Meme coins are gaining huge attention. Due to the support of billionaire Elon Musk, and the hype generated by its community, DOGE became a popular meme coin.

In October, Finder’s Cryptocurrency Adoption study reported that Dogecoin (DOGE) is Australia’s fourth most popular crypto. Additionally, 4.1% Australians have Dogecoin. American DOGE adoption rates are as high as 30%.

Doge Isn’t All That Popular
A Reserve Bank of Australia official says that Dogecoin adoption and popularity are overstated, despite it being among the most valuable cryptos.

He pointed out that Dogecoin, “a cryptocurrency that was started as a joke in late 2013,” had hit a market cap as high as $88 billion in June, only to be valued at $30.5 billion today, says a lot about the crypto market.

Flipside

• Tony Richards admits to owning a cryptocurrency wallet, even though he questions the popularity of crypto currencies in Australia.

Head of Payments at the RBA Dr. Richards explained that these findings are not plausible, as online surveys miss out on significant population segments.

He explained further that the findings might be flawed because older persons, people who are located in rural areas and others who don’t regularly use the internet, could not have been included.

As of 2019, 33.6% of Australia’s population were aged 50 and above. And, with the internet penetration at 89% in Australia, it leaves a significant portion of the nation’s population unaccounted for.

What are the reasons to care?

Particularly online surveys cannot be considered facts. Online surveys have a limited scope and should be considered tentative because of this.

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