Reddit released an end-of-the-year survey that showed that Dogecoin (DOGE) was more popular than Bitcoin (BTC) in 2021. This is after they have calculated the five most visited crypto subreddits and the most upvoted cryptocurrency-related posts in which Dogecoin and Tesla Inc made it to the top list. Dogecoin also received lots of support from famous subreddit giants like r/wallstreetbets (WSB) and r/superstonk. Furthermore, Reddit added that WSB- a famous financial subreddit giant recently reversed its anti-crypto attitude, permitting its over 11 million users to discuss Dogecoin and other cryptocurrencies.
According to Reddit, articles written about Doge, Tesla Inc making way into the Bitcoin and crypto survival bias were the most voted cryptocurrency-related articles. Reddit group “Dogecoin: Who’s still holding $DOGE?” received over 80k upvotes compared to Reddit group “Bitcoin: Tesla buys $1.5b in Bitcoin” which had 45.5k upvotes on the platform.
The Popular Growth of Dogecoin On Reddit
Reddit is a popular website that has over 430 million monthly active users in more than 100,000 communities. While there was a lot of conversation on the website in 2021, Cryptocurrency was the most discussed after the survey showed that the word “crypto” was used more than 6.6 million times on the website. Cryptocurrency became the most popular and most viewed topic and conversation on the platform beating out gaming, sports, and weddings.
As the number of Reddit users participating in conversation increases, Reddit continues to be the hub for cryptocurrency enthusiasts. According to Reddit, cryptocurrency conversations saw a 19 percent increase in 2021 as users created 360 million posts. However, this growth wasn’t only on Reddit because Dogecoin and other cryptocurrencies including Ethereum and Shiba Inu made it to the top 10 most-Googled news across the globe according to “Google’s 2021 Year in Search.”
According to the data compiled by ICO Analytics in October, Shiba Inu, a rival to Dogecoin, was the most discussed cryptocurrency on Twitter. While twenty different cryptocurrencies were discussed on Twitter, Shiba Inu topped the list, receiving a 22 percent share of all crypto assets discussed on the platform. Dogecoin took fourth position on the Twitter popularity index.
Tesla Inc Played A Big Role In The Growth of Dogecoin
The growth of Dogecoin is traced back to May when CEO Elon Musk announced that Tesla, an electric vehicle company, would start accepting Dogecoin as a mode of payment. Musk has been a big promoter of Dogecoin, supporting Dogecoin as a better medium of exchange than Bitcoin. He stated that bitcoin’s low transaction volume and high fees make it more of a solid store of value than a sustainable medium of exchange. The number of people and corporations using Dogecoin as a means of payment has increased since Elon Musk stated that Dogecoin can handle larger volumes per day with low fees.
Dogecoin has seen a boost in adoption in the past months and according to Elon Musk, the meme coin will rise above others in payment.
