

Elon Musk has been a frequent player on the DOGE scene. The South African entrepreneur, who acquired Twitter for $44 billion last year, temporarily changed the logo of the social media platform into a picture of the infamous “Doge” meme last month. The digital asset soared 25% in the following hours. 

It won’t be considered a surprise if Dogecoin surges in the future, considering Musk’s plans to eventually integrate DOGE payments on Twitter.