According to Crypto.com the inflow of new users interested in tokens like Shiba Inu Coin and Dogecoin (DOGE) boosted altcoin adoption. DOGE was also the second most discussed coin on Twitter, according to Cointrendz.
The data shared by Crypto.com, the popularity of altcoins like Dogecoin and Shiba Inu coin drove a 54 percent increase in cryptocurrency clients in the second quarter.
Despite the fact that Bitcoin drove growth in January and February, altcoin adoption in May resulted in a tremendous increase in crypto users, from 143 million at the end of April to 221 million in June. There were 221 million consumers at the end of June, compared to 132 million at the end of April.
Notably, the worldwide crypto population grew from 100 million to 200 million in just four months. Since we began tracking these data, it took nine months to reach 100 million from 65 million.
Chris Larsen Feels Otherwise!
Ripple chairman Chris Larsen was interviewed on The FinanZe Podcast by Logan Lin, who asked him about the Dogecoin phenomena.
Investing based on memes and Elon, in his opinion, is nothing more than gambling. And, according to Larsen, the majority of gamblers lose all of their money.
Larsen made the argument that the Tesla CEO is responsible for a large portion of Dogecoin’s success. Larsen believes he can “bail” Dogecoin in the same way he “bailed” on Bitcoin.
He said that,
Look, if you’re going to get involved with Doge because of the “To the Moon” thing and Elon, Just realize that you are gambling. That is no different from that and going to Vegas, other than I guess your listeners can’t go to Vegas yet. But you’re gambling plain and simple and most people who gamble lose all their money.
Although mood has improved this week, with Bitcoin Price posting eight consecutive daily gains, Dogecoin has remained unchanged. The cryptocurrency has increased 3,517.98 percent since the start of the year. The Price has dropped 72.5 percent after reaching an all-time high in May. DOGE Price has been trading in a narrow range between $0.19 and $0.22 since last Wednesday.