Americans Lead the Memecoin Craze in 2023 (Study)

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

Despite being the first memecoin, DOGE has lost its leading position in many countries. Morocco is the only country in the top 10 where Elon Musk’s favorite digital asset has garnered the most attention.

Trend of the Year

CoinGecko Study estimated that more than 23% of global interest in memecoin comes from the US. The most popular asset for locals is the Shiba Inu (60.7%), followed by Pepe Coin (11.8%), Bonk and Volt Inu.

Indians are nearing the top, accounting for 20.3% of the overall craze. Shiba Inu is once again the most demanded token, while Baby Doge Coin is in second place.

The United Kingdom – the only representative from Europe in the top 10 list – ranks third, generating around 16% of global interest in memecoin. However, CoinGecko did not clarify which assets the UK is most interested in.

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

PEPE – a recent sensation in the crypto sector – peaked in Canada, accounting for nearly 27% of local interest. It saw the light of day in mid-April and its market cap is approaching $1 trillion this week.

Dogecoin – a cryptocurrency that was created as a joke in 2013 – seems to have lost steam this year. It receives 61.1% interest in Morocco, making it the only African country where Musk’s favorite token has moved up the leaderboard.

DOGE Rises Despite Decreasing Interest

While investors seem to have a new favorite memecoin, DOGE remains a fundamental member of the pack. The price has gone up 11% YTD, and it still ranks among the top 10 cryptocurrencies by market cap.

Elon Musk has been a frequent player on the DOGE scene. The South African businessman, who acquired Twitter for $44 billion last year, is on a temporary basis changed the social media platform’s logo became the image of the famous “Doge” meme last month. The digital asset jumped 25% in the following hours.

It wouldn’t be surprising for Dogecoin to soar in the future, given Musk’s plans for it in the end integrate DOGE payments on Twitter.