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Most Preferred Cryptocurrencies in the US States, Dogecoin Leads Others

Cryptocurrencies have become a fad globally. One of the countries where they have gained traction the most is the US. A recent survey conducted by news outlet Financebuzz shows that 44% of Americans now include digital assets in their retirement plans. 

The same survey also shows that there have been more searches with the keywords ‘The Best Cryptocurrency to Invest in, in 2021, in the past year, suggesting growth of more than 80,000%. Inspired by such impressive growth, Financebuzz took another poll using GoogleTrends search data to assess the level of crypto adoption among US investors, focusing on the cryptocurrencies that have resonated with them the most.

US Investors Take to 18 Cryptocurrencies, Bitcoin Trails Behind

So among the 50 US states, some crypto assets appeared more than once confirming their immense value to investors across these states. 

Out of all the 18 cryptocurrencies that made the list, meme cryptocurrency, Dogecoin is the favorite of most investors in the region. According to the survey, the meme coin came out tops in 20 US states such as Alabama, Arizona, Arkansas, Florida, Georgia and 15 others. 

Surprisingly, benchmark cryptocurrency, Bitcoin managed to appear as the favorite in one US state- Hawaii. Notwithstanding, this is a clear indication that US investors are shifting their focus away from Bitcoin to novel crypto options. 

Dogecoin gained popularity earlier this year, garnering a burgeoning community and support from celebrities, most especially Tesla billionaire, Elon Musk.

Behind Dogecoin is Binance USD (BUSD), which stands as the second most favorite cryptocurrency as found by Financebuzz’s survey. BUSD is a stablecoin issued by leading crypto exchange, Binance and its partners. The stablecoin is popular in six states, namely Pennsylvania, New Jersey, Ohio, Kentucky, Oregon and North Carolina. 

Arguably, BUSD is not in the same category as cryptocurrencies like Bitcoin because it is a stablecoin and is pegged on 1:1 to the US Dollar. However, the six US states where it is the most popular consider it a better investment than others since it is stable and less subject to market volatility.

Investors in Four States Settle For Chainlink

In third place is Chainlink’s LINK, an ERC677 token, which is used to incentivize node operators for obtaining data from smart contracts. Beyond this, LINK now holds an investment value for investors in four US states: Vermont, Colorado, Iowa, and New Mexico, the survey found.

Chainlink derives from Ethereum’s model of smart contracts, but with a slight twist. Since smart contracts on Ethereum are incapable of interacting with real-time data such as bank payments and market data, Chainlink fills the gap with off-chain node operators who exist to retrieve and format data, where necessary. 

Justin Sun’s Tron (TRX) is fourth-placed enjoying popularity in only three states in the US. These include Delaware, Kansas and Louisana. Tether’s USDT is locked in a tie with TRX as it also claimed three states for itself. Investors in Maryland, Oklahoma, and Virginia prefer USDT as the best crypto investment. 

Algorand’s ALGO claimed just two states for itself (New Hampshire and New York). The remaining cryptocurrencies out of the 18 all claimed one state each. The findings from Financebuzz represent the rate of crypto adoption in the US states in the past 12 months. Things are likely to change, especially with the recent talks around stablecoins regulations.

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